“彩票文化”是否会影响家庭的财务决策？来自中国的证据。
Does "lottery culture" affect household financial decisions? Evidence from China.
机构信息
School of Public Administration, Southwestern University of Finance and Economics, Chengdu, Sichuan, China.
School of Management, University of Science and Technology of China, Hefei, Anhui, China.
出版信息
PLoS One. 2022 Oct 14;17(10):e0275717. doi: 10.1371/journal.pone.0275717. eCollection 2022.
In recent years, China's "lottery culture" has developed vigorously. Moreover, the investment participation rate of Chinese families in the formal financial market is low, whereas that in the informal financial market is high. Is there a certain relationship between "lottery culture" and family financial decision-making? If so, what is the underlying mechanism? Based on the 2017 CHFS data and lottery sales data of provinces, this study explores the impact of "lottery culture" on household participation in the formal and informal financial markets and the diversity of household financial portfolios. Results show that "lottery culture" can impede household participation in the formal financial market and the diversity of household financial portfolios while promoting household participation in the informal financial market in China. Furthermore, we analyze two channels of "lottery culture" impacts on household financial decisions: (1) risk attitude and (2) human capital. Results illustrate that "lottery culture" can influence household financial decisions by increasing risk tolerance and reducing the human capital of households.
近年来，中国的“彩票文化”蓬勃发展。此外，中国家庭对正规金融市场的投资参与率较低，而非正规金融市场的投资参与率较高。“彩票文化”与家庭财务决策之间是否存在一定的关系？如果有，其潜在机制是什么？本文基于 2017 年中国家庭金融调查（CHFS）数据和各省彩票销售数据，探讨了“彩票文化”对家庭参与正规和非正式金融市场以及家庭金融投资组合多样性的影响。结果表明，“彩票文化”在中国会阻碍家庭参与正规金融市场和家庭金融投资组合的多样性，同时会促进家庭参与非正式金融市场。此外，我们分析了“彩票文化”影响家庭财务决策的两个渠道：（1）风险态度和（2）人力资本。结果表明，“彩票文化”可以通过提高家庭的风险承受能力和降低家庭的人力资本来影响家庭的财务决策。
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