金融素养对中国居民家庭金融行为的影响研究
发布时间：2018-08-13 17:01
【摘要】：1978年以来,中国经济一直保持快速稳定增长,居民家庭的收入、消费、储蓄和负债都大幅度地增加了。家庭财富管理的背景也在一个比较短的时期内发生了翻天覆地的变化。一方面,居民家庭经济福利达到前所未有的水平,有更多积累储蓄、对财富进行投资的机会;另一方面,人们被期待为他们自己的经济福利承担更多的责任。金融市场监管的放松导致金融机构之间的竞争更加剧烈,大量新的金融工具也随之出现。金融资产的选择行为越来越复杂,而与之形成鲜明对比的是,居民家庭金融常识缺乏、金融素养水平比较低。因此,居民家庭对金融决策所承担的责任和风险越来越大。2007年,起源于美国的金融危机主要是来自居民家庭不合理的借贷行为。在此期间,有的居民家庭财富严重缩水,而有的家庭财富不但没有缩水,反而增长了。那么是什么影响了居民家庭的金融行为呢?本文试图从居民家庭金融素养水平的视角来研究这个问题。本文主要得到以下几方面的结论:(1)使用清华大学中国金融研究中心调查的“中国消费金融现状及投资者教育调查”数据,发现中国居民家庭对如股票等投资产品和房贷等贷款产品比较了解或非常了解的家庭占比不多,绝大多数居民家庭对投资产品和贷款产品不了解,居民家庭的金融素养水平比较低。然后利用因子分析构造了中国居民家庭主观金融素养水平指标,按照人口统计学分类考察了中国居民家庭的金融素养水平的分布。发现居民家庭的金融素养水平与户主的受教育程度正相关,男性的金融素养水平高于女性的金融素养水平;金融素养水平关于年龄呈倒“U”型变化,财富较多家庭的金融素养水平明显高于财富比较少的家庭。(2)金融素养水平高的家庭更可能拥有负债,而且会更多的首选通过正规金融机构进行贷款,但过度负债的程度会随着金融素养水平的提高而下降。除此之外,财富越多的家庭拥有负债的可能性会减小,也会减少过度负债;居民家庭的收入水平与家庭拥有负债的可能性和通过正规金融机构借贷的可能性存在显著的正相关关系,但与过度负债存在显著的负相关关系;户主的受教育程度与家庭拥有负债、过度负债和通过正规金融机构借贷都是正相关的;房产占家庭资产比例越大的家庭,拥有负债和过度负债的可能性都会增大;户主是男性的家庭更可能拥有负债,但户主性别对家庭是否会过度负债没有影响;男性更倾向通过非正规金融机构进行借贷。户主年龄对拥有负债和负债渠道没有影响,但过度负债关于年龄是“U”型的。(3)金融素养水平高的居民家庭风险资产组合有效性更高,家庭财富与家庭风险资产组合的夏普比率存在显著的正相关关系;风险资产组合的夏普比率与户主的年龄存在正相关关系。(4)金融素养水平低下阻碍了居民家庭参与人身保险市场。提高居民家庭的金融素养水平有助于居民家庭利用人身保险市场分散自身所面临的长寿风险、重大疾病风险和意外事故风险以及经济系统波动风险等风险。家庭净财富和可支配收入对居民家庭人身保险需求有显著正向的影响;户主的受教育程度与居民家庭人身保险需求是正相关的;家庭负债显著正向影响居民家庭人身保险需求;自我雇佣家庭更可能拥有人寿保险和健康保险,但对意外伤害保险需求没有影响;家庭的健康状况会影响居民家庭对健康保险的需求,但不影响对人寿保险的需求和对意外伤害保险的需求。(5)金融素养水平高的居民家庭更可能通过咨询专业人士获取理财信息,这支持了金融素养水平会促进居民家庭对金融建议需求的观点。户主年龄、户主性别、户主受教育程度、家庭人数、财富、收入等都会影响居民家庭对专业金融建议的需求。财富越多的家庭,对金融建议的需求越强烈;受教育程度越高的家庭越可能咨询专业人员获取金融建议;收入与金融建议需求之间是倒“U”型的关系;年龄与金融建议需求之间是“U”型的关系。家庭人数与家庭金融建议需求是负相关的,有小孩的家庭更不可能通过咨询专业人士获取理财信息。本文的贡献主要体现在以下几个方面:第一,使用清华大学中国金融研究中心分别在2010年7月-8月和2011年7月-9月进行的“中国消费金融现状及投资者教育调查”数据,构建中国居民家庭金融素养指标,并根据人口统计学特征,系统考察了中国居民家庭金融素养水平的分布特征。第二,构建中国居民家庭拥有负债指标、过度负债指标和从正规金融机构贷款指标,验证金融素养对中国居民家庭负债行为的影响。第三,构建中国居民家庭投资组合有效性指标,验证金融素养水平对居民家庭投资组合有效性的影响。第四,实证分析金融素养水平对居民家庭人身保险需求的影响。第五,构建金融建议需求指标,定量分析了金融素养水平对中国居民家庭金融建议需求的影响。
[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.
【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.2
，
本文编号：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.
【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.2
，
本文编号：2181616
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