首页|金融素养、家庭资产配置与财富积累

金融素养、家庭资产配置与财富积累

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作为一种重要的人力资本,金融素养水平的高低会对居民家庭的金融决策产生非常重要的影响.本文基于中国家庭金融调查(China Household Finance Survey,CHFS)数据,考察了金融素养对我国居民家庭资产配置和财富积累的影响.研究认为,金融素养的提升不仅有效促进了家庭对风险金融资产的持有,还促进了家庭持有投资性房产的概率和程度,而且,金融素养也显著促进家庭的财富积累.机制分析表明,金融素养会通过推动家庭配置风险金融资产和投资性房产获得较高的投资收益,以及推动家庭进行养老规划,从而促进家庭财富积累.异质性分析表明,相较于基础金融素养,高级金融素养对家庭资产配置、财富积累的促进作用更大;与农村家庭、中低财富家庭相比,金融素养促进城镇家庭、高财富家庭的资产配置和财富积累的作用更大.本文研究为提升居民金融素养、促进家庭资产配置优化和财富积累提供了重要的理论和政策涵义.
Financial Literacy,Household Asset Allocation and Wealth Accumulation
As a special kind of human capital,financial literacy has an important effect on household financial decision-making.Based on the China Household Finance Survey(CHFS)data,this paper investigates the effect of financial literacy on household asset allo-cation and wealth accumulation.We find that the improvement of financial literacy will promote the probability of household holding risky assets and investment properties,increase the proportion of risky assets and investment properties.Moreover,financial liter-acy also promotes household wealth accumulation.The mechanism is that financial literacy promotes households to obtain higher investment returns and make aging plans.Heterogene-ity analysis shows that compared with basic financial literacy,advanced financial literacy plays a greater role in promoting household asset allocation and wealth accumulation.Com-pared with rural households and low to middle wealth households,financial literacy plays a greater role in promoting asset allocation and wealth accumulation of urban households and high wealth households.This study provides important theoretical and policy implications for improving household financial literacy and promoting household asset allocation optimi-zation and wealth accumulation.

Financial LiteracyHousehold Asset AllocationHousehold Wealth Accu-mulationRisky Financial AssetInvestment Propery

王亚柯、邵骄阳、杨建海

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对外经济贸易大学中国金融学院(邮编:100029)

北京工商大学经济学院(邮编:100048)

金融素养 家庭资产配置 家庭财富积累 风险金融资产 投资性房产

北京市习近平新时代中国特色社会主义思想研究中心重点项目北京工商大学首都流通业研究基地项目对外经济贸易大学研究生科研创新项目

22LLYJB035SDLT2205202330

2024

10.14116/j.nkes.2024.06.010

南开经济研究
南开大学经济学院

南开经济研究

CSTPCDCSSCICHSSCD北大核心
影响因子：1.82
ISSN：1001-4691
年,卷(期)：2024.(6)