农村居民金融素养对金融决策的影响路径与实证检验——基于山东省的调查
The Effect Channel and Empirical Test of Rural Residents’ Financial Literacy on Financial Decision-making——Based on the Survey Data in Shandong Province

居民金融素养偏低会影响金融决策，降低其金融福祉。利用山东省调查数据，通过中介和调节效应检验农村居民客观和主观金融素养对其金融决策的影响路径，结果显示：客观金融素养对金融市场和保险市场参与、金融市场参与态度产生正的直接效应；主观金融素养对金融市场和保险市场参与产生负的直接效应，但对金融市场参与态度产生正的直接效应；主观金融素养在客观金融素养对金融市场和保险市场参与的影响中发挥不完全中介作用；客观金融素养对金融市场参与和金融市场参与态度的影响受主观金融素养的调节。
Residents’ low financial literacy will affect their financial decision-making,thus decreasing their financial well-being. Based on the survey data in Shangdong Province,this paper validates the influence of rural residents’ objective and subjective financial literacy on financial decision-making respectively through mediation and regulation effects. Results indicate that:objective financial literacy has positive effects on financial market participation,insurance market participation and financial market participation attitude; subjective financial literacy has negative effects on participation in both financial market and insurance market but positive effects on the financial market participation attitude; subjective financial literacy is an incomplete mediator when objective financial literacy affects financial market participation and insurance market participation; subjective financial literacy is a moderator when objective financial literacy affects financial market participation attitude and financial market participation attitude.