金融素养对家庭风险资产投资的影响及机制研究
The Impact of Financial Literacy on Household Risky Asset Investment and Its Mechanisms

金融素养是影响家庭金融决策的重要因素，对金融市场健康发展和家庭财富安全具有关键作用。本文基于2019年中国家庭金融调查(CHFS)数据，在构建新的金融素养指标的基础上，采用Probit和Tobit模型进行实证研究。结果显示，提高金融素养能够显著提升家庭参与风险资产市场的可能性，并扩大风险资产在家庭金融资产中的配置比例。从风险层级看，金融素养对高风险股票资产的影响最大，其次为低风险金融理财产品，对基金的影响则相对较低。机制分析表明，金融素养的影响主要表现为两条路径：一是通过提高风险资产投资比例，依托其金融理财产品收益提升所带来收益增长，驱动投资扩张；二是由于风险投资亏损可能引发“赌徒效应”以及“逢低买入”的交易策略，从而进一步增加其风险资产投资规模。进一步研究发现，新增风险投资主要来自对家庭的现金与活期存款，而这一调整不会明显削弱家庭财务稳定性，在一定程度上解释了赌徒效应的合理性，同时说明金融素养的提高有助于提升家庭资金配置效率。本研究为理解中国家庭的风险资产配置行为提供了新的证据，也为完善投资者教育和引导家庭开展理性投资提供了有益参考。
Financial literacy is a key determinant of household financial decisions and plays a critical role in both the healthy development of financial markets and the security of household wealth. Using data from the 2019 China Household Finance Survey (CHFS), this study constructs a novel financial literacy measure and empirically examines its impact on household risk asset allocation using Probit and Tobit models. The results show that higher financial literacy significantly increases both the likelihood of household participation in risk asset markets and the share of risk assets in household financial portfolios. From a risk-tier perspective, financial literacy has the strongest impact on high-risk stock assets, followed by low-risk wealth management products, while its effect on mutual funds is relatively weaker. Mechanism analysis reveals two main channels through which financial literacy operates. First, it promotes investment expansion by increasing the proportion of risk asset holdings and leveraging higher returns from financial wealth management products. Second, losses from risky investments may trigger either a gambler’s effect or a buy-the-dip trading strategy, thereby further increasing households’ investment in risky assets. Further analysis indicates that the additional risk investments are primarily financed by reductions in cash and demand deposits, and this adjustment does not substantially undermine household financial stability. This finding helps explain the rationality of the gambler’s effect and suggests that higher financial literacy improves the efficiency of household fund allocation. Overall, the study provides new evidence on Chinese household risk asset allocation behavior and offers valuable insights for enhancing investor education and guiding households toward more rational investment decisions.