金融素养与家庭艺术品资产配置——基于CHFS数据的实证研究

Financial Literacy and Household Art Asset Allocation——An Empirical Study Based on CHFS Data

为探寻我国艺术品市场居民“有限参与”之谜,进一步优化家庭艺术品资产配置,本文基于2019年中国家庭金融调查(CHFS)数据,构建Probit、Tobit和中介效应检验模型,研究金融素养对家庭艺术品资产配置的影响及其作用机制。实证结果表明,金融素养的提高对家庭艺术品资产持有与否以及持有比例均有显著的正向影响,且这种影响在不同收入和不同地区家庭间存在异质性;进一步的机制检验表明,金融素养通过提高风险偏好和增加家庭收入促进家庭艺术品资产配置。根据上述结论,本文最后从提高居民金融素养、完善艺术品市场治理体系以及引导居民合理配置艺术品资产等角度提出了一系列政策建议。

In order to explore the mystery of Chinese residents'“limited participation”in the art market,and further optimize household art asset allocation,the paper,based on the 2019 China Household Finance Survey(CHFS)data,constructs Probit,Tobit and mediating effect test models to study the impact of financial literacy on household art asset allocation and its mechanism.The empirical results show that:the improvement of financial literacy has a significant positive impact on the ownership and proportion of household art assets;And this kind of influence has heterogeneity when it comes to families with different incomes in different areas;Further mechanism tests show that financial literacy promotes household art asset allocation by increasing risk preference and household income.According to the above conclusions,the paper finally puts forward a series of policy recommendations from the perspective of improving residents'financial literacy,upgrading the art market governance system and guiding residents to reasonably allocate art assets.