金融素养对家庭理财规划影响研究——中国城镇家庭的微观证据  

Research on the Effect of Financial Literacy on Household Financial Planning:Microeconomic Evidence of Urban Household in China

作　　者：胡振[1] 臧日宏[1] 

机构地区：[1]中国农业大学经济管理学院

出　　处：《中央财经大学学报》2017年第2期72-83,共12页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金重点项目"中国城市居民家庭/消费者金融研究"(项目编号:71232003);国家哲学社会科学基金重大项目"建立现代农村金融制度对策研究"(项目编号:08&ZD024)

摘　　要：金融素养是一种重要的人力资本,是消费者所拥有的为其一生金融福祉而有效管理其金融资源的知识和能力。本研究运用2012年中国城市居民消费金融调查数据,采用删截数据模型、离散选择模型及分位数回归模型,研究了金融素养对家庭理财规划行为的影响。研究发现:金融素养与家庭理财规划选择及理财规划时间跨度呈显著正相关关系;客观金融素养高的家庭比客观金融素养低的家庭制定理财规划的概率高11.6%;金融素养水平提高一单位,在理财规划时间跨度长2.74年;客观金融素养对理财规划时间跨度的影响存在非对称性,随着理财规划时间跨度由低分位到高分位,金融素养的影响呈现先上升后下降再上升的趋势;采用倾向分值匹配法对实证结论的稳健性进行了检验。基于倾向分值匹配法的进一步验证,实证结论是稳健的。结论的启示是消费者需要客观评估自身金融素养水平,加强金融知识学习,政府部门应该增加金融教育的公共供给。Financial literacy is a kind of important human capital. It is the knowledge and ability pos- sessed by the consumers, which can be used to effectively manage their financial resources for their financial well-being though their whole life. Using the data of China Survey of Urban Consumer Finances in 2012, we use the censored and truncated data model, discrete choice model and quantile regression model to explore the effects of financial literacy on household financial planning. The result shows that financial literacy is positively significantly correlated with household financial planning choice and financial planning time span. The proba- bility of the household to make financial planning to the high level objective financial literacy would havel 1.6 percent higher than the lower. Objective financial literacy level increase 2 unit and financial planning time span will increase 2.74 years. The effect of objective financial literacy on household financial planning time span is asymmetric, as the financial planning time span by a low to high, the effect of objective financial literacy treated is first increase then decrease and then increase. Make a robustness test to the empirical conclusions by using the method of propensity score matching. These findings come to the enlightenment： consumers need to objectively evaluate their own financial literacy levels, to learn financial knowledge strengthen, and the gov- ernment should increase the supply of financial education to the public.

关 键 词：金融素养 教育水平 理财规划 倾向分指匹配法 

分 类 号：F830[经济管理—金融学]