关键词: 信贷约束, 家庭风险资产参与, 风险厌恶, 未来预期, 异质性回归

Abstract: Based on the data of China Family Panel Studies in 2014, this paper conducts an empirical test on the effect and mechanism of credit constraint on household participation in risk assets. The results show that there is a significant negative correlation between credit constraints and the extent and depth of household participation in risky assets. At the same time, compared with households subject to informal credit constraints, formal credit constraints have a more obvious inhibitory effect on household participation in venture capital investment. Further research shows that credit constraints inhibit household participation in risk assets mainly through the two channels of increasing risk aversion and decreasing future expectations. Heterogeneity of sample regression results also show that the credit constraints for high income family, eastern urban families and families involved in the inhibitory effect of risky assets is stronger or more significantly, at the same time, the inhibition effect is influenced by the family financial literacy level, financial literacy, the higher the family, credit constraints for the lower level of to participate in the suppression of risky assets.

Key words: credit constraints, participation of household risk assets, risk aversion, expectations, heterogeneous regression