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Firm listing and household consumption: empirical evidence from China

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  • Wu, Jinyan
  • Zhang, An
  • Yin, Zhichao

Abstract

This study examines how stock market listings influence household consumption by integrating firm-level listing events with microdata from the China Household Finance Survey. The evidence indicates that firm listings are associated with a material rise in household consumption. Mechanism tests suggest that this effect is transmitted primarily through enhanced employment opportunities and relaxed liquidity constraints. Heterogeneity analyses further reveal that the impact is more pronounced in central and western regions, non-first-tier cities, and rural areas. At the household level, the effects are stronger for families with children, limited educational attainment, or outstanding debt obligations. Overall, the findings provide micro-level evidence that capital market development can promote household welfare and highlight policy implications for deepening financial development and improving residents' well-being.

Suggested Citation

  • Wu, Jinyan & Zhang, An & Yin, Zhichao, 2025. "Firm listing and household consumption: empirical evidence from China," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325018422
    DOI: 10.1016/j.frl.2025.108588
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