金融教育投入与家庭投资行为——基于中国城市居民家庭消费金融调查数据的实证分析

Financial Education Investment and Household Investment Behavior——An Empirical Analysis Based on the Survey Data of Consumption Finance of Chinese Urban Households

本文使用中国城市居民家庭消费金融调查数据,对金融教育投入与居民股票投资行为之间的关系进行实证分析。结果表明,金融教育投入对居民投资股票起到显著的正向作用,但是,其与股票投资占金融资产比重之间存在显著的倒U型关系;受过金融教育的人群,其风险态度对投资行为的影响显著大于未受金融教育人群,即金融教育能够促使居民做出更符合自身偏好的投资决策。

Based on the survey data of the consumption finance of Chinese urban households,the authors of this paper empirically analyze the relationship between financial education investment and residents’stock investment behavior.The results of the paper show that financial education investment plays a significantly positive role in residents’stock investment;however,there is a significant inverted U-type relationship between financial education investment and the proportion of stock in family’s financial assets;as for people who have received financial education,their attitudes toward risks have greater impact on their investment behaviors than people without financial education,which indicates that the financial education could encourage residents to make investment decisions in line with their own preferences.