金融知识如何影响家庭参与理财市场?——基于CHFS数据的实证分析

How Does Financial Knowledge Affect Household Participation in Financial Market:Empirical Analysis Based on CHFS Data

资管新规颁布之后,中国理财市场面临深刻变革,居民金融知识水平对投资行为的作用更加凸显。基于银行理财产品,使用2015年中国家庭金融调查数据(CHFS),实证检验了金融知识对家庭参与理财市场的影响。实证结果表明:金融知识水平与银行理财参与程度之间存在显著的倒U形关系,当居民金融知识达到较高水平之后,其原有作为相对安全资产的银行理财比重会下降。反之,如果金融知识水平既定,产品刚性兑付的打破将引致居民对理财市场的被动退出。因此,加强居民金融教育、普及金融风险与投资知识,是实现银行理财乃至整个资管市场平稳转型的重要条件。

After the promulgation of the new regulations,China’s financial market is facing profound changes,and the role of residents’financial knowledge level in investment behavior is more prominent.Based on the bank financial products,using the 2015 China Household Financial survey data(CHFS),this paper empirically tests the impact of financial knowledge on household participation in the financial market.The empirical results show that there is a significant inverted U-shaped relationship between financial knowledge and financial participation.This means that when the residents’financial knowledge reaches a high level,the proportion of their original bank financing as a relatively safe asset will decline;on the contrary,if the level of financial knowledge is set,the breaking of rigid payment of products will lead to the passive withdrawal of residents from the financing market.Therefore,strengthening residents’financial education,financial risk and investment knowledge is an important condition for the smooth transformation of bank financing and even the whole asset management market.