金融素养对家庭金融资产与负债的影响

The Impact of Financial Literacy on Household Financial Assets and Liabilities

金融素养是指个人规划财务、债务、退休储蓄和积累财富的水平。本文基于中国家庭追踪调查微观数据,通过因子分析构造衡量家庭户主金融素养水平的变量,并运用Probit和Tobit模型研究了金融素养对于家庭金融资产和负债的选择及其金额额度的影响。实证结果表明,家庭户主金融素养水平越高,家庭持有金融资产的可能性会显著增大,家庭持有金融资产的金额也越高。对于家庭持有金融负债概率及其金额额度,金融素养水平与其成反比例关系。进一步地,本文还得出结论,金融素养水平越高,家庭会越偏向于通过正规渠道进行金融借贷,而且非正规渠道的借贷金额会明显减少。

Financial literacy means the level of people’s individual plans for finances,debt,retirement savings,and accumulated wealth.The paper constructs variables to measure the financial literacy of household heads through factor analysis,and uses Probit and Tobit models to study the influence of financial literacy on the selection of household assets and liabilities,the amount of household assets and liabilities.The results show that the level of finance literacy has a positive impact on the possibility of financial assets,the amount of financial assets.Furthermore,the paper also concludes that the higher the level of financial literacy,the more inclined the family will be to make financial loans through formal channels,and the amount of loans through informal channels will be significantly reduced.