| Since the pilot of my country’s stock market in 1989,the Chinese stock market has achieved certain achievements.In these 30 years of development,the stock price index has continued to rise,and the number of investors in the stock market has continued to rise.Investment is the main means of investment and financial management.Investors in China’s securities market are mostly natural persons,accounting for more than 99%,but personal investors are huge investment groups in the stock market,but their income is not optimistic.Financial knowledge,as the core content of investor education,has a more complicated impact on investment income.On the one hand,mastering financial knowledge may help investors reduce investment misunderstandings and increase returns.On the other hand,the growth of financial knowledge may also cause investors Excessive self-confidence causes investment losses.Therefore,from the perspective of behavior finance,this article studies the relationship between personal investors’ financial knowledge and stock investment income,which is of great theoretical and practical significance for improving individual investor stock investment income.The data of the 2018 Shenzhen Stock Exchange investor survey was used to analyze 18,940 sample data after removing missing values,and the questionnaire results passed the trust and validity inspection.This article subdivisses financial knowledge into junior financial knowledge and advanced financial knowledge.Through a variety of orderly Logit models,the relationship between primary financial knowledge,the relationship between advanced financial knowledge and stock investment income,and the characteristics of investor characteristics to financial knowledge and stock investment income The role of regulating,and returns according to the different grouping of investors’ education levels,conduct heterogeneous testing,and then pass the dual Logit model for a stable test.This article gets the following research results:(1)Primary financial knowledge will encourage investors to produce irrational behaviors such as excessive self-confidence,which will have a significant negative impact on investment income;The process of decreased first and then increased,the specific manifestation is that individual investors’ understanding of the superficial level of high-level financial knowledge will promote irrational investment such as excessive self-confidence and cause investment losses.Later,irrational investment can be reduced,which helps stock investment profit.(2)The younger the age,the more inclined to choose the stock to invest in the intellectual manner.Therefore,its investment income is higher than that of the elderly,and the age can regulate the impact of primary financial knowledge on stock investment income.The impact of financial knowledge on stock investment income.(3)The richer the investment experience of investors,the higher the investment income of the stock,and the investment experience can regulate the relationship between high-level financial knowledge and stock investment income.(4)The degree of education,assets and personal monthly income of individual investors are positively related to stock investment income. |
