农户金融素养对金融市场参与行为及效率的影响研究

Research on the Influence of Farmer's Financial Literacy on Financial Market Participation Behavior and Efficiency

文章基于2019年中国家庭金融调查(CHFS)数据,使用因子分析法,从金融知识、风险态度、金融意识三个维度测算了农户的金融素养水平,并实证检验了金融素养对农户金融市场参与行为及效率的影响。研究发现:金融素养的提升能促进农户参与金融市场,分维度回归结果显示,金融知识、风险态度、金融意识对农户参与金融市场均起到正向作用,其中金融知识的效用占比最大;已参与金融市场农户的金融素养水平的提升对金融市场参与程度及效率有显著正向作用,但边际效用较小;农户通过承担更多风险获取金融市场参与效率的效用大于金融知识提升的效用。因此,建议提升农户金融素养,进而提高农户金融参与,增加家庭财产性收入水平。

Based on the data of 2019 China Household Finance Survey(CHFS),this paper uses factor analysis method to measurethe financial literacy level of farmers from three dimensions of financial knowledge,risk attitude and financial awareness,and em-pirically tests the impact of financial literacy on farmers' financial market participation behavior and efficiency.The results showthat the improvement of financial literacy can promote farmers' participation in the financial market.The results of the fractal re-gression show that financial knowledge,risk attitude and financial awareness all play a positive role in the participation of farmersin the financial market,among which financial knowledge accounts for the largest proportion.The improvement of the financial liter-acy level of farmers who have participated in the financial market has a significant positive effect on the participation degree and ef-ficiency of the financial market,but the marginal effect is small.The effect of farmers' taking more risks to obtain the efficiency offinancial market participation is greater than the effect of improving financial knowledge.Therefore,it is suggested to improve farm-ers' financial literacy,so as to improve farmers' financial participation and increase the level of family property income.