金融素养对家庭财产性收入的影响——基于共同富裕视角的研究

The Influence of Financial Literacy on Household Property Income:An Analysis fromthe Perspective of Common Prosperity

提高居民财产性收入是实现共同富裕的题中之义和必然要求。基于2013—2019年中国家庭金融调查(CHFS)数据并使用Probit和Tobit模型的实证研究表明,金融素养是影响家庭财产性收入的重要因素,金融素养的提升不仅能提高家庭拥有财产性收入的可能性,还能提高家庭财产性收入总额和财产性收入在家庭总收入中的占比。该结论在更换解释变量、剔除有金融从业人员家庭样本后和使用社区同一收入阶层其他家庭的平均金融素养作为工具变量进行内生性检验后依然成立。相比于非金融财产性收入,金融素养对家庭金融财产性收入的影响更为明显,尤其是非存款类金融财产性收入。机制分析表明,提高风险资产占比、提高风险资产收益率、促进投资性房地产持有和土地转出是金融素养影响家庭财产性收入的四个渠道。进一步分析显示,金融素养对低收入群体财产性收入的边际影响更大,说明金融素养的提升让低收入群体财产性收入更快增长,有助于低收入群体更快积累财富,助力共同富裕实现。上述结论表明,提高家庭金融素养尤其是低收入家庭的金融素养是缩小收入差距的重要手段,对于实现共同富裕具有重要的意义。

It is the inevitable requirement for achieving common prosperity to increase the property income of residents.Based on China Household Finance Survey(CHFS)from 2013 to 2019 and using the Probit and Tobit models,this paper conducts an empirical study.The findings show that financial literacy is an important factor affecting household property income.The improvement of financial literacy can not only improve the probability of increasing household property income,but also improve the proportion of the total household property income and the property income in the household total income.This conclusion still holds after changing the explanatory variable and deleting the samples of families with financial industry professionals and after the endogenous test using the average financial literacy of other households at the same income level in the same community as the instrumental variable.Compared with non-financial property income,financial literacy has a more obvious impact on the household financial property income,especially the non-deposit financial property income.The result of the mechanism analysis shows that raising the proportion of risky assets,increasing the rate of return on risky assets,promoting the holding of investment in real estate,and promoting land renting are four channels through which financial literacy affects household property income.Further analysis reveals that the marginal effect of financial literacy is more pronounced on the property income of the groups with lower income,which indicates that the improvement of financial literacy can promote the faster growth of property income of the low income groups and help them to accumulate wealth quickly,thus contributing to the realization of common prosperity.The above conclusion suggests that to improve household financial literacy,especially the low income families,is an important means to narrow the income gap,which is significant in realizing common prosperity.