家庭股票市场参与效率的影响因素研究--基于金融素养与风险偏好的比较分析

The Factors Influencing the Participation Efficiency of Household in Stock Market:A Comparative Analysis of Financial Literacy and Risk Preference

文章基于有效投资组合理论,理论分析了家庭股市参与效率源泉,结果表明:高金融素养的家庭可以通过构建更加有效的投资组合来获取理性投资收益,而风险爱好的家庭则可以通过承担更多的非系统风险来获得不确定性收益。实证研究发现,不管是家庭股市参与相对效率,还是绝对效率,与金融素养之间的正相关关系都不显著,但与风险偏好程度之间存在着显著的正相关关系。这就表明,中国家庭股市参与效率主要是由风险偏好程度决定的,理性投资收益尚未成为家庭股市投资收益的关键来源。研究结论证明了在当前市场条件下,通过参与股市并不能够可持续地提高家庭金融福祉。

According to the Modern Portfolio Theory,the paper analyze the source of the efficiency of households'participation in the stock market,and find that households with high financial literacy can obtain rational investment returns by constructing more efficient portfolios.In contrast,risk-seeking households can only obtain an uncertain return by taking the more nonsystematic risk.Empi-rical research shows that the relative efficiency and absolute efficiency of stock market participation of household have a significant positive relation with the risk preferences,but have no significant relation with financial literacy.The results show that the households'risk preference determines their efficiency of participation in stock market,and the rational investment return has not yet become the critical source of the investment return of households in the stock market.The conclusion of this paper proves that under the current market conditions,participation in the stock market cannot sustainably improve the financial well-being of the household.