金融知識與股票市場參與關聯性之研究－台灣地區的驗證

This paper uses Logit regression model for 2011 Third Undertaken National Financial Literacy survey by Financial Supervisory Commission in Taiwan to measure financial literacy and study its relationship to stock market participation. We find that, even though we have considered demographics and financial information, financial literacy still affects financial decision-making: those with high financial literacy are much likely to invest in stocks. Besides, stock market participation increases with age (except 60 years old or above); education level and family wealth. Finally, we also find initiative to collect financial information and updated its frequency are not related to stock market participation. Instead, the resource and category of financial information are significantly related: people concern about the information from financial books and information related to changes in the stock market are much likely to invest in stocks. On the contrary, they concern about information related to taxation are less likely to invest in stocks. Besides, different financial education propagandas from Financial Supervisory Commission in Taiwan have different relationship to stock market participation.