任昶宇,肖潇,周羿

• 1:北京大学国家发展研究院
• 2:北京大学光华管理学院
• 3:北京大学光华管理学院社会研究中心

摘要(Abstract)：

家户层面的股票投资不仅是家庭进行资产配置的重要渠道,也是国家金融市场建设的重要环节。本文利用中国义务教育法的实施作为自然实验,基于2015年中国家庭金融调查(CHFS)的数据研究了受教育水平对家户股票市场参与的因果效应。本文发现,教育能显著地提高家庭参与股票市场的概率;但是,没有证据表明高教育水平的家户可以获得更高的股票收益。更进一步地分析发现,教育会通过提升金融知识、改变风险态度、改变职业和收入等渠道,影响家庭的股票市场参与行为。

关键词(KeyWords)： 受教育年限;股票市场参与;投资决策

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 任昶宇,肖潇,周羿

DOI: 10.16513/j.cnki.cje.20201210.001

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• (1)中国教育部门户网站.http://old.moe.gov.cn//publicfiles/business/htmlfiles/moe/moe_619/200606/15687.html.[2019-08-28]
• (2)上海证券交易所官方网站.[2019-09-03].http://www.sse.com.cn/aboutus/publication/yearly/documents/c/tjnj_2018.pdf
• (3)深圳证券交易所官方网站.[2019-09-03].http://docs.static.szse.cn/www/market/periodical/year/W020190725302766297492.pdf
• (4)据《中国家庭金融报告2014》,2013年全国家庭的基金、债券、银行理财产品和其他金融产品持有比例为3.1%、0.7%,1.8%和不足1%。其中原因,既是由于金融市场投资品种普遍有一定准入门槛,且中国家庭自身金融知识缺乏;同时,也与针对中国个人投资者的债券、基金市场规模相对较小有关。
• (5)根据CHFS 2015的问卷设计,对于追踪受访户,访员首先询问每个家庭年满16周岁且了解家庭经济情况的人的姓名,作为问卷询问的受访者;对于2015年新增受访户,访员首先询问最了解家里财务状况的人的姓名,作为受访者记录下来。后续问卷中的所有问题咨询受访者,其他成员仅起辅助作用。如果受访者不在家,则访员会留下他们的联系方式,另约时间访问。
• (6)这里的股票账户指深交所、上交所所有A股及主板、中小板、创业板的股票。
• (7)具体来说,没上过学、小学、初中、高中、中专/职高、大专/高职、大学本科、硕士研究生、博士研究生分别对应教育年限0、6、9、12、12、15、16、19、22年。
• (8)具体问题如下:【利率计算】假设银行的年利率是 4%,如果把 100 元钱存1年定期,1年后获得的本金和利息为 1.小于104元;2.等于104元;3.大于104元;4.算不出来。【通货膨胀理解】假设银行的年利率是5%,通货膨胀率每年是3%,把 100 元钱存银行一年之后能够买到的东西将 1.比一年前多;2.跟一年前一样多;3.比一年前少;4.算不出来。【投资风险】您认为一般而言,股票和基金哪个风险更大 1.股票;2.基金;3.没有听说过股票;4.没有听说过基金;5.两者都没有听说过。
• (9)在后续实证分析中,部分结果的观测值可能小于有效样本数,且出现互相不一致的现象,这是由于部分关键被解释变量也存在不同程度的缺失。
• (10)股票投资收益率变量进行了双侧5%水平缩尾处理。
• (11)下文当中有多次利用同一回归方法对不同被解释变量进行的估计。关于工具变量有效性的讨论,也与之类似,不再重复。