提升金融知识水平可以改进家庭金融资产配置吗?——基于多项Logit模型的实证研究

Does higher financial knowledge level improve household financial asset allocation?——An Empirical Study Based on Multi-Logit Model

基于2013年和2015年中国家庭金融调查数据(CHFS)中的11324户追踪受访家庭数据,运用K均值聚类方法将我国家庭金融资产配置划分为存款现金主导型、借出款主导型、权益主导型、理财产品主导型和商业保险主导型五种类型。聚类结果表明,我国大部分家庭的金融资产配置是存款现金主导型。运用多项Logit模型实证研究金融知识对家庭资产配置类型的影响,实证结果显示,提升家庭金融知识水平有利于家庭金融资产配置从存款主导型向权益主导型、理财产品主导型和商业保险主导型转变,并降低向借出款主导型转变的概率,其中,金融知识水平高低对选择理财产品主导型的金融资产配置类型的可能性影响最大。两次调研数据的比较研究发现,我国家庭金融知识水平呈上升趋势,其对优化家庭金融资产配置的影响也进一步增强。

Based on the tracking data of China Household Finance Survey(CHFS)in 2013&2015,using K-means clustering method,the allocation of household financial assets in China can be divided into five types:cash deposit-oriented,loan-oriented,equity-oriented,financial products-oriented and commercial insurance-oriented.Cluster analysis shows that most households in China have cash-based financial asset allocation.Further,we use multiple logit models to empirically study the impact of financial knowledge on family asset allocation.The empirical results show that improving the level of family financial knowledge is conducive to the transformation of family financial asset allocation from cash deposit-oriented to equity-oriented,financial product-oriented and commercial insurance-oriented and reduces the probability of shifting from cash deposit-oriented to loan-oriented.Among them,the level of financial knowledge has the greatest impact on the choice of financial productoriented gold.Furtherly,comparing the data from 2013 and 2015,it is found that the impact of financial knowledge on household financial asset allocation may become more apparent with the improvement of financial knowledge level.