基地研究员袁歌骋副教授的论文“Automation and stock market participation”在重要学术期刊Pacific-Basin Finance Journal发表。

摘要：In this study, we explore whether automation affects household stock market participation. Utilizing data from the International Federation of Robotics, the China Household Finance Survey and the China City Statistical Yearbook, we find that households residing in cities with a higher level of density of industrial robots exhibit lower participation in the stock market at both the extensive and intensive margins. This negative impact is more pronounced among middle-aged and low-skilled workers. Furthermore, the growth of the gig economy can mitigate these adverse effects. Our results withstand a variety of robustness checks. To shed light on the mechanisms, we explore the impact of automation on the reduction of household labor income and the rise of unemployment risk. We find that city-level automation decreases labor income levels while increasing the expected unemployment risk of household heads. Our study adds to the literature by documenting automation to be a meaningful predictor of stock market participation.

关键词：Automation; Stock market participation; Labor income; Unemployment risk; Gig economy

论文链接：https://doi.org/10.1016/j.pacfin.2025.102888

教师简介

袁歌骋，武汉大学经济学博士，2019年加入中南财经政法大学金融学院，现任投资系第一党支部副书记、投资经济教研室副主任，研究领域包括家庭金融、金融发展、企业创新。研究成果发表在《中国工业经济》、Technological Forecasting and Social Change、Emerging Markets Finance and Trade和Energy Policy等国内外期刊中，2022年获批湖北省社科基金一般项目和湖北省教育厅哲学社会科学研究项目。