Financial literacy and risky asset holdings: evidence from China
Financial literacy and risky asset holdings: evidence from China
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金融知识和风险资产持有：来自中国的证据
DOI：
10.1111/acfi.12329
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发表时间：
2017-12-01
影响因子：
2.6
通讯作者：
Zhou, Congyi
中科院分区：
文献类型：
--
作者：
Liao, Li;Xiao, Jing Jian;Zhou, Congyi
虽然金融知识对于参与金融市场很重要，但与发达国家相比，中国消费者的金融知识水平较低。本文利用2014年中国消费者金融调查的数据，在具有独特制度背景的新兴金融市场背景下，研究了中国家庭的金融素养与风险资产持有行为之间的关系。调查结果显示，金融知识水平较高的消费者比金融知识水平较低的消费者更有可能持有风险金融资产。潜在的影响主要来自先进的金融知识。
Although financial literacy is important for participating in financial markets, the level of financial literacy of Chinese consumers is low compared with those in developed countries. Using data from the 2014 China Survey of Consumer Finances, we examine the relation between financial literacy and the risky asset holding behaviour of Chinese households, in the context of an emerging financial market with a distinct institutional background. The findings reveal that consumers with higher levels of financial literacy are more likely to hold risky financial assets than those with lower levels. The potential impacts are derived mainly from advanced financial literacy.