中文摘要：

文章基于中国城市居民消费金融调查数据,研究了风险态度、金融教育对家庭金融资产选择和家庭金融市场参与的影响。结果发现,风险态度显著影响家庭金融资产组合分散化程度,风险厌恶程度越高,金融资产组合分散化程度越低。风险态度对家庭正规金融市场参与有显著影响,风险厌恶程度的提高会显著降低家庭在股票、基金、债券、储蓄性保险市场的参与概率,风险厌恶程度增加一单位,家庭参与股票市场的可能性会降低10.5%。风险厌恶程度对股票、基金、债券、储蓄性保险资产在家庭金融资产中的比例具有显著的负向影响。家庭的金融教育投入对风险资产持有比重条件分布的影响上,呈先上升后下降趋势,中间分位的要大于两端。文章相应的政策含义是,政府及金融管理部门需要普及金融教育知识,提高居民的金融风险认知水平,从而优化家庭金融资产选择,改善居民金融福利。

英文摘要：

Using the data of China Survey of Consumer Finances,we explore the effects of risk attitudes and financial education on the allocation of household financial assets and family participation in financial markets. The result shows that risk attitude significantly affects the degree of dispersion of the household financial assets portfolio,the higher the degree of risk aversion,the lower the degree of dispersion of financial asset portfolio. The risk attitude has a significant effect on the family participation in formal financial markets. A higher level of risk aversion will significantly reduce the family participation in stocks,funds,bonds and saving insurance market,which means that with one unit higher of risk aversion,the possibility of family participating in the stock market will decrease by 10. 5%. The degree of risk aversion has a significant negative effect on the share of stocks,funds,bonds and saving insurance assets in household financial assets. The effects of financial education investment on the proportion of risky assets show a rising trend first and then a decline,with the quintile of middle greater than the ends. The corresponding policy implication of this paper is that government and financial authorities improve public financial education,raise the residents＇ cognitive level of financial risks,and thus optimizing household financial assets allocation and improving residents financial benefits.