金融素养会影响家庭风险金融资产投资吗？

Will Financial Literacy Affect Household Investment in Risky Financial Assets?

基于2012年中国城市居民家庭消费金融调研数据,运用Probit模型和Tobit模型分析金融素养对家庭风险金融资产投资的影响机理及效应。研究表明:金融素养可以显著增强家庭风险金融资产的投资意愿,提高其投资比例和投资规模,且主观金融素养对家庭风险金融资产投资的影响大于客观金融素养;从作用机制来看,金融素养是通过增强居民风险偏好和拓宽信息渠道等方式促进家庭风险金融资产投资;金融素养对家庭风险金融资产投资意愿的影响呈现出显著的区域异质性,对非省会城市的影响要高于省会城市。因此,为有效提升居民家庭的金融市场参与度,政府应大力普及金融知识和强化金融教育,提高居民金融素养。

Based on the dataset of the 2012 consumer finance survey in China,this paper uses the Probit model and Tobit model to analyze the effect and mechanism of financial literacy on household risk financial asset investment,and creatively adds financial education as a tool variable to solve the endogenous problems.The empirical results are as follows:Firstly,the financial literacy can significantly enhance the investment willingness of family risky financial assets,to improve the investment proportion and scale,and the influence of subjective financial literacy on the investment of family risky financial assets is greater than that of objective financial literacy;Secondly,from the perspective of the mechanism of action,the financial literacy promotes the investment of family risk financial assets by enhancing residents’risk preference and expanding information channels;Thirdly,the influence of the financial literacy on the investment intention of the family risky financial assets shows significant regional heterogeneity,and non-provincial capital cities are higher than the provincial capital cities.Therefore,in order to effectively enhance household participation in the financial market,the government should vigorously popularize financial knowledge,deepen financial education and should improve residents’financial literacy.