金融投资中的教育溢价及其性别异质性——基于P2P网贷投资的实证检验

doi:10.16381/j.cnki.issn1003-207x.2019.10.001

中国管理科学 ›› 2019, Vol. 27 ›› Issue (10): 1-11.doi: 10.16381/j.cnki.issn1003-207x.2019.10.001

• 论文 • 下一篇

金融投资中的教育溢价及其性别异质性——基于P2P网贷投资的实证检验

丁杰¹, 曾燕², 李悦雷³, 郭阳⁴

1. 广东财经大学金融学院, 广东广州 510320;
2. 中山大学岭南(大学)学院, 广东广州 510275;
3. 天津大学管理与经济学部, 天津 300072;
4. 北京国电通网络技术有限公司, 北京 100070

收稿日期:2017-12-20 修回日期:2018-11-19 出版日期:2019-10-20 发布日期:2019-10-25
通讯作者: 曾燕(1984-),男(汉族),江西吉安人,中山大学岭南(大学)学院,教授,博士,研究方向:数字普惠金融、金融工程、风险管理、保险精算,E-mail:zengy36@mail.sysu.edu.cn. E-mail:zengy36@mail.sysu.edu.cn
基金资助:
国家自然科学基金国际（地区）合作与交流资助项目（71661137001）；国家自然科学基金创新研究群体资助项目（71721001）；国家社科基金重大资助项目（18ZDA092）；国家自然科学基金重大资助项目（71790594）；国家自然科学基金资助项目（71671120，71571195）；教育部人文社科研究项目青年项目（17YJC790023）；广东省高等学校珠江学者岗位计划资助项目（2018）

Education Premium and Its Gender Heterogeneity in Financial Investment——Empirical Test Based on the Peer-to-Peer Lending Investment

DING Jie¹, ZENG Yan², LI Yue-lei³, GUO Yang⁴

1. School of Finance, Guangdong University of Finance & Economics, Guangzhou 510320, China;
2. Lingnan(University) College, Sun Yat-Sen Universtiy, Guangzhou 510275, China;
3. College of Management and Economics, Tianjin University, Tianjin 300072, China;
4. State Grid Information & Telecommunication Co., Ltd, Beijing 100070, China

Received:2017-12-20 Revised:2018-11-19 Online:2019-10-20 Published:2019-10-25

摘要/Abstract

摘要： 通过匹配出来的P2P网贷投资中关于投资者个人特征和投资结果的数据，本文从投资的成功率、违约率、收益率三方面检验了P2P网贷投资中的教育溢价及教育溢价的性别异质性。研究首先发现在金融投资绩效上存在显著的性别差异和教育溢价，男性在投资成功率和投资收益率上占优，女性在违约风险识别上占优。教育溢价效应在提高投资成功率、降低违约风险和提高投资收益率上均有体现。进一步的检验结果表明，教育溢价效应存在性别异质性，受教育水平的提高进一步提升了女性投资者在违约风险识别上的能力和男性投资者对投资机会上的把握能力以及投资收益上的获取能力。这意味着教育在整体改善投资绩效的同时，强化了男女性各自的优势，使得原有的性别差异进一步扩大。这些结论对于理解教育在金融投资中的作用及其异质性效果具有一定启示意义。

关键词: 教育溢价, 性别异质性, P2P网贷投资

Abstract: In the mature capital market, the main participants in the market are institutional investors, while in the Chinese capital market, the main investors are individual investors. Therefore, how the characteristics of individual investors affect their investment performance is a problem worth studying in the Chinese context. However, due to the lack of investment data of individual investors in China, relevant research has not been fully developed. By matching up a set of data about investors' personal characteristics and investment outcome in the Peer-to-Peer lending, investment success rate, investment default rate and investment yield rate are used to reflect the performance of Peer-to-Peer lending investment, and the education premium in financial investment of individual investors and the gender heterogeneity of education premium are tested. It is found that there is a gender differences and education premium in Peer-to-Peer lending investment, male dominant on the success rate of investment and investment yields, female dominant on the default risk control. Education premium effect is embodied in three aspects:the education improves the success rate of investment, reduces default rates investments and increases investment yields. A further test showes that there is a gender differences in education premium, education further improved the female's ability of default risk control, further improved the male's ability of grasping on the investment opportunities and obtaining investment yields, which means that the education improved the investment performance at whole, as well as expandes the initial gender differences. These conclusions have implications for understanding the role of education in financial investment and its heterogeneity.

Key words: education premium, gender heterogeneity, peer-to-peer lending investment

中图分类号:

F830.5

丁杰, 曾燕, 李悦雷, 郭阳. 金融投资中的教育溢价及其性别异质性——基于P2P网贷投资的实证检验[J]. 中国管理科学, 2019, 27(10): 1-11.

DING Jie, ZENG Yan, LI Yue-lei, GUO Yang. Education Premium and Its Gender Heterogeneity in Financial Investment——Empirical Test Based on the Peer-to-Peer Lending Investment[J]. Chinese Journal of Management Science, 2019, 27(10): 1-11.

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金融投资中的教育溢价及其性别异质性——基于P2P网贷投资的实证检验

Education Premium and Its Gender Heterogeneity in Financial Investment——Empirical Test Based on the Peer-to-Peer Lending Investment

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