Journal of Banking and Finance ·Volume 88· MAR 2018

金融素养与衍生品市场参与度

作者：Yu-Jen Hsiao (College of Management, Taipei Medical University)

Wei-Che Tsai (National Sun Yat-sen University)

摘要：我们在本研究中着手研究是否具有较高金融素养的个人更有可能成为衍生品市场的积极参与者。基于台湾金融监督委员会进行的官方全国调查，我们的实证结果表明即使在控制了股票市场参与率之后，金融素养对个人来说也是一个重大的好处，因为它有助于他们降低购买复杂衍生产品的进入壁垒。我们还发现，家庭财富，性别，住宅位置和各种信息来源对衍生品市场的参与率有显著影响。此外，考虑到可得性或测量误差的问题，金融素养对衍生品市场参与的积极影响基本保持不变。

关键词：家庭金融；金融素养；衍生品市场参与度

Financial literacy and participation in the derivatives markets

Yu-Jen Hsiao (College of Management, Taipei Medical University) Wei-Che Tsai (National Sun Yat-sen University)

ABSTRACT

We set out in this study to determine whether individuals with higher levels of financial literacy are more likely to be active participants in the derivatives markets. Our empirical results, based upon an official National Survey undertaken by the Financial Supervisory Commission of Taiwan, reveal that even after controlling for stock market participation rates, financial literacy represents a significant benefit to individuals since it helps them to lower the entry barriers to purchasing complex derivatives products. We also find that household wealth, gender, residential location and diverse sources of information have significant effects on participation rates in the derivatives markets. Furthermore, when taking into consideration issues of accessibility or measurement error, the positive effects of financial literacy on derivatives market participation are found to remain largely unchanged.

Keywords: Household finance; Financial literacy; Derivatives market participation

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426617302765

翻译：张展