知而后行:金融知识提升会引致家庭风险金融资产投资吗?  

Knowing and Doing:Does Financial Literacy Enhancement Lead to Household Risky Financial Asset Investments?

作　　者：沈淘淘 史桂芬[2] SHEN Taotao;SHI Guifen(Institute of Financial Risk Management,Shanxi University of Finance and Economics,Taiyuan 030006,China;Business School,Northeast Normal University,Changchun 130117,China)

机构地区：[1]山西财经大学金融风险管理研究院,山西太原030006 [2]东北师范大学经济与管理学院,吉林长春130117

出　　处：《经济与管理评论》2024年第6期45-57,共13页Review of Economy and Management

基　　金：国家社会科学基金项目“公共品供需匹配视角下农业转移人口社会融合及其经济效应研究”(20BJY138)。

摘　　要：基于中国家庭金融调查数据,实证考察了金融知识对家庭风险金融资产选择的影响及其作用机制。研究发现,金融知识水平的提升显著增大了家庭持有风险金融资产的可能性及投资份额,并且专业金融知识的激励作用强于基础金融知识。机制识别显示,金融知识通过缓解信息约束、减弱风险厌恶程度、改变家庭传统价值观念的路径,对家庭风险金融投资产生积极影响。进一步异质性分析表明,囿于金融知识缺乏,农业户口家庭、收入与受教育程度较低、没有智能手机以及低智能素养的群体持有风险金融资产的概率与份额相对较低。因而,应重点关注弱势群体的金融知识普及与智能素养提升,谨防“低金融知识陷阱”,加快破除“智能鸿沟”。本研究对激发家庭潜在风险资产需求、拓展资本市场发展空间以及实现共同富裕目标具有重要意义。Based on the data from the China Household Finance Survey,the impact of financial literacy on household risky financial asset selection and its influencing mechanism are empirically examined.It is found that the improvement of financial literacy significantly increases the likelihood of holding risky financial assets and the investment share of households,and the incentive effect of specialized financial literacy is stronger than that of basic financial literacy.Mechanism identification shows that financial literacy positively affects household risky financial investment through the paths of alleviating information constraints,attenuating risk aversion,and changing households'traditional values.Further heterogeneity analysis shows that confined to the lack of financial literacy,the probability and share of holding risky financial assets are relatively lower for agricultural households,lower income and education,no smartphone,and low intelligence literacy groups.Therefore,it is important to focus on the financial literacy and smart literacy of vulnerable groups to prevent the"low financial literacy trap"and accelerate the bridging of the"smart divide".This study is of great significance in stimulating the demand for potential risky assets of households,expanding the development space of the capital market and realizing the goal of common wealth.

关 键 词：金融知识 风险金融资产 信息约束 风险厌恶 家庭传统价值观念 

分 类 号：F832[经济管理—金融学]