金融知识与家庭财务脆弱性——基于中国家庭金融调查数据的实证研究

Financial Knowledge With Household Financial Vulnerability:An Empirical Study Based on Chinese Household Finance Survey Data

在当前经济下行压力下,家庭财务脆弱问题不断凸显,居民如何利用金融知识应对财务脆弱性,改善家庭财务状况是学术界关注的焦点问题。本文基于中国家庭金融调查(CHFS)数据,利用Probit模型实证检验了金融知识对家庭财务脆弱性的影响。研究结果表明,金融知识对家庭财务脆弱性具有显著抑制作用。为了克服内生性带来的偏误,本文采用“金融知识社区均值”作为工具变量进行估计,结果依然显著。机制分析表明,金融知识可以通过数字经济参与、商业保险参与和家庭创业三个渠道降低家庭财务脆弱性。异质性分析发现,在东部地区、城镇家庭和缴纳社会保险的家庭中,金融知识对家庭财务脆弱性的影响更为显著。本文为探寻家庭财务脆弱性的影响因素提供了新的视角,对全面理解金融知识的作用具有重要参考价值。

Under the current downward pressure of the economy,the issue of family financial vulnerability has become increasingly prominent.How to use financial knowledge to deal with financial vulnerability and improve family financial situation is the focus of academic attention.Based on the data of China Household Finance Survey(CHFS),this paper uses Probit model to estimate and empirically test the impact of financial knowledge on household financial vulnerability.The results show that financial knowledge has a significant inhibitory effect on family financial vulnerability.In order to overcome the error caused by endogenesis,this paper uses the mean value of financial knowledge community as an instrument variable,and the result is still significant.The mechanism analysis shows that financial knowledge can improve the participation of digital economy,promote participation of commercial insurance and improve the probability of entrepreneurship to reduce family financial vulnerability.The heterogeneity analysis found that the impact of financial knowledge on family financial vulnerability was more significant in the eastern region,urban households and households paying social security.This paper provides a new perspective for the study of family financial vulnerability.It has important reference value for comprehensive understanding of the role of financial knowledge.