学历的年代效应与股票市场投资者参与

Cohort Effect of Education and Stock Market Participation

中国建国后的教育制度变迁使得不同年代的相同学历包含的信息有所不同,本文在控制了年代效应的基础上,研究了学历对投资者股票市场参与的影响。基于建国后教育制度变迁的不同阶段,本文将样本分成三个部分,并分别检验了每个子样本的学历对投资者参与的影响,研究发现第二阶段的学历对投资者参与的影响比较敏感,第一阶段和第三阶段的学历对投资者参与的影响比较弱。将学历对投资者股票市场参与的影响路径分为金融认知和收入稳定性两个方面,进一步解释了不同受教育阶段投资者的学历影响投资者股票市场参与的原因。通过对比不同年代的相同学历的投资者金融认知水平,发现一般性的金融普及方式未必可以有效提高投资者股票市场参与,对高学历的老年人和低学历的中青年人有针对性的分类普及可能效果更好。

There were many changes made towards the education system since the founding of People＇ s Repub- lic of China （PRC）, which caused the same degree of the same subject from different years may result in con- mining different knowledge. This research is aimed at studying the effect of the education background to the in- vestor＇ s participation in the stock market, separating the differences caused by diverse ages. We arranged our samples into three groups base on the changes throughout the years after the founding of PRC, and have found out that group 2 has the most sensitivity comparing to group 1 and 3. By dividing the cause of the effect of the education background to the investor＇ s participation in the stock market into finance cognition and the stability of income, we have reached a further conclusion. Also by comparing the financial cognition level of the ones from the same education level with different ages, we have discovered that to develop the participation of inves- tors in the stock market, it is better to educate the highly educaied seniors and the young and middle - aged separately rather than giving universal education.