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本文利用2010年中国家庭追踪调查的数据,研究互联网时代线上社会互动对家庭的证券投资和房产投资参与行为的影响和影响机制。结果发现,互联网线上社会互动显著促进了家庭的证券投资参与和房产投资参与,其影响程度和显著程度均高于已有文献所关注的线下面对面社会互动。很多实证证据表明,互联网线上社会互动主要通过信息获得和社会性学习机制对家庭证券投资参与发挥促进作用,其社会规范或相对财富关注机制并不明显。具体表现为,线上社会互动在证券投资参与率较高的地区、互联网普及率较高的地区以及对较为年轻的家庭具有更为明显的投资参与促进效应,具有明显的社会乘数效应,会放大一个地区股票投资盈亏的外部影响。另外,线上社会互动对家庭房产投资参与的影响机制还不是很明确。
In this paper, we use the data of China Family Trail Surveys in 2010 to study the influence and influence mechanism of online social interaction on family securities investment and real estate investment participation in the internet era. The results show that online social interaction on the Internet has significantly promoted the family’s participation in securities investment and real estate investment, both of which are more influential and significant than those of the existing social interaction under the existing literature. Many empirical evidences show that online social interaction on the Internet plays a facilitating role in the participation of family securities investment mainly through information acquisition and social learning mechanisms, and its social norms or relative wealth concern mechanisms are not obvious. Specifically, the online social interaction in the securities investment in higher rates of participation in the region, the Internet penetration rate higher regions and younger families have more significant investment to promote the effect of having a significant social multiplier effect will be Enlarge the external impact of investing profits and losses in a region. In addition, the impact mechanism of online social interaction on family real estate investment participation is not yet clear.