金融素养与家庭风险金融资产配置——基于CHFS数据的实证研究

Financial Literacy and Household Risk Financial Asset Allocation—Empirical Research Based on CHFS data

利用2019年中国家庭金融调查数据,对核心解释变量金融素养采用因子分析法进行构建,并运用Probit模型和Tobit模型研究了家庭居民金融素养对家庭风险金融资产配置的影响。结果表明:金融素养会显著提升居民购置股票、基金、理财等产品的可能性,同时也会提升居民在家庭金融资产中配置风险金融资产的比例。这一发现说明普及金融知识对家庭资产配置的合理性有促进作用,并能够增加居民家庭财富。同时就提升居民家庭财富提出了以下建议:①家庭应当主动积极学习金融知识,培养金融技能;②政府因地制宜,综合考虑不同地区的生产特点,避免家庭盲目投资;③金融机构可以搭建金融信息平台,帮助居民了解风投,科学理财。

Based on the data of China Household Finance Survey(CHFS)in 2019,this paper uses factor analysis to construct financial literacy indicators,and uses Probit and Tobit models to empirically analyze the impact of residents'financial literacy on household risk asset allocation.The results show that financial literacy will significantly improve the possibility of residents to allocate stocks,funds,financial products and other risk assets,and will also increase the proportion of risk assets in financial assets.This finding shows that popularizing financial knowledge are conducive to optimizing asset allocation and increasing household wealth.At the same time,this paper puts forward the following suggestions for improving household wealth:①Families should actively learn financial knowledge and cultivate financial skills;②The government should adjust measures to local conditions and comprehensively consider the production characteristics of different regions to avoid blind investment by families;③Financial institutions can build financial information platforms to help residents understand venture capital and manage their finances scientifically.