【摘要】 使用中国家庭金融调查2017年数据,从初级金融素养、高级金融素养两个方面研究金融素养对家庭风险资产配置的影响。通过因子分析法构建初级金融素养和高级金融素养指标,通过构建Probit及Tobit模型进行实证研究发现,金融素养高的家庭投资风险资产可能性也越大,且投资风险资产占比也越大。控制内生性后,初级金融素养对家庭风险市场参与、风险资产投资占比的影响均强于高级金融素养。户主年龄、收入水平、社保情况以及地区经济水平均会促进家庭的风险资产投资,而户主风险厌恶度则效果相反。提升我国居民的金融素养水平,尤其是初级金融素养,有利于促进金融市场活跃健康发展,提高居民金融福祉,是推行普惠金融服务中不可或缺的一个环节。更多还原

【Abstract】 Using the data of China Household Financial Survey in 2017,the effect of financial literacy on household risk assets allocation is investigated from two aspects: primary financial literacy and advanced financial literacy. The primary financial literacy and the advanced financial literacy variables are constructed by factor analysis method,and then empirical research is made by constructing Probit and Tobit models. It is found that families with high financial literacy are more likely to participate in the financial market and increase their risky assets holding. After controlling endogeneity,the influence of primary financial literacy on household risk assets allocation is stronger than that of advanced financial literacy. The age of the householder,income level,social insurance and regional economic level can promote household risk assets investment,while householder risk aversion has the opposite effect. This paper believes that improving financial literacy of Chinese residents,especially primary financial literacy,is conducive to promoting the active and healthy development of the financial market and improving the financial well-being of residents. It is an indispensable link in the implementation of inclusive financial services.更多还原