周泽炯　张鹏月

[摘 要]基于中国家庭金融调查（CHFS）数据，运用工具变量和中介效应法，研究和分析金融素养、家庭金融市场参与行为和微观收入流动性三者之间的关系。研究发现，金融素养具有增收效应，金融素养水平每提高1个百分点，微观收入就增加0.096个百分点，且在纠正内生性后依然得以验证。金融素养的提升促进家庭积极参与金融市场，市场参与行为的正向溢出效应增加了家庭收入，即家庭金融市场参与行为在金融素养促进微观收入流动性提高中具有中介效应，且中介效应占总效应的2.72%。由此，国家、社会、金融机构和国民等各社会主体应该共同努力，以提升金融素养水平和微观收入流动性。

[关键词]金融素养;家庭金融市场参与行为;微观收入流动性;中介效应

[中图分类号]F830.2 [文献标识码]A [文章编号]1671-8372（2020）04-0007-07

Discussion on the relationship between financial literacy，household financial market participation and micro income mobility

—an empirical test based on mediating effect

ZHOU Ze-jiong 1，ZHANG Peng-yue2

（1. School of Economics，Anhui University of Finance and Economics，Bengbu 233030，China;2. School of Finance，Anhui University of Finance and Economics，Bengbu 233030，China）

Abstract：Based on the data of China Household Finance Survey （CHFS），this paper studies and analyzes the relationship among financial literacy，household financial market participation and micro income mobility by using instrumental variables and mediating effect method. The results show that financial literacy has an effect of increasing income. For every 1 percentage point increase in financial literacy，the micro income mobility increases by 0.096 percentage points，which can still be verified after the correction of endogeneity. The improvement of financial literacy promotes the active participation of families in the financial market，and the positive spillover effect of market participation increases family income. That is，household financial market participation has an mediating effect on the improvement of micro income mobility promoted financial literacy，and the mediating effect accounts for 2.27% of the total effect. Therefore，the government，society，financial institutions and citizens and other social subjects should work together to improve the level of financial literacy and micro income mobility.

Key words：financial literacy; household financial market participation behavior; micro income mobility; mediating effect

一、引言

隨着数字经济的发展和互联网金融的创新，金融产品的多样化和金融服务的便捷化为家庭实现财产合理配置提供了更为广阔的空间，鼓励和刺激了家庭积极购买基金、债券等金融工具从而参与到金融市场中。现代金融产品的创新发展增加了金融市场的复杂性，推动家庭进一步了解和掌握具有实用性、科学性以及时效性的金融基础知识来增强风险防范意识和提高风险识别能力，从而提高金融资产收益率，增加微观收入流动性。为落实习近平总书记关于提升金融素养工作的重要讲话精神，即持续推动金融……