The Impact of Kinship Network on Household Financial Market Participation——An Empirical Test Based on Credit Availability and Information Channel Effects
This paper empirically studies the impact of kinship network on household financial market participation based on the 2020 China Family Panel Studies(CFPS)data.The results show that closer kinship network can make families more likely to participate in the financial market and participate more deeply.The results of the mechanism analysis show that kinship network promotes family participation in the financial market mainly by improving family credit availability and information channel effects.Heterogeneity analysis shows that the role of kinship in promoting family financial market participation is more obvious in immigrant families,western regions,families with low family welfare and high education.This paper provides direct evidence for the impact of kinship on family financial market participation for the first time.Kinship does play a supporting and protective role for modern families.
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