自我效能与股票市场投资者参与

吴卫星; 沈涛; 任小璨

自我效能与股票市场投资者参与

引用本文：吴卫星，沈涛，任小璨.自我效能与股票市场投资者参与[J].财经理论与实践,2014,(1):45-51

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作者	单位
吴卫星，沈涛，任小璨	（对外经济贸易大学金融学院，北京100029）

中文摘要:自我效能是影响投资者决策的重要心理变量，依据中国家庭金融微观调查数据，运用传统的logit回归、Fama-French序贯排序列表、倾向得分匹配方法（Propensity Score Match ，简称PSM）检验自我效能对投资者参与的影响程度，结果显示自我效能对投资者参与有显著的正向影响。自我效能的定义涉及排序区域的选择，基于不同的排序区域给出了自我效能的7种不同定义，发现在不同定义下自我效能对投资者参与的正向影响均为显著。

中文关键词:自我效能投资者参与家庭金融倾向得分匹配

Self-efficacy and Investor Participation in Stock Market

Abstract:Self-efficacy is an important factor influencing an investor's decision.This paper tried to study the effect of self-efficacy on investor participation with Chinese household finance survey data. This paper used Propensity Score Match, logit regression and Fama-French method to investigate the relationship between self-efficacy and participation. The result showed that the effect of self-efficacy on investor participation is significantly positive. Because the definition of self-efficacy relies on the selection of ordered zone, the paper gave seven different definitions and found that under different kinds of definition self-efficacy has positive influence on investor participation.

keywords:Self-efficacy Investor participation Household finance Propensity Score Match

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