居民数字素养对金融市场参与的影响及机制检验

Impact and Mechanisms of Residents'Digital Literacy on Financial Market Participation

基于中国综合社会调查数据,分析数字素养对居民金融市场参与的影响,并讨论其作用机制。结果表明:提升居民基础和高级数字素养均能显著提高金融市场参与的概率,基础数字素养产生的边际效果大于高级数字素养。提升数字素养能显著增加高收入群体和城镇居民的金融市场参与;提升女性数字素养对金融市场参与的影响高于男性;提升中老年数字素养对金融市场参与的影响高于青年。居民数字素养越高,越能够拓展其信息渠道,积累社会资本和使用网络交易,进而促进金融市场参与。

Based on the data of CGSS,this paper analyzes the impact and mechanisms of digital literacy on financial market participation.The results show that enhancing both basic and advanced digital literacy of residents can significantly increase the probability of financial market participation,and the marginal effect of basic digital literacy is greater than that of advanced digital literacy.Improving digital literacy can significantly increase the probability of financial market participation of high income and urban residents.The impact of improving women’s digital literacy on financial market participation is higher than that of men.The impact of improving middle-aged and elderly people’s digital literacy on the probability of financial market participation is higher than that of young people.Mechanism analysis shows that the higher the residents’digital literacy,the more they can expand information channels,accumulate social capital and adapt online commerce,and then promote residents to participate in financial market.