Abstract：This paper examines the relationship between individual investors' financial literacy and their mutual fund investment performance. Based on a unique dataset compiled from 69 large mutual fund management companies in China, the paper finds, according to a survey conducted on a representative population, that the financial literacy of mutual fund investors is greater than that of the public. Additional research reveals that the financial literacy of individual investors presents a significant and positive impact on their mutual fund investment performance level, after considering risk attitudes, educational achievements, investment experience and other factors. In the context of the burgeoning financial services industry, the paper provides a new perspective on the relationship between financial literacy and financial advice.
秦芳、王文春、何金财(2016):《金融知识对商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析》,《金融研究》第10期。
宋全云、吴雨、尹志超(2017):《金融知识视角下的家庭信贷行为研究》,《金融研究》第6期。
王正位、邓颖惠、廖理(2016):《知识改变命运:金融知识与微观收入流动性》,《金融研究》第12期。
吴锟、吴卫星(2017):《理财建议可以作为金融素养的替代吗?》,《金融研究》第8期。
吴卫星、吴锟、王琎(2018a):《金融素养与家庭负债——基于中国居民家庭微观调查数据的分析》,《经济研究》第1期。
吴卫星、吴锟、张旭阳(2018b):《金融素养与家庭资产组合有效性》,《国际金融研究》第5期。
尹志超、宋全云、吴雨(2014):《金融知识、投资经验与家庭资产选择》,《经济研究》第4期。
尹志超、宋全云、吴雨、彭嫦燕(2015):《金融知识、创业决策和创业动机》,《管理世界》第1期。
张号栋、尹志超(2016):《金融知识和中国家庭的金融排斥》,《金融研究》第7期。
赵振华、刘淳、廖理(2010):《是谁获得了更高的基金投资收益?——对个人投资者问卷调查的实证分析》,《金融研究》第5期。
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2019, Vol. 42 
