摘要
本文运用中国家庭金融调查(CHFS)数据,研究损失厌恶心理对家庭金融市场参与及参与深度的影响。研究发现,损失厌恶程度加深会抑制家庭参与股票市场,并降低家庭在股票资产上的配置比例。机制检验结果表明,较高的损失厌恶会通过影响主观信任进而降低家庭参与股市的可能性。此外,本文发现金融素养和主观幸福感的提升会减弱损失厌恶心理对于股票市场参与的抑制作用。在低收入、低净资产以及城市家庭中,损失厌恶心理的影响更明显。本文为理解认知偏差与家庭金融行为的关系提供了新的证据。
Using the data of China Household Finance Survey(CHFS),this paper studies the impact of loss aversion on household financial market participation and the depth of participation.It is found that increasing loss aversion inhibits households'participation in the stock market and reduces the proportion of households'allocation to stock assets.The results of mechanism test show that higher loss aversion will reduce the possibility of households participating in the stock market through subjective trust.In addition,it is found that the improvement of financial literacy and subjective well-being will weaken the inhibitory effect of loss aversion on stock market participation.The effect of loss aversion is more pronounced among low-income,low-net worth,and urban households.This paper provides new evidence for understanding the relationship between cognitive bias and family financial behavior.
出处
《投资研究》
CSSCI
北大核心
2024年第2期19-38,共20页
Review of Investment Studies
基金
国家社会科学基金青年项目(19CJL024)
关键词
损失厌恶
股票市场参与
信任
主观幸福
Loss aversion
Stock market participation
Trust
Subjective well-being
