Impact and Mechanisms of Residents'Digital Literacy on Financial Market Participation
Based on the data of CGSS,this paper analyzes the impact and mechanisms of digital literacy on financial market par-ticipation.The results show that enhancing both basic and advanced digital literacy of residents can significantly increase the probability of financial market participation,and the marginal effect of basic digital literacy is greater than that of advanced digi-tal literacy.Improving digital literacy can significantly increase the probability of financial market participation of high income and urban residents.The impact of improving women's digital literacy on financial market participation is higher than that of men.The impact of improving middle-aged and elderly people's digital literacy on the probability of financial market participa-tion is higher than that of young people.Mechanism analysis shows that the higher the residents'digital literacy,the more they can expand information channels,accumulate social capital and adapt online commerce,and then promote residents to participate in financial market.
Digital literacyFinancial market participationMediating effect model
NETL
NSTL
万方数据
