金融素養(yǎng)對(duì)中國居民家庭金融行為的影響研究
發(fā)布時(shí)間：2018-08-13 17:01
【摘要】：1978年以來,中國經(jīng)濟(jì)一直保持快速穩(wěn)定增長,居民家庭的收入、消費(fèi)、儲(chǔ)蓄和負(fù)債都大幅度地增加了。家庭財(cái)富管理的背景也在一個(gè)比較短的時(shí)期內(nèi)發(fā)生了翻天覆地的變化。一方面,居民家庭經(jīng)濟(jì)福利達(dá)到前所未有的水平,有更多積累儲(chǔ)蓄、對(duì)財(cái)富進(jìn)行投資的機(jī)會(huì);另一方面,人們被期待為他們自己的經(jīng)濟(jì)福利承擔(dān)更多的責(zé)任。金融市場監(jiān)管的放松導(dǎo)致金融機(jī)構(gòu)之間的競爭更加劇烈,大量新的金融工具也隨之出現(xiàn)。金融資產(chǎn)的選擇行為越來越復(fù)雜,而與之形成鮮明對(duì)比的是,居民家庭金融常識(shí)缺乏、金融素養(yǎng)水平比較低。因此,居民家庭對(duì)金融決策所承擔(dān)的責(zé)任和風(fēng)險(xiǎn)越來越大。2007年,起源于美國的金融危機(jī)主要是來自居民家庭不合理的借貸行為。在此期間,有的居民家庭財(cái)富嚴(yán)重縮水,而有的家庭財(cái)富不但沒有縮水,反而增長了。那么是什么影響了居民家庭的金融行為呢?本文試圖從居民家庭金融素養(yǎng)水平的視角來研究這個(gè)問題。本文主要得到以下幾方面的結(jié)論:(1)使用清華大學(xué)中國金融研究中心調(diào)查的“中國消費(fèi)金融現(xiàn)狀及投資者教育調(diào)查”數(shù)據(jù),發(fā)現(xiàn)中國居民家庭對(duì)如股票等投資產(chǎn)品和房貸等貸款產(chǎn)品比較了解或非常了解的家庭占比不多,絕大多數(shù)居民家庭對(duì)投資產(chǎn)品和貸款產(chǎn)品不了解,居民家庭的金融素養(yǎng)水平比較低。然后利用因子分析構(gòu)造了中國居民家庭主觀金融素養(yǎng)水平指標(biāo),按照人口統(tǒng)計(jì)學(xué)分類考察了中國居民家庭的金融素養(yǎng)水平的分布。發(fā)現(xiàn)居民家庭的金融素養(yǎng)水平與戶主的受教育程度正相關(guān),男性的金融素養(yǎng)水平高于女性的金融素養(yǎng)水平;金融素養(yǎng)水平關(guān)于年齡呈倒“U”型變化,財(cái)富較多家庭的金融素養(yǎng)水平明顯高于財(cái)富比較少的家庭。(2)金融素養(yǎng)水平高的家庭更可能擁有負(fù)債,而且會(huì)更多的首選通過正規(guī)金融機(jī)構(gòu)進(jìn)行貸款,但過度負(fù)債的程度會(huì)隨著金融素養(yǎng)水平的提高而下降。除此之外,財(cái)富越多的家庭擁有負(fù)債的可能性會(huì)減小,也會(huì)減少過度負(fù)債;居民家庭的收入水平與家庭擁有負(fù)債的可能性和通過正規(guī)金融機(jī)構(gòu)借貸的可能性存在顯著的正相關(guān)關(guān)系,但與過度負(fù)債存在顯著的負(fù)相關(guān)關(guān)系;戶主的受教育程度與家庭擁有負(fù)債、過度負(fù)債和通過正規(guī)金融機(jī)構(gòu)借貸都是正相關(guān)的;房產(chǎn)占家庭資產(chǎn)比例越大的家庭,擁有負(fù)債和過度負(fù)債的可能性都會(huì)增大;戶主是男性的家庭更可能擁有負(fù)債,但戶主性別對(duì)家庭是否會(huì)過度負(fù)債沒有影響;男性更傾向通過非正規(guī)金融機(jī)構(gòu)進(jìn)行借貸。戶主年齡對(duì)擁有負(fù)債和負(fù)債渠道沒有影響,但過度負(fù)債關(guān)于年齡是“U”型的。(3)金融素養(yǎng)水平高的居民家庭風(fēng)險(xiǎn)資產(chǎn)組合有效性更高,家庭財(cái)富與家庭風(fēng)險(xiǎn)資產(chǎn)組合的夏普比率存在顯著的正相關(guān)關(guān)系;風(fēng)險(xiǎn)資產(chǎn)組合的夏普比率與戶主的年齡存在正相關(guān)關(guān)系。(4)金融素養(yǎng)水平低下阻礙了居民家庭參與人身保險(xiǎn)市場。提高居民家庭的金融素養(yǎng)水平有助于居民家庭利用人身保險(xiǎn)市場分散自身所面臨的長壽風(fēng)險(xiǎn)、重大疾病風(fēng)險(xiǎn)和意外事故風(fēng)險(xiǎn)以及經(jīng)濟(jì)系統(tǒng)波動(dòng)風(fēng)險(xiǎn)等風(fēng)險(xiǎn)。家庭凈財(cái)富和可支配收入對(duì)居民家庭人身保險(xiǎn)需求有顯著正向的影響;戶主的受教育程度與居民家庭人身保險(xiǎn)需求是正相關(guān)的;家庭負(fù)債顯著正向影響居民家庭人身保險(xiǎn)需求;自我雇傭家庭更可能擁有人壽保險(xiǎn)和健康保險(xiǎn),但對(duì)意外傷害保險(xiǎn)需求沒有影響;家庭的健康狀況會(huì)影響居民家庭對(duì)健康保險(xiǎn)的需求,但不影響對(duì)人壽保險(xiǎn)的需求和對(duì)意外傷害保險(xiǎn)的需求。(5)金融素養(yǎng)水平高的居民家庭更可能通過咨詢專業(yè)人士獲取理財(cái)信息,這支持了金融素養(yǎng)水平會(huì)促進(jìn)居民家庭對(duì)金融建議需求的觀點(diǎn)。戶主年齡、戶主性別、戶主受教育程度、家庭人數(shù)、財(cái)富、收入等都會(huì)影響居民家庭對(duì)專業(yè)金融建議的需求。財(cái)富越多的家庭,對(duì)金融建議的需求越強(qiáng)烈;受教育程度越高的家庭越可能咨詢專業(yè)人員獲取金融建議;收入與金融建議需求之間是倒“U”型的關(guān)系;年齡與金融建議需求之間是“U”型的關(guān)系。家庭人數(shù)與家庭金融建議需求是負(fù)相關(guān)的,有小孩的家庭更不可能通過咨詢專業(yè)人士獲取理財(cái)信息。本文的貢獻(xiàn)主要體現(xiàn)在以下幾個(gè)方面:第一,使用清華大學(xué)中國金融研究中心分別在2010年7月-8月和2011年7月-9月進(jìn)行的“中國消費(fèi)金融現(xiàn)狀及投資者教育調(diào)查”數(shù)據(jù),構(gòu)建中國居民家庭金融素養(yǎng)指標(biāo),并根據(jù)人口統(tǒng)計(jì)學(xué)特征,系統(tǒng)考察了中國居民家庭金融素養(yǎng)水平的分布特征。第二,構(gòu)建中國居民家庭擁有負(fù)債指標(biāo)、過度負(fù)債指標(biāo)和從正規(guī)金融機(jī)構(gòu)貸款指標(biāo),驗(yàn)證金融素養(yǎng)對(duì)中國居民家庭負(fù)債行為的影響。第三,構(gòu)建中國居民家庭投資組合有效性指標(biāo),驗(yàn)證金融素養(yǎng)水平對(duì)居民家庭投資組合有效性的影響。第四,實(shí)證分析金融素養(yǎng)水平對(duì)居民家庭人身保險(xiǎn)需求的影響。第五,構(gòu)建金融建議需求指標(biāo),定量分析了金融素養(yǎng)水平對(duì)中國居民家庭金融建議需求的影響。
