| With the rapid development of social economy in China,the living standards of urban and rural residents have improved significantly.How to allocate family wealth reasonably has become a realistic problem faced by household.However,the current performance of Chinese household in financial market investment is unsatisfactory,there are many irrational behaviors,such as single investment behavior,lack of in-depth participation and so on,resulting in the decline of family wealth utility and welfare losses.With the adjustment of the financial system structure,the development of green finance and the strong promotion of Inclusive Finance by the government,how to make families integrate better into the financial market has become an urgent economic and social problem.By explaining the connotation of financial literacy and household investment behavior,this paper confirms the relationship between them and demonstrates the practical significance of financial literacy for household stock investment behavior.Based on the Modern Portfolio Theory and the data of " China Household Finance Survey" project of Southwestern University of Finance and Economics in 2011 and 2013,Tobit model is established,stock value held by household is selected as dependent variable,financial literacy index is selected as independent variable,demographic variable and family characteristic variable are selected as control variable.Through descriptive statistics of the data and regression analysis of the model,it is found that stock value has a significant positive correlation with age,educational background,wage income and marital status.After adding the variable of financial literacy,it does not change the result,and financial literacy has a significant positive relationship with stock investment.Finally,use the interaction between financial literacy and education to test the robustness.Based on the reform of the current financial system in China,this paper puts forward some effective suggestions for household investment behavior and government policy on the current situation of residents’ financial literacy and the development of financial market. |
