教育背景与我国家庭股票市场参与*——基于CFPS微观数据的实证分析

本文基于中国家庭追踪调查（China family panel studies，CFPS）的数据，针对股市上典型的“有限参与”现象，考察了教育背景在两个维度上对家庭股市参与概率的影响。通过Logit回归，本文发现：平均受教育年限越高及拥有专业背景的家庭，参与股市概率越大。进一步运用倾向性得分匹配法对专业背景的作用进行估计，本文发现：在家庭股票投资决策中，成员经管背景作用的大小与显著性受所在家庭整体教育水平的约束。主事者的决策地位随家庭整体受教育年限的提高而受到削弱，而家庭成员对金融知识的掌握也可能会因自身学历在家中占优与否相应地被高估或低估。基于研究结论与现实，笔者认为，在我国证券市场中，平均受教育年限越高的家庭共同决策的氛围更浓，一方面，学历更高与投资知识更专业的成员可能并不在金融参与决策上起支配作用，但另一方面，家庭也会因为某些成员的教育背景做出轻率的投资决定。针对教育背景伴随的欠理性投资行为以及完成“有限参与”向“积极参与”的转变，本文也提供了一些建议与意见。

EDUCATION BACKGROUND AND HOUSEHOLD STOCK MARKET PARTICIPATION——An Empirical Analysis of CFPS statistics#br#

According to the “participation puzzle”，we investigate the relation between education background and household stock holding using the CFPS (China Family Panel Studies) dataThis paper applies Logit model to demonstrate the positive influence of both schooling years and economy or management learning experience on stock holdingFurther PSM model which focuses on residents major background finds that in household decision making，the significance and degree of the effect of family members major background is restrained by the whole familys education levelThe authority of traditional family decision maker gets weaken with the increase of family education level，and family members finance knowledge may be overvalued or underestimated due to his education position in familyGiven this，people tend to make decision together in a well  educated familyOn one hand，individual who owns the longest schooling years and most professional knowledge may not dominate family investment definitely，on the other hand ，family can invest indiscreetly because of members education backgroundFor the irrational behaviors family investor and conversion from “negative participation” to “positive participation”，this paper offers some realistic solving methods