金融素养、风险偏好与家庭风险资产投资研究摘要本文基于2017年“中国家庭金融调查(CHFS)”数据，构建probit模型和OLS模型，分别研究了金融素养、风险偏好对家庭风险资产投资以及投资者金融素养对风险偏好的影响。再以此为依据，画出DAG图，其中金融素养为混杂因素。最终，实证结果表明，金融素养水平和风险偏好程度越高，家庭参与风险资产投资的意愿就越高，说明了家庭在进行风险资产投资时，是受金融素养与风险偏好共同影响的。因此，为有效推动居民参与风险资产投资，我认为投资者个人必须要意识到提高自身金融素养和风险偏好水平对于自身发展的重要性和必要性，同时，地方政府和有关部门要把提升金融素养和风险偏好视为金融服务政策的一项主要目标。关键词：金融素养；风险偏好；家庭风险资产；Probit模型ResearchonFinancialLiteracy,RiskAppetiteandHouseholdVentureAssetInvestmentAbstractBasedonthe2017ChinaHouseholdFinanceSurvey(CHFS)data,thispaperestablishesaprobitmodelandanOLSmodeltoinvestigatetheeffectsoffinancialliteracyandriskpreferenceonhouseholdinvestmentinriskyassetsandinvestors'financialliteracyonriskpreference,respectively.Then,basedonthis,aDAGdiagramisdrawn,inwhichfinancialliteracyisaconfounder.Ultimately,theempiricalresultsshowthatthehighertheleveloffinancialliteracyandthedegreeofriskpreference,thehigherthewillingnessofhouseholdstoparticipateinriskyassetinvestment,indicatingthathouseholdsarejointlyinfluencedbyfinancialliteracyandriskpreferencewheninvestinginriskyassets.Therefore,inordertoeffectivelypromoteresidents'participationinriskyassetinvestment,Ibelievethatindividualinvestorsmustbeawareoftheimportanceandnecessityofimprovingtheirownfinancialliteracyandriskappetitelevelsfortheirowndevelopment,whilelocalgovernmentsandrelevantauthoritiesshouldconsiderimprovingfinancialliteracyandriskappetiteasamajorobjectiveoffinancialservicespolicies.Keywords：FinancialLiteracy;RiskAppetite;Householdriskassets;ProbitModel目录一、引言.........................................................................1(一)研究背景和意义.............................................................11.研究背景.................................................................12.研究意义.................................................................2(二)文献综述...................................................................2(三)本文的研究思路和研究内容...................................................3二、相关理论概述.................................................................4(一)家庭风险资产概念界定.......................................................4(二)概念界定、度量方法.........................................................41.金融素养.................................................................42.风险偏好.................................................................5(三)金融素养对家庭风险资产投资的影响的理论基础.................................5(四)风险偏好对家庭风险资产投资的影响的理论基础.................................6三、现状、特点...................................................................6(一)我国家庭资产配置的现状与特征...............................................6(二)我国家庭金融风险资产配置的现状与特征.......................................8四、金融素养、风险偏好影响家庭风险资产投资的实证分析.............................9(一)研究模型设定...............................................................9(二)数据来源与变量选取.........................................................91.数据来源...............
