金融知识、投资经验与权利能力

Financial Literacy,Trading Experience and the Ability to Exercise Rights

本文基于《中小投资者权益保护调查问卷》数据,研究了金融知识、投资经验对投资者权利能力的影响。研究发现,基础金融知识对投资者权利能力没有显著影响,更专业的金融知识的提高能够显著增强低收入投资者的权利能力,但对高收入投资者的权利能力并没有显著影响,这可能是因为高收入投资者有效的社会性学习的替代作用;丰富的投资经验能显著提高各收入阶层投资者的权利能力。另外,本文还发现投资者的受教育水平越高,其权利能力也就越强。研究结果表明,专业金融知识的缺乏与投资经验的欠缺是制约我国中小投资者权利能力的重要因素,因此监管部门应进一步普及金融知识,特别是专业金融知识,加强投资者特别是低收入群体的教育,同时,应加强对各层次金融市场参与者投资经验的差别要求。

This paper investigates the effect of financial literacy and trading experience on investors' ability to exercise rights based on the questionnaire of the small and medium investors' rights and interest protection.The result finds that,the basic financial literacy has no significant effect on investors' ability to exercise their rights and the low-income investors with higher professional financial literacy have stronger ability to exercise their rights,while there is no significant relationship between professional financial literacy and high-income investors' ability.This may be due to the substitution of high-income investors for effective social learning;rich investment experience can significantly improve the ability of rights of investors of all-income classes.In addition,this paper also finds that the higher the education level of investors,the stronger their rights ability.The results show that the lack of professional financial knowledge and investment experience is an important factor restricting China's small and medium-sized investors' rights ability. Therefore the supervision departments should further increase financial knowledge,especially the professional financial knowledge,and strengthen investor education,especially the low income groups,at the same time,the different requirements to the every participants in the financial market investment should be strengthened.