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从规范金融模型的视角来看,居民家庭资产组合最主要的偏差之一就是资产组合缺乏多样性。本文采用奥尔多投资咨询中心2009年“中国城镇居民经济状况与心态调查”数据,利用倾向得分匹配分析法(PSM)研究了自我效能对居民家庭资产组合多样性的影响。研究结果表明自我效能对居民家庭资产组合多样性有显著的正向影响。按照金融素养水平对居民家庭分组后,上述结论依然成立,并且自我效能对金融素养水平不同家庭资产组合多样性的影响具有非对称性。
From the perspective of standardizing financial models, one of the main biases in household portfolios is the lack of diversity in the portfolio. This article uses the Aldo Investment Advisory Center 2009 “China’s urban economic status and attitude survey ” data, using propensity score matching analysis (PSM) to study the impact of self-efficacy on the household portfolio diversity. The results show that self-efficacy has a significant positive impact on the diversity of household portfolios. The above conclusion still holds when grouping residential households according to the level of financial literacy, and the effect of self-efficacy on the diversity of household portfolios at financial literacy levels is asymmetrical.