金融素养、自信偏差与家庭财富

Financial Literacy,Self-confidence Bias and Household Wealth

基于中国消费金融调查数据,本文从主、客观两方面探讨金融素养对家庭财富的具体影响及作用渠道。研究发现,金融素养对家庭财富有直接显著的正向影响,也可通过制定规划、股票市场参与、金融产品投资分散化及咨询金融顾问等金融行为对家庭财富产生间接的正向影响;剔除金融素养影响后的金融行为净值同样对家庭财富有重要的促进作用。此外,"金融素养自信偏差"对家庭财富有倒U型的非线性影响,自信不足程度的降低对家庭财富有正向影响,随着自信程度的上升,过度自信程度的增加会使得家庭财富减少。研究结论具有培养和提升居民金融素养的政策含义。

Based on survey data from Chinese urban household consumer finance,this paper discusses the specific effects and functionary channels of financial literacy on household wealth from both the subjective and objective aspects. The findings suggest that financial literacy has a directly and significantly positive impact on household wealth,and can also has an indirectly positive impact through financial behaviors such as formulating planning,invest in stock,investment decentralization and consulting financial advisors; the net value of financial behavior after excluding financial literacy also plays an important role in promoting household wealth. In addition,financial literacy self-confidence bias has an inverse U-shaped nonlinear impact on household wealth,the reduction in the degree of self-confidence deficiency has a positive effect on household wealth,but with the increase of self-confidence,the increase in overconfidence will reduce household wealth.The conclusion of the study has policy implications for cultivating and improving residents＇ financial literacy.