Research Findings of Professor Zang Xuheng’s Team Published in Journal of Financial Research
Recently, the paper Social Networks and China’s Household Financial Vulnerability, co-authored by Postdoctoral Yao Jian, Professor Zang Xuheng, and doctoral student Zhou Bowen from the School of Economics, Shandong University, was published in Issue 4, 2024 of Journal of Financial Research, a top domestic journal in economics.
Using panel data from the China Household Finance Survey (CHFS), the paper examines the impact of social networks on household financial vulnerability and its mechanism. The study finds that social networks significantly reduce household financial vulnerability, and this effect is more pronounced for households with relatively insufficient physical and human capital. Further mechanism analysis shows that social networks help alleviate liquidity constraints, promote risk sharing and enhance information transmission, thereby reducing household financial vulnerability. In addition, social networks play a complementary role with formal financial systems in reducing household financial vulnerability. This paper provides micro evidence for understanding the role of social capital in coping with household financial risks, enriches the relevant literature on household finance, and provides useful references for improving households’ ability to cope with financial risks and strengthening the stability of the financial system.
Zang Xuheng is a Professor and doctoral supervisor at the School of Economics, Shandong University, and Director of the Institute of Consumption and Development. He has long been engaged in research on consumption economics. He has published more than 100 papers in journals such as Economic Research, Economic Research (Quarterly), and China Industrial Economics, and presided over more than 10 major and key national and provincial/ministerial-level projects, including 2 Major Programs of the National Social Science Fund and 2 Major Programs of the Ministry of Education. He has won the first prize and 2 second prizes of the "Outstanding Achievement Award for Humanities and Social Sciences Research in National Ordinary Colleges and Universities" by the Ministry of Education, the Shandong Provincial Social Science Outstanding Contribution Award, and 3 first prizes of Shandong Provincial Social Science Outstanding Achievement Awards.
Yao Jian is a Postdoctoral fellow at the School of Economics, Shandong University. His research fields include consumption economics and household finance. He has published many papers in journals such as Economic Research (Quarterly), Journal of Financial Research, and Economic Dynamics, participated in 2 Major Programs of the National Social Science Fund, and was selected into the National Funded Postdoctoral Researcher Program.
Recently, the paper Social Networks and China’s Household Financial Vulnerability, co-authored by Postdoctoral Yao Jian, Professor Zang Xuheng, and doctoral student Zhou Bowen from the School of Economics, Shandong University, was published in Issue 4, 2024 of Journal of Financial Research, a top domestic journal in economics.
Using panel data from the China Household Finance Survey (CHFS), the paper examines the impact of social networks on household financial vulnerability and its mechanism. The study finds that social networks significantly reduce household financial vulnerability, and this effect is more pronounced for households with relatively insufficient physical and human capital. Further mechanism analysis shows that social networks help alleviate liquidity constraints, promote risk sharing and enhance information transmission, thereby reducing household financial vulnerability. In addition, social networks play a complementary role with formal financial systems in reducing household financial vulnerability. This paper provides micro evidence for understanding the role of social capital in coping with household financial risks, enriches the relevant literature on household finance, and provides useful references for improving households’ ability to cope with financial risks and strengthening the stability of the financial system.
Zang Xuheng is a Professor and doctoral supervisor at the School of Economics, Shandong University, and Director of the Institute of Consumption and Development. He has long been engaged in research on consumption economics. He has published more than 100 papers in journals such as Economic Research, Economic Research (Quarterly), and China Industrial Economics, and presided over more than 10 major and key national and provincial/ministerial-level projects, including 2 Major Programs of the National Social Science Fund and 2 Major Programs of the Ministry of Education. He has won the first prize and 2 second prizes of the "Outstanding Achievement Award for Humanities and Social Sciences Research in National Ordinary Colleges and Universities" by the Ministry of Education, the Shandong Provincial Social Science Outstanding Contribution Award, and 3 first prizes of Shandong Provincial Social Science Outstanding Achievement Awards.
Yao Jian is a Postdoctoral fellow at the School of Economics, Shandong University. His research fields include consumption economics and household finance. He has published many papers in journals such as Economic Research (Quarterly), Journal of Financial Research, and Economic Dynamics, participated in 2 Major Programs of the National Social Science Fund, and was selected into the National Funded Postdoctoral Researcher Program.
