金融知识、投资经验与家庭资产选择
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| Title | Financial Literacy, Trading Experience and Household Portfolio Choice
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| 作者 | 尹志超 宋全云 吴雨 |
| Author | Yin Zhichao,Song Quanyun and Wu Yu |
| 作者单位 | 西南财经大学金融学院 |
| Organization | Southwestern University of Finance and Economics |
| 作者Email | yzc@swufe.edu.cn；squanyun@gmail.com； wuyu@chfs.cn |
| 中文关键词 | 金融知识 投资经验 金融市场参与 资产选择 |
| Key Words | Financial Literacy; Trading Experience; Financial Market Participation; Household Portfolio Choice |
| 内容提要 | 本文运用中国家庭金融调查（CHFS）数据，研究了金融知识、投资经验对家庭金融市场参与和家庭资产选择的影响。研究发现，金融知识的增加会推动家庭参与金融市场，并增加家庭在风险资产尤其是股票资产上的配置。家庭参与金融市场后，随着投资经验的积累，投资到风险资产尤其是股票资产上的比例也会提高；并且投资经验有助于家庭在股票市场上获得盈利。此外，我们发现地区经济和金融环境的改善、家庭资产的累积、家庭收入的增加、风险爱好和教育水平的提高都将推动家庭参与金融市场并投资购买风险资产。自营工商业和购买自有住房则会“挤出”家庭的金融市场参与和风险投资。 |
| Abstract | Based on China Household Finance Survey(CHFS) data, the paper investigates the effect of financial literacy and trading experience on households’ financial market participation and financial portfolio choices. The paper finds that financial literacy affects financial decision-making significantly: households with high literacy are more likely to participate in the financial (or stock) market and increase their risky asset holdings. Trading experience, measured by the year of stock trading or the year of fund trading, significantly increase households’ risky asset holdings and help to improve houesholds’ probabilty of earning profit. Furthermore, we find that the improvement of economic and finacial environment, the increase of households’ net-asset and income, risk prefer and higher education have positive effect on households’ financial market participation and their risk asset holdings, while both self-employed enterprises and pruchasing owner-occupied housing will squeeze out them. Households in the rural area have lower probability of paticipating in the financial market and less risky asset holding in their portfolio. |
| 文章编号 | WP520 |
| 登载时间 | 2013-09-04 |
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