中文摘要：

金融素养在家庭经济活动中扮演重要角色,对家庭金融行为影响日益突出.基于2012年中国城市居民消费金融调查数据,研究金融素养过度自信对家庭股票市场参与的影响.研究发现,金融素养过度自信对股票市场参与行为具有显著的正向影响;对股票资产的持有额度及在金融资产中的比例均具有显著正向影响;同时,对持有股票的家庭而言,金融素养过度自信对金融资产结构中股票资产的比例的影响呈U型.进一步分析发现,金融素养过度自信会通过增强风险偏好,进而提高家庭股票市场参与率.据此,文章建议：政府增加金融教育供给,提升居民金融素养,增强消费者的风险认知,使消费者理性参与股票市场.

英文摘要：

The financial literacy plays an important role in family financial activities, the impact of which becomes increas-ingly significant on household financial behaviour. Based on the survey data of consumer finance among China~ urban residents in2012, we study the influence of financial literacy overconfidence on household participation in stock market. The study finds thatfinancial literacy overconfidence has a significant positive impact on participation behaviour in stock market, on the amount ofstock assets held by households and on the proportion of stock assets in the financial assets. At the same time, for the stock-hold-ing households, the impact on the proportion of stock assets in the financial assets structure is U shape. Further analysis showsthat financial literacy overconfidence will enhance risk appetite, and ultimately lead to an increase in the participation rate instock market. Accordingly, this paper suggests the government should increase the supply of financial education, improve the res-idents J financial literacy and enhance their risk awareness to help consumers rationally participate in stock market.