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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。
Using micro-research data to analyze the mystery of non-participation in China’s stock market, this paper verifies the explanations of foreign literature on this issue: the cost of participating in capital and the level of cognition, and further explores the influence of education level and information on cognition level. Empirical analysis proceeded from two levels of participation decision-making and participation depth. Firstly, using 2SPLS to overcome the endogeneity between cognition level and stock market participation, we confirmed that there is a two-way causal relationship between stock market participation and cognition. Secondly, using Tobit model Stock Market Participation Depth. The research shows that the participation of China’s stock market is influenced by wealth, education, cognition and information. The impact of cognition and information at this stage is greater than that of wealth, which is the main factor that affects China’s stock market. The conclusion highlights the importance and urgency of investor education.