摘要
用微观调研数据分析中国股票市场非参与之谜,验证国外文献对该问题的解释:资金参与成本、认知水平,并进一步探索受教育程度、信息对认知水平的影响。实证分析从参与决策、参与深度两个层次递进展开,首先采用2SPLS克服认知水平和股市参与之间的内生性,证实了股市参与和认知之间存在双向因果关系,其次采用Tobit模型研究股票市场的参与深度。研究表明:中国股票市场参与受财富、教育、认知、信息等因素的影响,现阶段认知和信息的影响程度大于财富的影响程度,是影响中国股票市场参与的主要因素。结论凸显了投资者教育的重要性和紧迫性。
The paper analyzes the non - participation puzzle of China＇s stock market with microscopic investigation data to prove the explanation in foreign literatures about the problem, such as capital participation cost and cognition level. Further studies are made on the education background, and the influence of information on cognition level. Empirical study is made from two levels. Firstly, 2SPLS is used to overcome the endogenous relationship between cognition level and stock market participation, which proves that there is a mutual cause -effect relationship between the two factors. Secondly, Tobit model is used to study the participation width of the stock market. Research shows that China~ stock market is influenced by factors such as wealth, education, cognition and information. At present, the impacts of cognition and information are larger than that of the wealth, which are the main factors influencing China＇s stock market participation. Therefore, the education of investors becomes more important and urgent.
出处
《云南财经大学学报》
CSSCI
北大核心
2014年第5期111-118,共8页
Journal of Yunnan University of Finance and Economics
