首页|金融素养自信偏差、风险态度与家庭股票市场参与——基于CHFS2019微观数据的实证分析

金融素养自信偏差、风险态度与家庭股票市场参与——基于CHFS2019微观数据的实证分析

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本文基于2019年中国家庭金融调查数据(CHFS),研究金融素养自信偏差、风险态度与家庭股票市场参与的关系.研究发现,主观、客观金融素养及金融素养自信偏差都会提高居民股票市场参与的广度和深度.进一步区分金融素养自信偏差群体发现,相比金融素养评价中肯家庭,过度自信家庭显著偏好参与股票市场.调节效应分析发现,总体上风险态度在金融素养自信偏差对股票市场参与和配置股票资产占比中发挥了正向调节作用;风险态度强化了过度自信对家庭股票市场参与深度的促进作用,但没有显著削弱自信不足对家庭股票市场参与的抑制作用.异质性分析发现,风险态度与金融素养自信偏差的交互作用对非农户籍居民、高收入家庭、低学历家庭的股票市场参与会产生更为显著的正向影响.据此,本文提出强化居民的金融教育,同时提高投资者的风险认知水平,促使居民理性参与股票市场,推动城乡融合发展的政策建议.
Financial Literacy Confidence Bias,Risk Attitude,and Households'Stock Market Participation:An Empirical Analysis Based on CHFS 2019 Dataset
Based on the China Household Finance Survey(CHFS)dataset,this study aimed to explore the effects of financial literacy self-confidence bias and risk attitude on Chinese households'stock market participation.We found that the increased subjective and objective financial literacy as well as financial literacy self-confidence bias could improve the breadth and depth of households'participation in the stock market.Further analyses showed that overconfidence in financial literacy would enable households more actively to participate stock market.By using moderating-effects analyses,we found that the risk attitude positively moderated the effects of financial literacy self-confidence bias on the allocation of household stock assets and family participation in stock market.Moreover,the heterogeneity analyses revealed that the interaction between risk attitude and financial literacy confidence bias positively influenced the stock market participation of rural residents,high-income families,and low-education families.Therefore,it is crucial to improve the level of households'financial knowledge and investors'risk cognition in order to optimize household stock assets allocation and promote the development of China's stock market.

Financial literacy self-confidence biasOverconfidenceUnder-confidenceRisk attitudeStock market participation

王建英、王婷、李萍

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浙江财经大学经济学院

金融素养自信偏差 过度自信 自信不足 风险态度 家庭股票市场参与

浙江省哲学社会科学规划项目浙江省哲学社会科学规划项目浙江省高校重大人文社科攻关计划项目浙江财经大学研究生田野调查基金项目

22LLXC20YB23LLXC028YB2023QN05423TYDC037

2024

中央财经大学学报
中央财经大学

中央财经大学学报

CSTPCDCSSCICHSSCD北大核心
影响因子：1.238
ISSN：1000-1549
年,卷(期)：2024.(2)
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