金融素养、风险态度与家庭投资效率——基于新疆地区的微观调查数据分析

Financial Literacy, Risk Attitude and Household Investment Efficiency——Based on the analysis of microscopic investigation data in Xinjiang

本文基于对新疆家庭投资效率的调查问卷数据,在控制性别、年龄、受教育程度等基础上,通过面板回归模型重点研究家庭投资人员的金融素养、风险态度对家庭投资效率的影响,探究在风险态度作为调节变量时,金融素养和风险态度的交互项对家庭投资效率的调节作用。研究结果表明:金融素养对家庭投资行为具有显著的正向影响,金融素养水平越高的家庭其投资效率更高;越偏好风险高的理财产品以期获得更高的投资收益的家庭,其参与金融市场投资的效率更高。

Based on the questionnaire data of household investment efficiency in Xinjiang, this paper focuses on the impact of financial literacy, risk attitude and family investment efficiency of family investment personnel through panel regression model on the basis of controlling gender, age and education level, and explores the influence of risk attitude as a moderating variable. The moderating effect of the interaction between financial literacy and risk attitude on household investment efficiency. The results show that financial literacy has a significant positive impact on household investment behavior, and the higher the level of financial literacy is, the better the investment efficiency is. The conclusion of the study also found that the more households prefer financial products with high risk in order to obtain higher investment returns, the more efficient they are in participating in financial market investment.