CAJ | 학술논문

本文运用中国家庭金融调查（CHFS）数据，研究金融知识、投资经验对家庭金融市场参与和家庭资产选择的影响。研究发现，金融知识的增加会推动家庭参与金融市场，并增加家庭在风险资产尤其是股票资产上的配置。家庭参与金融市场后，随着投资经验的积累，投资到风险资产尤其是股票资产上的比例也会提高；并且投资经验有助于家庭在股票市场上盈利。此外，本文发现地区经济和金融环境的改善、家庭资产的累积、家庭收入的增加、风险爱好和教育水平的提高都将推动家庭参与金融市场并投资购买风险资产。自营工商业和购买自有住房则会“挤出”家庭的金融市场参与和风险投资。
본문운용중국가정금융조사（CHFS）수거，연구금융지식、투자경험대가정금융시장삼여화가정자산선택적영향。연구발현，금융지식적증가회추동가정삼여금융시장，병증가가정재풍험자산우기시고표자산상적배치。가정삼여금융시장후，수착투자경험적적루，투자도풍험자산우기시고표자산상적비례야회제고；병차투자경험유조우가정재고표시장상영리。차외，본문발현지구경제화금융배경적개선、가정자산적루적、가정수입적증가、풍험애호화교육수평적제고도장추동가정삼여금융시장병투자구매풍험자산。자영공상업화구매자유주방칙회“제출”가정적금융시장삼여화풍험투자。
By using China Household Finance Survey（CHFS） data, the paper investigates the effect of financial literacy and trading experience on household financial market participation and financial portfolio choices. The paper finds that financial literacy affects financial decision-making significantly： households with high financial literacy are more likely to participate in the financial market and increase their risky asset holdings. Trading experience, measured by the year of stock trading, significantly increases households＇ risky asset holdings and helps to improve households＇ probability of earning profit. Furthermore, we find that the improvement of economic and financial environment, the increase of households＇ net-asset and income, risk prefer and higher education have positive effect on households＇ financial market participation and their risky asset holdings. Households in the rural area have lower probability of participating in the financial market and less risky asset holding in their portfolio.