互联网金融投资决策:金融素养、风险容忍和风险感知的共同影响  

Combinational Effects of Financial Literacy, Risk Tolerance and Risk Perception on Individual Investment Decision-making for Online Financial Market

作　　者：魏丽萍[1] 陈德棉[1] 谢胜强[1] Wei Liping;Chen Demian;Xie Shengqiang(School of Economics and Management,Tongji University,Shanghai 201804)

机构地区：[1]同济大学经济与管理学院,上海201804

出　　处：《管理评论》2018年第9期61-71,共11页Management Review

摘　　要：以普通互联网金融消费者(N=348)为样本,运用结构方程建模,探讨金融素养、风险容忍、风险感知对互联网金融投资决策共同影响的机理和路径。主要结论如下:(1)消费者金融素养水平越高,越倾向于参与互联网金融市场;风险感知水平越低,越倾向于参与互联网金融市场。(2)金融素养、风险容忍、风险感知对互联网金融投资决策共同影响的机制为链式效应,即金融素养→风险容忍→风险感知→投资决策;此路径中,风险容忍完全中介了金融素养对投资决策的影响,风险感知完全中介了风险容忍对投资决策的影响。(3)金融素养对投资决策的直接效应(0.565)远大于间接效应(0.029),这说明,金融素养水平的提高,对促进消费者互联网金融参与的直接效果是非常明显的。综上三者可知,消费者互联网金融投资决策的一个非常重要的前因变量是消费者的金融素养,对消费者互联网金融投资决策的正确把握应从了解消费者的金融素养开始。Based on the data of 348 consumers, we study the combinational effects of financial literacy, risk tolerance and risk perception on individual investment decision-making of online financial market using structural equation modeling. The results are as follows：（1） Investment intention gets higher when the level of consumers＇ financial literacy becomes higher, or when the level of consumers＇ risk perception becomes lower.（2） The combinational effects show up as a chain： financial literacy→risk tolerance→risk perception→decision-making. In this path, financial risk tolerance exerts a completely mediating effect on the relationship between financial literacy and risk perception; risk perception also exerts a completely mediating effects on the relationship between financial risk tolerance and investment decision-making.（3）The direct effect of financial literacy on decision-making is bigger than the indirect effect, which indicates that an improvement of financial literacy can bring an obvious promotion for decision-making directly. Then, we can conclude that consumer＇s financial literacy is an important antecedent for investment decision-making. We should understand consumers＇ financial literacy firstly before promoting their on-line financial investment decisions.

关 键 词：金融素养 风险容忍 风险感知 投资决策 

分 类 号：F832[经济管理—金融学] F724.6