| With the increasing variety of investments in the financial market,investors are faced with the choice of managing assets independently or entrusting others to manage assets.Theoretically,compared with independent investment,entrusted investment has obvious advantages in cost,information and asset allocation.However,in investment practice,residents’ participation in the asset management market is low,and they are often more keen on holding shares directly than holding funds.Therefore,with the help of behavioral financial behavior theory,this paper will explain the individual’s independent investment tendency from the perspective of overconfidence,which can not only clarify the psychological mechanism of individual investment mode choice,enrich the empirical research on the reasons of independent investment tendency,but also further test the role of investor education in regulating behavioral deviation and supplement the empirical research on the implementation effect of investor education.At the same time,it is of great practical significance to implement investor education,correct individual irrational behavior and promote the healthy development of asset management market.In terms of the research content,on the basis of sorting out the basic theories and research literature,this paper first analyzes the effect of financial knowledge overconfidence on the investment mode,and believes that investor education can regulate the relationship between them,and then puts forward two research hypotheses.Secondly,based on the survey project of investor education and investor behavior,this paper focuses on the information of investors in financial knowledge,investment behavior,investor education,etc.,and measures the level of individual overconfidence from the perspective of financial knowledge with sample data,and analyzes the distribution of financial knowledge overconfidence under different demographic variables and investment modes.Subsequently,this paper constructs Probit model and Tobit model to empirically test the influence of financial knowledge overconfidence on investment mode,and further tests the intermediary effect of self-investment confidence and the regulatory effect of investor education.Finally,robustness analysis is carried out from the two dimensions of replacing core variables and removing part of samples.In conclusion,this paper finds that:(1)investors have the characteristics of overconfidence,and overconfidence has a regularity in the distribution of population characteristics and investment methods.Among the financial knowledge overconfident samples,58.96%will choose independent investment,that is,compared with entrusted investment,overconfident people are more likely to choose independent investment.(2)Financial knowledge overconfidence will obviously reduce the probability of individual choosing entrusted investment,but increase the probability of choosing independent investment.Specific to asset allocation,the improvement of financial knowledge overconfidence will prompt individuals to reduce the proportion of allocation in asset management products such as fund products and bank wealth management products,and increase the proportion of allocation in stocks and bonds.On the influence mechanism,financial knowledge overconfidence can not only directly promote independent investment,but also strengthen ability confidence through knowledge confidence,thus affecting investment modes.After considering the endogeneity problem and introducing appearance perception as an instrumental variable to test,the above conclusions are still valid.(3)Whether or not to receive investor education and the frequency of investor education can positively regulate the relationship between financial knowledge overconfidence and investment modes.At the same time,the higher the frequency and diversity of investor education,the less obvious the inhibitory effect of financial knowledge overconfidence on entrusted investment.Based on the above research,this paper puts forward three suggestions:first,develop the asset management market vigorously and improve the quality of asset management services;second,strengthen the popularization of financial knowledge to avoid the negative impact of overconfidence;the third is to improve the investor education system and strengthen the construction of form and content. |
