金融知識與股票市場參與關聯性之研究－台灣地區的驗證

Financial Literacy and Stock Market Participation: Evidence from Taiwanese Markets

蕭育仁(Yu-Jen Hsiao) ； 陳錦村(Jing-Twen Chen) ； 廖志峰(Chih-Feng Liao)

《證券市場發展季刊》 26卷2期 (2014/06) Pp. 1-42

https://doi.org/10.6529/RSFM.2014.26(2).1

摘要

本文旨在根據金融監督管理委員會2011年所做的第三次國民金融知識調查結果，探討金融知識程度對股票市場參與可能性的影響。Logit實證模型發現，金融知識程度對民眾參與股市投資具有顯著的正向影響；將個人內在特徵與金融外部資訊兩類因素納入考慮，發現年齡（除60歲以上外）、教育程度與家庭年平均所得愈高的民眾，愈可能參與股市投資。本文還發現，主動與頻繁蒐集金融資訊的民眾，沒有明顯提高參與股市投資之機率；金融的資訊來源與種類，顯著影響參與股市投資的可能性。以財經書籍當作資訊來源，平常又關心股市變化的民眾，參與股市交易的機會較高；關注稅賦的民眾，比較沒興趣參與股市交易；但參與主管機關不同金融教育宣導活動的民眾，則因為金融教育宣導活動性質的差異，而有不同的股市參與行為。

關鍵字

金融知識 ； 股票市場 ； 金融資訊

並列摘要

This paper uses Logit regression model for 2011 Third Undertaken National Financial Literacy survey by Financial Supervisory Commission in Taiwan to measure financial literacy and study its relationship to stock market participation. We find that, even though we have considered demographics and financial information, financial literacy still affects financial decision-making: those with high financial literacy are much likely to invest in stocks. Besides, stock market participation increases with age (except 60 years old or above); education level and family wealth. Finally, we also find initiative to collect financial information and updated its frequency are not related to stock market participation. Instead, the resource and category of financial information are significantly related: people concern about the information from financial books and information related to changes in the stock market are much likely to invest in stocks. On the contrary, they concern about information related to taxation are less likely to invest in stocks. Besides, different financial education propagandas from Financial Supervisory Commission in Taiwan have different relationship to stock market participation.

並列關鍵字

Financial Literacy ； Stock Market ； Financial Information

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