教育水平、认知能力和金融投资收益——来自CHFS的证据

Education, Cognitive Ability and Investment Return: Evidence from CHFS Survey Data

利用微观调查数据,本文实证研究发现教育水平对家庭金融资产投资参与概率、金融资产配置、投资收入、投资收益率都有显著正向影响。随着教育程度的提高,家庭投资风险资产的可能性越大、风险资产配置占比更高、投资收入和收益率也会提高;家庭财务决策者的教育水平对其认知能力具有补偿效应,教育水平的提升缩小了由认知能力差异造成的金融投资行为和结果的差异。不考虑认知能力的作用时,大专水平和本科水平对各项指标的影响差别很小,没有出现劳动力市场中普遍存在的"信号效应"。

Using the micro survey data, this paper finds out the significant positive effects of education level onhousehold financial market participation, financial portfolio structure, investment return and return rate: households withfinancial decision maker of higher schooling level are more likely to participate and allocate a larger proportion in the riskyassets, and they tend to have higher returns and return rates. Besides that, this paper also finds out the compensatory effectof education level on cognitive ability: the improvement of education level narrows the difference of financial investmentbehaviors and results between groups with different cognitive ability. However, without considering the role of cognitiveability, the impact on various indicators between junior college and undergraduates is not obvious, and the signal effect ofeducation which prevalent in the labor market is not found.