[Abstract]:Since 1978, China's economy has maintained rapid and stable growth, and the income, consumption, savings and liabilities of households have increased substantially. The background of household wealth management has undergone earth-shaking changes in a relatively short period of time. On the one hand, household economic welfare has reached an unprecedented level, with more accumulation and storage. On the other hand, people are expected to take more responsibility for their own economic well-being. The loosening of financial market regulation has led to more competition among financial institutions and the emergence of a large number of new financial instruments. In 2007, the financial crisis originated in the United States mainly from unreasonable lending behavior of households. During this period, some households'wealth was severely reduced, while others were financially rich. This paper tries to study this problem from the perspective of household financial literacy. The main conclusions are as follows: (1) Using the survey of China Financial Research Center of Tsinghua University, "China's consumer finance status and investment" According to the data of the Investor Education Survey, it is found that Chinese households do not know much about investment products such as stocks and loans, and the vast majority of households do not know much about investment products and loans. According to the demographic classification, this paper examines the distribution of the financial literacy level of Chinese households. It is found that the financial literacy level of households is positively correlated with the educational level of household heads, that the financial literacy level of men is higher than that of women, and that the financial literacy level is related to age. In the inverted U-shaped change, the financial literacy level of the households with more wealth is significantly higher than that of the households with less wealth. (2) The households with higher financial literacy are more likely to have debt, and more preferred to borrow through formal financial institutions, but the degree of excessive debt will decrease with the improvement of financial literacy. The more rich the households are, the less likely they are to be in debt and the less likely they are to be in debt; the income level of households is positively correlated with the possibility of households owning debt and the possibility of borrowing through formal financial institutions, but negatively correlated with excessive debt; the education level of household heads is negatively correlated with household ownership Debt, excessive debt and borrowing through formal financial institutions are all positively correlated; households with a larger proportion of household assets are more likely to have debt and excessive debt; households with male heads are more likely to have debt, but the gender of the head of household has no effect on whether the household will be over-indebted; and men are more likely to pass non-debt. Households'age has no effect on the channels of owning liabilities and liabilities, but excessive liabilities have a "U" type with respect to age. (3) Residents with high financial literacy have higher efficiency in risky portfolio, and there is a significant positive correlation between household wealth and Sharp ratio of risky portfolio. There is a positive correlation between the Sharp ratio of the portfolio and the age of the head of the household. (4) The low level of financial literacy hinders households from participating in the life insurance market. The household net wealth and disposable income have a significant positive impact on household life insurance demand; the education level of household heads is positively related to household life insurance demand; household debt has a significant positive impact on household life insurance demand; self-employed households are more likely to own. Life insurance and health insurance, but no impact on the demand for accidental injury insurance; the health status of the family will affect the demand for health insurance, but not the demand for life insurance and accidental injury insurance. (5) Families