关键词: 居民健康, 家庭参与股市, 金融素养, 社会活动, 中介效应

Abstract: At present, the development of household finance in China is not sufficient, and the impact of residents health on the stock market is also increasing. Especially under the impact of COVID-19, it is of great significance to study how to improve the participation of households in the stock market from the perspective of residents'health. Based on the data of China Family Finance Survey (CHFS) in 2017, this paper studies the influence of residents health on Chinese families'participation in the stock market, and then examines the influence mechanism of residents' health on Chinese families'participation in the stock market by using the mediating effect test model.The results show that residents-health can significantly promote families-participation in the stock market and the proportion of investment stocks on the whole level; the health status of male and unmarried residents has a stronger effect on families'participation in the stock market, while the health status of female and married residents is more conducive to increasing the proportion of family investment stocks. In addition, residents'health will indirectly affect the proportion of families participating in the stock market and investing in stocks through financial literacy and social activities, but the mediating effect of financial is stronger than that of social activities. The above conclusions provide a certain empirical basis for improving the participation in the stock market and promoting the full development of family finance from the perspective of residents'health.

Key words: residents'health, family participation in stock market, financial literacy, social activities, mediating effect