人格特征与股票投资

Personality Traits and Stock Investment:Evidence from China

本文实证分析了户主人格特征对家庭股票投资的影响。采用文献中通行的"大五"人格分类标准,同时将着眼点深入到"大五"维度之下14个细分维度的人格特征变量,基于2010年和2012年的中国家庭追踪调查(CFPS)截面数据的回归结果显示:在户主所有的14个细分人格特征变量中,仅有开放性维度下的价值人格特征对家庭股票投资具有稳健且显著的积极影响。户主的价值观越开放,家庭股票投资越积极,即投资股票的可能性越高,股票投资额越大,而且股票在全部金融资产中的比重越高。这种积极作用既不受到股票投资反向影响价值人格特征的内生性问题的干扰,也不体现由于数据限制导致分析中无法控制的风险态度对于股票投资的影响。本文的政策涵义在于:相关部门在制定涉及居民投资股票的相关政策时,应该充分考虑价值等人格特征对政策效力的影响。

This paper analyses the influence of householders＇ personality traits on their household stock investment from an empirical perspective. Based on the cross-sectional data from the China Family Panel Studies in 2010 and 2012, this paper adopts the widely-accepted ＂Big Five＂ taxonomy（ Conscientiousness, Extraversion, Agreeableness, Openness to experience and Neuroticism） and focuses on the fourteen factors subdivided from the five dimensions. Empirical results show that among householders＇ fourteen personality factors, the factor of ＂ value＂ belonging to openness to experience exerts significantly and robustly positive effect on household stock investment. If householders have more open value, their families tend to invest more actively in stock market, with higher probability of holding stock, more amount of stock investment and higher proportion of stock in financial assets. Furthermore, the positive effects are not affected by the endogeneity problem caused by reverse influence of stock market investment on personality traits or by the influence of risk attitude which we cannot control for as an important explanatory variable in the regression due to data limitation. Therefore, government should take into consideration the influence of personality traits including ＂value＂ on the effect of the policy related to stock market investment.