金融素养对家庭金融脆弱性的影响研究——基于信贷约束与金融能力的中介效应检验

Research on the Impact of Financial Literacy on Family Financial Vulnerability—Test of Intermediary Effect Based on Credit Constraint and Financial Capacity

摘要: 家庭金融稳定是国民经济平稳快速发展的重要保障之一。本文以中国家庭金融调查(CHFS) 2019年数据为基础，使用有序probit模型分析金融素养对家庭金融脆弱性的影响，并通过中介效应模型检验其影响机制。结果显示，提高家庭金融素养水平可以降低家庭金融脆弱性，金融能力在金融素养影响家庭金融脆弱性的过程中发挥部分中介效应，而信贷约束的中介效应并不显著。最后从政府、金融机构、家庭三个方面提出加强金融知识教育、提供差异化服务、注重金融素养培养等政策建议。

Abstract: Family financial stability is one of the important guarantees for the steady and rapid development of the national economy. Based on the data of China Family Finance Survey (CHFS) in 2019, this paper uses the ordered probit model to analyze the impact of financial literacy on family financial vulnerability, and tests its influencing mechanism through the intermediary effect model. The results show that improving the level of family financial literacy can reduce family financial vulnerability, and financial ability plays a partial intermediary effect in the process of financial literacy affecting family financial vulnerability, while the intermediary effect of credit constraints is not significant. Finally, from the three aspects of government, financial institutions and families, the paper puts forward policy suggestions to strengthen financial knowledge education, provide differentiated services, and focus on cultivating financial literacy.