Financial Literacy,Financial Regulation and Financial Fraud
In recent years,frequent financial fraud has disturbed the financial order and harmed the interests of participants.Thus financial anti-fraud is imminent,and financial literacy and financial supervision are important means for financial anti-fraud.In this paper,a theoretical framework of financial literacy suppression of financial fraud is constructed,CHFS data is used to measure the residents'financial literacy composite index,the relationship between financial literacy and financial fraud and the moderating role of financial regulation are discussed by constructing static and dynamic panel models,and the heterogeneity of different groups is then analyzed.The results show that the improvement of residents'financial literacy and the strengthening of local financial supervision can effectively inhibit the occurrence of financial fraud events,and financial supervision has a positive moderating effect.Different groups of financial literacy have different inhibitory effects on financial fraud.For example,people with higher education level may have the psychological characteristics of overconfidence,while they can improve their financial literacy to prevent the occurrence of financial fraud.
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