with high financial literacy are more likely to obtain financial information through consulting professionals. This supports the view that financial literacy can promote households'demand for financial advice. The more likely the courtyard is to consult a professional for financial advice, the inverted U-shaped relationship between income and financial advice needs, and the U-shaped relationship between age and financial advice needs. The main contributions of this paper are as follows: Firstly, we use the data of the "Survey on China's Consumer Finance Status and Investor Education" conducted by the China Financial Research Center of Tsinghua University from July to August 2010 and July to September 2011 respectively to construct the financial literacy indicators of Chinese households, and systematically investigate them according to demographic characteristics. Secondly, we construct the index of household ownership of debt, the index of excessive debt and the index of loans from formal financial institutions to verify the impact of financial literacy on household debt behavior. Thirdly, we construct the index of household portfolio effectiveness to verify the level of financial literacy. Fourthly, this paper empirically analyzes the impact of financial literacy on the demand for personal insurance of households. Fifthly, it constructs a financial proposal demand index and quantitatively analyzes the impact of financial literacy on the demand for financial advice of households in China.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.2
，
本文編號(hào)：2181616
[Abstract]:Since 1978, China's economy has maintained rapid and stable growth, and the income, consumption, savings and liabilities of households have increased substantially. The background of household wealth management has undergone earth-shaking changes in a relatively short period of time. On the one hand, household economic welfare has reached an unprecedented level, with more accumulation and storage. On the other hand, people are expected to take more responsibility for their own economic well-being. The loosening of financial market regulation has led to more competition among financial institutions and the emergence of a large number of new financial instruments. In 2007, the financial crisis originated in the United States mainly from unreasonable lending behavior of households. During this period, some households'wealth was severely reduced, while others were financially rich. This paper tries to study this problem from the perspective of household financial literacy. The main conclusions are as follows: (1) Using the survey of China Financial Research Center of Tsinghua University, "China's consumer finance status and investment" According to the data of the Investor Education Survey, it is found that Chinese households do not know much about investment products such as stocks and loans, and the vast majority of households do not know much about investment products and loans. According to the demographic classification, this paper examines the distribution of the financial literacy level of Chinese households. It is found that the financial literacy level of households is positively correlated with the educational level of household heads, that the financial literacy level of men is higher than that of women, and that the financial literacy level is related to age. In the inverted U-shaped change, the financial literacy level of the households with more wealth is significantly higher than that of the households with less wealth. (2) The households with higher financial literacy are more likely to have debt, and more preferred to borrow through formal financial institutions, but the degree