The fund market is one of the significant components of China's capital market.As a small unit of the country and society,families are experiencing phenomena such as limited participation in the fund market,a low allocation proportion of fund assets,a declining trend in willingness to increase holdings,and reduced attention to star managers at the level of fund investment.Based on the 2019 China Household Finance Survey data from the Southwest University of Finance and E-conomics,principal component analysis is used to construct the financial literacy indicator,and the Probit model is employed to empirically analyze the impact of financial literacy on household fund investment.According to research findings,financial literacy has a significant positive influence on family fund investment.Further research has found that residents'risk prefer-ence plays a partial mediating role in the process of financial literacy affecting family fund investment.Financial literacy pro-motes families to take part in the fund market and allocate fund assets through their risk preference.To support the develop-ment of fund market in China,it is necessary to strengthen the promotion of family financial knowledge,especially the popu-larization of risk knowledge in the fund market and products,and help families to participate in fund investments based on their own risk preferences and tolerance levels.Make fund product information transparently available,especially the risk and return characteristics of fund products,provide personalized promotion services for fund products,and diversify the types of fund products.
关键词
家庭基金投资/金融素养/主成分分析/风险偏好
Key words
Family Fund Investment/Financial Literacy/Principal Component Analysis/Risk Preference
万方数据