投资者教育发挥作用了吗?来自公募基金个人投资者调查数据的证据  

Can Investor Education Improve Investment Returns? Evidence from the Mutual Fund Individual Investor Survey

作　　者：李凤 吴卫星[1,2,3] 李东平 路晓蒙[1,2,3] LI Feng;WU Weixing;LI Dongping;LU Xiaomeng(School of Finance/Survey and Research Center for China Household Finance,Southwestern University of Finance and Economics;University of International Business and Economics;China Institute of Finance and Capital Markets)

机构地区：[1]西南财经大学金融学院/中国家庭金融调查与研究中心,四川成都611137 [2]对外经济贸易大学,北京100029 [3]中证金融研究院,北京100033

出　　处：《金融研究》2023年第1期150-168,共19页Journal of Financial Research

基　　金：国家社会科学基金重大项目(16ZDA033);国家自然科学基金青年项目(72003149)的资助。

摘　　要：投资者教育是保障资本市场平稳运行、良性发展的重要举措,也是我国资本市场重要的基础性制度建设。本文利用20000多份全国公募基金个人投资者调查数据,分析了投资者教育对基金投资收益的影响,并基于行为金融学框架探究了其背后的作用机制。以往文献研究表明,金融知识水平对投资收益会产生显著影响,本文研究发现,获取金融知识的渠道也会影响投资收益。相对于自己学习金融知识、相关工作经验累积金融知识、向亲戚朋友学习金融知识,投资者教育(如参加金融机构的投资教育活动、接受金融经济类课程或培训)更有助于投资者缓解趋势追逐、频繁交易、处置效应等交易行为偏差,从而获得更高的投资收益。进一步分析表明,投资者教育通过提高“理性程度”来提升基金投资盈利概率、投资总收益率和年均收益率的中介效应分别为19.41%、17.09%和12.75%。此外,不同群体参与投资者教育的积极性和受教育效果存在显著差异,投资者教育要更多采取“分类教育”的形式。本文研究对进一步加强投资者教育、更好地推动资本市场发展具有一定的参考意义。Investor education is important for ensuring the smooth operation and benign development of capital markets.Therefore,it has become the main pathway for promoting the sustainable development of China's capital market;accordingly,objectively evaluating its practical effects is of great significance.Using data from the Nationwide Mutual Fund Individual Investor Survey on more than 20,000 investors,this paper analyzes the impact of investor education on mutual fund investment returns and explores its underlying mechanism using the behavioral finance framework.The survey data of mutual fund investors is used for two main reasons.First,individual investors are the main targets of investor education,and the mutual fund market is the primary means through which they participate in the capital market.Second,individual and institutional investors differ significantly in their investment behaviors.“A fund makes money,not the investors”has become a long-time phenomenon in China's fund market.Theoretical and empirical evidence demonstrate that financial literacy significantly affects investment returns.This paper finds that the effect is associated with the way in which financial literacy is obtained.Furthermore,the literature focuses on the effects of financial literacy on risk market participation,investment portfolios,and other aspects.From the behavioral finance perspective,this paper studies the corrective effect of investor education on three types of behavioral bias:trend-chasing,overtrading,and the disposition effect.The results provide a broader perspective and objective support for understanding the behavioral characteristics of mutual fund investors in China.The data include economic and demographic information,fund investment experience,and the interviewees'investment decision-making processes.The questionnaires were distributed in the second quarter of 2019 by fund management companies and sales institutions through a QR code.The quality of the sample was guaranteed by a trial survey before formal collection

关 键 词：投资者教育 行为偏差 公募基金 个人投资者 

分 类 号：F832.51[经济管理—金融学]