金融教育是有效的吗?  

Is Financial Education Effective?

作　　者：吴锟[1] 吴卫星[2] 王沈南 WU Kun;WU Weixing;WANG Shennan(School of Economics,Beijing Wuzi University;Research Center for Applied Finance,University of International Business and Economics;Editorial Board/School of International Economics and Management,Beijing Technology and Business University)

机构地区：[1]北京物资学院经济学院,北京101149 [2]对外经济贸易大学应用金融研究中心,北京100029 [3]北京工商大学学报编辑部/国际经管学院,北京100048

出　　处：《金融研究》2022年第11期117-135,共19页Journal of Financial Research

基　　金：国家社会科学基金后期资助项目(20FJYB028);国家自然科学基金重点项目(71733004);北京市宣传文化高层次人才培养资助项目的资助。

摘　　要：2008年国际金融危机以来,金融教育备受关注。然而,学术界对于其效果并未达成共识。本文选取清华大学中国金融研究中心2012年调查数据,辅助以CHFS2015年调查数据,利用倾向得分匹配法(PSM)和工具变量法(IV)等模型实证考察了金融教育对我国居民金融行为的影响效果,研究发现:相对于未接受过金融教育的家庭,接受过金融教育家庭资产组合的分散化程度更佳、夏普比率更高;他们更有可能制定理财规划,且制定理财规划的年限更长;当权益受损时,他们更懂得寻求帮助。进一步地,随着社会互动水平的提高,金融教育的优化效果会更大。因此,在构建现代金融体系背景下,应扎实推进金融教育普及工作,全面提升居民金融素养,助力实现共同富裕。同时,针对群体互动特征实施更加多样化的金融教育方案,不断强化金融教育的总体效果。Financial products,especially financial technology,have become increasingly sophisticated and complicated with the growth of the digital economy.Financial products are deeply embedded in the investment and consumption behavior of individuals.The popularization and spread of financial literacy can help to improve asset allocation efficiency and prevent debt risks,which are important for the prosperity of all people.Since the 2008 global financial crisis,financial education has become an important topic of discussion,and governments around the world are incorporating it into their national strategy and creating conditions to enable it through legislation and institutional development.In the process of building a modern financial system,the financial market may break the“rigid payment”and the financial market may“break the net”,and the shortcomings of households lacking financial literacy may be amplified more quickly.Hence,targeted intervention measures are urgently needed for a scientific evaluation of the effect of financial education.This study systematically reviews the cognitive differences between different academic groups on the effectiveness of financial education using data from the 2012 survey of Chinese urban households by the China Center for Financial Studies of Tsinghua University and the 2015 China Household Finance Survey.Using the propensity score matching(PSM)and instrumental variable(IV)methods,this study empirically investigates the effect of financial education on the financial investment behavior of Chinese households and the moderating role of social interaction.The results show that financially literate households have a more diversified asset portfolio and higher Sharpe ratio than financially illiterate households.Financially literate households are also more likely to engage in financial planning over a longer planning horizon,and to ask for help when their equity suffers.Furthermore,increased social interaction increases the optimization effect of financial education.This study pr

关 键 词：金融教育 有效性 金融素养 金融行为 社会互动 

分 类 号：F832[经济管理—金融学]