Social Trust And Household Stock Market Participation In China

Family financial market participation in decision-making is one of the hot areas of financial research in recent years.Stocks,as an important class of assets,have begun to play an increasingly important role in household asset allocation under the environment of the continuous development and reform of China's capital market,the organic integration of the Internet and finance,and the continuous innovation and promotion of fintech and financial services.The more critical roles.The traditional theory analysis of family participation in the stock market is mainly focused on the characteristics of family wealth,education,age,gender,etc.,the discussion of social and cultural factors is relatively small,and social trust is an important part of social culture.Trust,as an embodiment of investors' subjective feelings,has always played an important role in their investment decision-making behavior.Therefore,it is of great significance to study the role of social trust in family stock market participation behavior,and it can provide important inspiration for the development direction of China's future financial market.This paper uses the 2015 data from the China House Hold Finance Survey Center(CHFS)of Southwestern University of Finance and Economics to establish a two-asset mean-variance optimization model,propose a hypothesis through model derivation,use OLS and Tobit models,and introduce the 2000 regional super-birth The index of the rate as an instrumental variable of social trust addresses the endogenous problem,and the following findings are obtained: the higher the level of social trust,the greater the possibility and degree of family participation in stock market investment;age,marital status,household registration,financial education,and risk Factors such as attitudes have an impact on household stock market participation behaviors;and the family's level of risk appetite affects the sensitivity between the level of social trust and household stock market participation.In groups with higher risk appetite,the impact of trust on household stock market participation will be more significant.