本文使用CHFS(2011)的调查数据探究了1959~1961年间人们的饥荒经历对他们日后的投资决策的影响。通过使用DID模型得到结果表明:在青少年时期(7~18岁)经历过大饥荒的人对风险资产、股票进行投资的概率更低,且他们所持有的风险资产和股票占总金融资产的比重更小。通过进一步渠道研究发现,饥荒经历更可能是通过改变人们对风险的偏好来改变投资决策,而并非是通过影响人们对市场的预期来改变的。本文说明青少年时期的一些经历对人们成年之后的投资决策、风险厌恶有着持续的影响,为我们研究人的投资行为提供了新的思路。 Using the survey data from CHFS (2011), this paper explores the impact of famine experiences from 1959 to 1961 on their future investment decisions. The results obtained through the use of the DID model show that people who experience famine in adulthood (7-18 years of age) have a lower probability of investing in risky assets and stocks and the risky assets and shares they hold in total financial assets The proportion of smaller. Further research found that famine experiences are more likely to change investment decisions by changing people’s preference for risk, rather than changing people’s expectations of the market. This article shows that some experiences in adolescence have a lasting impact on people’s investment decisions and risk aversion after their adulthood, providing us with new ideas for studying human investment behavior.