Urbanization: The Great Thrust of Multi-Level Capital Market Development?
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| Title | Urbanization: The Great Thrust of Multi-Level Capital Market Development?
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| Author | Fan Gangzhi,Huang Yuhong and Yi Daichun |
| Organization | Southwestern University of Finance and Economics |
| Email | gzfan@swufe.edu.cn；huangyuhong@chfs.cn；daichunyi@chfs.cn |
| Key Words | Urbanization; Capital Market Participation; Allocation of Financial Risk Assets |
| Abstract | Based on CHFS 2013 data, this paper investigates the impact of urbanization on rural families’ participating in the capital market and optimizing the allocation of financial risk assets. Due to the particularly noteworthy phenomena of rural families purchasing a commercialized housing unit, working in the urban, and losing agricultural land in the urbanization process, our results show that purchasing a commercialized housing unit and working in the urban both have significant and positive effects on participating in the capital market and improving the allocation of financial risk assets for rural family; if rural families have no agricultural land, it also can make the families more actively participate in the capital market and optimize their risk assets allocation. Further, families whose hukou statuses have converted from rural areas to urban areas have the higher participation rate of capital market and the better allocation of financial risk assets than rural families, but the lower participation rate of capital market and the worse allocation of financial risk assets than the original non-rural families. Our studies illustrate that urbanization may have the active effects on rural families’ participating in the investment of the formal financial capital market. |
| Serial Number | WP1047 |
| Time | 2016-04-05 |
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