金融知识和中国家庭财富差距——来自CHFS数据的证据

Financial Literacy and Households Wealth Inequality in China:Evidence from CHFS Data

本文基于2013年中国家庭金融调查(CHFS)数据,首先采用因子分析中的极大似然方法提取金融知识指标,然后采用两阶段最小二乘法(2SLS)估计发现,金融知识可显著缩小家庭财富差距。进一步,文章利用分位数回归法(QR)估计发现,金融知识对家庭财富有显著的正向影响,金融知识对低财富组家庭财富的促进作用更大,即财富越多的家庭,金融知识的创富效应越小。同样,金融知识对社区财富的创富效应也呈递减趋势。本文的政策含义是加强金融知识基础教育,开展金融知识技能培训,普及金融知识,可缩小家庭财富差距。

The research conducted in this paper is based on China＇s Household Finance Survey data in 2013. Firstly, by using Maximum Likelihood method of Factor Analysis, this paper extracts financial literacy indicators. Secondly, by using 2- Stage Least Squares method, the paper finds that financial literacy can significantly reduce households＂ wealth inequality in China. Further, by using Quantile Regression method, the paper finds that financial literacy has significantly positive impact on households＂ wealth, and the role that financial literacy plays in promoting the households in lower-wealth group is greater. That is to say, financial literacy has a smaller wealth effect on the wealthier families. Also, the effect of financial literacy on community wealth is diminishing. The policy implication is that strengthening financial knowledge education and skills train- ing in addition to popularizing financial literacy can reduce households wealth inequality.