of excessive debt will decrease with the improvement of financial literacy. The more rich the households are, the less likely they are to be in debt and the less likely they are to be in debt; the income level of households is positively correlated with the possibility of households owning debt and the possibility of borrowing through formal financial institutions, but negatively correlated with excessive debt; the education level of household heads is negatively correlated with household ownership Debt, excessive debt and borrowing through formal financial institutions are all positively correlated; households with a larger proportion of household assets are more likely to have debt and excessive debt; households with male heads are more likely to have debt, but the gender of the head of household has no effect on whether the household will be over-indebted; and men are more likely to pass non-debt. Households'age has no effect on the channels of owning liabilities and liabilities, but excessive liabilities have a "U" type with respect to age. (3) Residents with high financial literacy have higher efficiency in risky portfolio, and there is a significant positive correlation between household wealth and Sharp ratio of risky portfolio. There is a positive correlation between the Sharp ratio of the portfolio and the age of the head of the household. (4) The low level of financial literacy hinders households from participating in the life insurance market. The household net wealth and disposable income have a significant positive impact on household life insurance demand; the education level of household heads is positively related to household life insurance demand; household debt has a significant positive impact on household life insurance demand; self-employed households are more likely to own. Life insurance and health insurance, but no impact on the demand for accidental injury insurance; the health status of the family will affect the demand for health insurance, but not the demand for life insurance and accidental injury insurance. (5) Families with high financial literacy are more likely to obtain financial information through consulting professionals. This supports the view that financial literacy can promote households'demand for financial advice. The more likely the courtyard is to consult a professional for financial advice, the inverted U-shaped relationship between income and financial advice needs, and the U-shaped relationship between age and financial advice needs. The main contributions of this paper are as follows: Firstly, we use the data of the "Survey on China's Consumer Finance Status and Investor Education" conducted by the China Financial Research Center of Tsinghua University from July to August 2010 and July to September 2011 respectively to construct the financial literacy indicators of Chinese households, and systematically investigate them according to demographic characteristics. Secondly, we construct the index of household ownership of debt, the index of excessive debt and the index of loans from formal financial institutions to verify the impact of financial literacy on household debt behavior. Thirdly, we construct the index of household portfolio effectiveness to verify the level of financial literacy. Fourthly, this paper empirically analyzes the impact of financial literacy on the demand for personal insurance of households. Fifthly, it constructs a financial proposal demand index and quantitatively analyzes the impact of financial literacy on the demand for financial advice of households in China.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.2
，
本文編號(hào)：2181616
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