【作者】 杨帆；

【导师】 李海明；

【作者基本信息】 西南大学 ， 国民经济学， 2020， 硕士

【摘要】 随着我国经济的不断发展,居民增收问题逐渐得到广泛关注。根据发达国家经验,财产性收入是居民收入增加和财产积累的重要源泉,特别是结合发达国家先进经验,当人均收入增加到2000美元,居民积累一定财富后,财产性收入就会逐渐成为家庭收入中的新增长点。而我国早在2006年就已经满足这一条件,但与其它收入情况对比,我们发现我国居民的财产性收入无论是在数量上还是在比例上都没有很大优势,因而当前找到提高居民财产性收入水平的渠道刻不容缓。从党的十七大提出的“创造条件让更多群众拥有财产性收入”到十八大提出的“多渠道增加居民财产性收入”,再到十九大的“拓宽居民财产性收入渠道”。我们看到这一次次进程中,党和国家对财产性收入的关注不断加深,提升财产性收入的意愿也在不断加强。同时,国内相关的金融环境和金融产品也在不断的优化,塑造出更加良好的投资环境和更加多样的金融产品,为居民财产性收入增加营造了宽松的宏观大环境,但是,作为与居民家庭息息相关的财产性收入如果想要更好地发挥这一外界宏观优势,进而为居民增收发力,就要考虑将其落实到微观家庭层面,为微观主体树立正确的投资观,从而让财产衍生出更多的财产性收入。在这一环节中,金融知识作为一种与其紧密相关的特殊的人力资本,它会如何在这一过程中影响居民金融资源的运营,其运用水平的高低是否影响我国居民财产性收入的获得概率和拥有水平?这些问题都将是本文所主要关注的核心内容。本文围绕“金融知识对我国居民财产性收入的影响及程度”这一总目标,有针对性地开展研究。首先,对金融知识和财产性收入的相关文献及理论基础梳理总结,并界定金融知识、收入、财产和财产性收入等重要词汇的概念,理清财产性收入的性质。其次,探讨金融知识影响居民财产性收入的影响机制,通过构建一个有微观基础的宏观理论模型并提出相关假说,为后文实证分析的开展奠定基础。然后,利用1999年-2018年的宏观数据对城乡居民的收入和财产性收入及相关比例的变化进行分析,并利用CHFS＿2015的截面数据对城乡家庭的金融知识水平和财产性收入水平进行对比分析。紧接着,本文利用Stata13.0计量软件,在对相关变量进行描述性分析后,利用Probit和OLS模型对金融知识影响居民财产性收入的获得概率和拥有水平进行实证分析,选取合适的工具变量利用IV-Probit模型和2SLS模型进行内生性检验,并更换金融知识测度办法利用金融知识(因子分析)这一指标进行稳健性检验。最后,结合前文分析得出本文的结论,并提出如何更好地发挥金融知识优势提升居民财产性收入的政策建议。根据前文研究我们得出以下结论:金融知识水平对家庭财产性收入的获得概率和拥有水平都有着显著的影响,随着金融知识水平的提升,居民家庭财产性收入的获得概率和拥有水平也在不断提升。由于农村居民当前财产性收入的基数偏低,起步晚,所以对比发现农村家庭的回归系数均大于城镇家庭,表明同样增加一单位的金融知识,农村居民获得财产性收入的概率更大且提升的速度更快,这同时也说明在现阶段提升农村居民金融知识水平对缩小城乡居民间的收入差距有一定的作用。除此外,收入和资产水平对居民财产性收入也有着显著的正向影响,但资产对居民财产性收入提升的强度有限。根据以上结论我们提出以下四项政策建议:(1)加强金融教育立法,明确相关部门职责;(2)提升金融知识宣传,拓宽相应宣传渠道;(3)区别宣传教育对象,开展农村金融教育;(4)教育培训双管齐下,完善金融知识体系。本文的主要贡献:在理论方面,本文在梳理清财产性收入的性质和金融知识影响财产性收入的理论机制的基础上,以家庭为研究对象,将金融知识作为人力资本,构建了一个包含生产部门、知识部门和非知识部门的家庭生产函数模型;在实证方面,本文证明了金融知识对居民财产性收入的获得概率和拥有水平都有显著影响,且对农村居民的影响更加明显。更多还原

