父母理財經驗對青壯年理財規劃的影響之實證分析

Abstract

近年青壯年投入證券市場之趨勢越來越明顯，將資金配置於股市成為青壯年族群理財規劃一種常見的投資方法。本文使用中研院於2018年之華人家庭動態調查，探討青壯年族群在個人理財規劃方面，是否會受到父母經驗的影響，並使用Tobit模型、Heckman兩階段模型，以及OLS模型，對臺灣27至42歲投資人進行實證分析。\n本文發現：一、當青壯年樣本之父母有將資產長期配置於證券市場時，平均而言其從股市獲取之股利收入金額更高；二、當青壯年樣本之父母有將資產長期配置於證券市場時，該樣本更有可能採同樣投資方法，進行長期證券投資。然而，在有進行長期證券投資之樣本中，父母有無進行長期投資不影響該青壯年樣本之股利收入金額大小。

In recent years, there are more and more young-adults investing in the stock market.Allocating assets to the stock market for a long time and obtaining dividend income has become a common investment method for personal financial planning of young-adults investors. We use the Panel Study of Family Dynamics (PSFD) surveyed by Academia Sinica to explore whether the personal financial planning of young-adult groups is affected by their parents` experience. We use the Tobit model, the Heckman two-stage model, and the OLS model to empirically analyze the investors aged 27 to 42 in Taiwan.\nWe find that 1. If the parents of the young-adults sample holding stocks for the long-term, the average amount of dividend income the young-adults obtained from the stock market is higher; 2. When parents hold stocks for the long-term and receive dividends, it will increase the probability that their children holding stocks for the long-term. However, to the samples with long-term investing, parents’ experiences do not affect the amount of dividend income that children received.