Published
2025-02-26
Section
Articles
How to Cite
金融素养自信偏差对家庭股票市场参与的影响
亢 怡宁
云南财经大学金融学院
DOI: https://doi.org/10.59429/hjfz.v7i1.9004
Keywords: 过度自信；自信不足；家庭股票市场参与
Abstract
论文从广延边际和集约边际两个维度对家庭股票市场参与进行刻画，运用主客观金融素养之间的残差构建 核心变量金融素养过度自信和金融素养自信不足，采用 Probit 模型、Tobit 模型实证研究金融素养过度自信和自信不 足对家庭股票市场参与的影响。同时，论文运用通过改变回归样本进行稳健性检验。研究发现，金融素养过度自信 会促进股票市场参与，金融素养自信不足会阻碍家庭股票市场参与。
References
[1] 杜春越,韩立岩.家庭资产配置的国际比较研究[J].国际金融研究,2013(6):44-55.
[2] 江静琳,王正位,廖理.农村成长经历和股票市场参与[J].经济研究,2018,53(8):84-99.
[3] 李心丹.行为金融理论:研究体系及展望[J].金融研究,2005(1):175-190.
[4] 裴平,张谊浩.中国股票投资者认知偏差的实证检验[J].管理世界,2004(12):12-22.
[5] 王琎,吴卫星.婚姻对家庭风险资产选择的影响[J].南开经济研究,2014(3):100-112.
[6] 王妍.居民家庭金融资产管理的国际比较[J].北方经济,2009(24):40-41.
[7] 吴卫星,汪勇祥,梁衡义.过度自信、有限参与和资产价格泡沫[J].经济研究,2006(4):115-127.
[8] 严雨萌,熊熊,路磊,等.从“管中窥豹”到“高屋建瓴”:大数据背景下的个人投资者行为[J].中国管理科学,2023,31(9):244-254.
[9] 仪垂林,孙玲玲.中国股票市场参与者行为分析与启示——基于行为金融理论的视角[J].江淮论坛,2006(1):21-25+96.
[10] 尹志超,宋鹏,黄倩.信贷约束与家庭资产选择——基于中国家庭金融调查数据的实证研究[J].投资研究,2015,34(1):4-24.
[11] 尹志超,宋全云,吴雨.金融知识、投资经验与家庭资产选择[J].经济研究,2014,49(4):62-75.
[12] 周广肃,边晓宇,吴清军.上山下乡经历与家庭风险金融资产投资——基于断点回归的证据[J].金融研究,2020(1):150-170.
[13] 朱文佩,林义.金融素养、金融普惠性与养老金融资产配置[J].山西财经大学学报,2022,44(3):43-57.
[14] Agnew J, Balduzzi P, Sundén A. Portfolio Choice and Trading in a Large 401(k) Plan[J]. American Economic Review, 2003,93(1):193-215.
[15] Almenberg J, Säve-Söderbergh J. Financial literacy and retirement planning in Sweden[J]. Journal of Pension Economics & Finance, 2011,10(4):585-598.
[16] Angrisani M, Casanova M. What you think you know can hurt you: under/over confidence in financial knowledge and preparedness for retirement[J]. Journal of Pension Economics & Finance, 2021,20(4):516-531.
[17] Aristei D, Gallo M. Financial Knowledge, Confidence, and Sustainable Financial Behavior[J]. Sustainability,2021,13(19):10926.
[18] Barber B M, Odean T. Boys will be Boys: Gender, Overconfidence, and Common Stock Investment*[J]. The Quarterly Journal of Economics,2001,116(1):261-292.
[19] Guiso L, Sapienza P, Zingales L. Trusting the Stock Market[J]. The Journal of Finance,2008,63(6):2557-2600.
[20] Hassan Al‐Tamimi H A, Anood Bin Kalli A. Financial literacy and investment decisions of UAE investors[J]. The Journal of Risk Finance,2009,10(5):500-516.
[21] Kramer M M. Financial literacy, confidence and financial advice seeking[J]. Journal of Economic Behavior & Organization, 2016(131):198-217.
[22] Kyle A S, Wang F A. Speculation Duopoly with Agreement to Disagree: Can Overconfidence Survive the Market Test?[J]. The Journal of Finance,1997,52(5):2073-2090.
[23] Xu J, Khraiche M, Mao X, et al. Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions[J]. International Review of Financial Analysis,2023:102992.
[24] Yang Y, Zhang C, Yan Y. Does religious faith affect household financial market participation? Evidence from China[J]. Economic Modelling,2019(83):42-50.
[25] Yu L, Mottola G, Bennett D A, et al. Confidence in Financial and Health Literacy and Cognitive Health in Older Persons[J]. Journal of Alzheimer’s Disease,2020,75(4):1229-1240.
[26] Zacharakis A L, Shepherd D A. The nature of information and overconfidence on venture capitalists’ decision making[J]. Journal of Business Venturing,2001,16(4):311-332.
[27] Zhou J. Household stock market participation during the great financial crisis[J]. The Quarterly Review of Economics and Finance,2020(75):265-275.