【Abstract】 With the continuous development of China’s economy,the issue of increasing residents’ income has gradually received widespread attention.According to the experience of developed countries,property income is an important source of increasing residents’ income and property accumulation.Especially in combination with advanced experience of developed countries,when per capital income increases to $ 2,000 and residents accumulate certain wealth,property income will gradually become a new growth point in household income.China has already met this condition as early as2006,but compared with other income conditions,we find that the property income of Chinese residents has no great advantage in both quantity and proportion.Therefore,it is urgent to find a way to improve the level of residents’ property income.From the "Creation of conditions for more people to have property income" proposed by the 17 th National Congress of the Communist Party of China,to "increasing the property income of residents through multiple channels" proposed by the 18 th National Congress of the Communist Party of China,and "expanding the property income channels of residents" by the 19 th National Congress.We have seen that in this process,the party and the state have paid more and more attention to property income,and their willingness to increase property income has also been strengthened.At the same time,the domestic related financial environment and financial products are constantly being optimized,so as to create a better investment environment and a wider variety of financial products,and create a relaxed macro environment for the increase of residents’ property income.If property incomes want to make better use of this external macro advantage and then increase the income of residents,we must consider implementing it at the micro-family level and establish a correct investment outlook for micro-subjects,so that the property generates more property income.In this link,as a special human capital closely related to it,how will financial knowledge affect the operating level of residents’ financial resources in this process,and whether its utilization level affects the probability and ownership level of property income of Chinese residents? These issues will be the core content of this article.This article focuses on the general goal of "the impact and extent of financial knowledge on the property income of Chinese residents" and conducts targeted research.First,the relevant literature and theoretical basis of financial knowledge and property income were reviewed and summarized,and the concepts of important words such as financial knowledge,income,property and property income were defined to clarify the nature of property income.Secondly,it explores the influence mechanism of financial knowledge on the property income of residents.By constructing a macro-theoretical model with a micro-foundation and putting forward related hypotheses,it lays the foundation for the subsequent empirical analysis.Then,the macro data from 1999 to2018 were used to analyze the changes of urban and rural residents’ income and property income and related ratio,and the cross-sectional data of CHFS＿2015 was used to compare the financial knowledge level and property income level of urban and rural households.Next,this paper uses Stata 13.0 measurement software,after the descriptive analysis of relevant variables,and uses Probit and OLS models to conduct empirical analysis on the probability and ownership level of financial knowledge affecting residents’ property income,and select appropriate instrument variables to use the IV-Probit model and the 2SLS model for endogenous testing,and the financial knowledge measurement method is changed to use the financial knowledge(factor analysis)as an indicator for robustness testing.Finally,combined with the previous analysis,we draw the conclusions of this article,and put forward policy suggestions on how to better utilize the advantages of financial knowledge to enhance the property income of residents.According to the previous research,we have reached the following conclusions:the level of financial knowledge has a significant effect on the probability and ownership level of household property income.With the improvement of financial knowledge level,the probability and ownership level of household property income is also constantly improving.Because the base of rural residents’ current property income is low and started late,the comparison found that the regression coefficients of rural households are larger than those of urban households,which indicates that by adding one unit of financial knowledge,the probability of rural residents obtaining and owning property income is greater.It also shows that improving the financial knowledge level of rural residents at this stage has a certain effect on reducing the income gap between urban and rural residents.In addition,income and asset levels also have a significant positive impact on the property income of residents,but the strength of assets on the improvement of residents’ property income is limited.Based on the above conclusions,we propose the following four policy recommendations:(1)strengthen financial education legislation and clarify the responsibilities of relevant departments;(2)enhance financial knowledge publicity and broaden corresponding publicity channels;(3)distinguish publicity and education targets and carry out rural financial education;(4)A two-pronged approach to education and training to improve the financial knowledge system.The main contribution of this article: In terms of theory,based on sorting out the nature of property income and the theoretical mechanism that financial knowledge affects property income,this paper takes the family as the research object,and uses financial knowledge as human capital to construct a family production function model that includes production,knowledge,and non-knowledge sectors;in empirical terms,this paper proves that financial knowledge has a significant impact on the probability and ownership level of residents’ property income,and the impact on rural residents is more obvious.更多还原