Финансовая грамотность и доходность портфеля начинающего инвестора: есть ли связь?
Аннотация
Бурное развитие рынка частных инвестиций характерно для большинства современных экономик. В качестве важной составляющей ответственного финансового поведения потребителей финансовых услуг регуляторы и аналитики финансового рынка рассматривают финансовую грамотность.
Проведено исследование с целью выявить факторы, влияющие на доходность инвестиционного портфеля начинающего молодого частного инвестора, с акцентом на финансовую грамотность как условие успешных инвестиций. Выборку составили 550 российских студентов экономических специальностей, выполнявших в период с 2020 по 2023 г. учебное задание по формированию виртуального краткосрочного инвестиционного портфеля. В качестве метода исследования использована биномиальная логистическая регрессия, оценки полученных коэффициентов которой преобразованы в отношения шансов для корректной интерпретации полученных результатов. Установлено, что вероятность получить положительную доходность портфеля для молодого частного инвестора не определяется чистым показателем уровня финансовой грамотности, однако этот показатель может быть значим в совокупности с некоторыми поведенческими характеристиками инвестора. Среди исследованных факторов с вероятностью положительной доходности инвестиционного портфеля наиболее сильно связаны поведенческие характеристики инвестора, такие как склонность к риску, коллективность в принятии решений, ответственность и увлеченность вопросами инвестирования. При этом на успех начинающего молодого частного инвестора влияют общее состояние экономики и турбулентность на финансовых рынках.
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