| The Chinese government has been committed to the anti-poverty cause in rural areas,and how to get rid of poverty and not return to poverty is crucial.Under the guidance of the national poverty alleviation policy,China's financial system has indeed invested a large amount of financial resources in rural poverty alleviation,but the effect of financial poverty alleviation is not satisfactory.There are two reasons for this: on the one hand,rural residents lack financial knowledge and cannot effectively engage in financial activities,and their credit accumulation and long-term benefits tend to weaken.On the other hand,with the rapid development of financial markets,although the availability of financial products and services in the enhancement,the forms of financial products and services have become more diverse,and the de-artificialization of financial services based on fintech has become a general trend.These new forms of services pose great challenges to the financial decision-making of rural residents with poor financial knowledge.The financial literacy of rural residents urgently needs to be improved as soon as possible.Financial literacy is a critical capacity in the 21st century,and efforts must be made to enhance this capacity to support economic growth in the global economy.Despite the importance of financial literacy,global research results indicate that the majority of population in the world still don't know much about finance,so urgent action is needed to address the problem.After the 2008 financial crisis,the inclusion of financial literacy education at the policy level has become an "international political trend." Many countries,including the United States and Germany,have implemented various financial education programs to improve their national financial literacy.In China,the issue of consumer financial literacy has also received national attention.The Financial Consumer Rights Protection Bureau conducted two surveys on consumer financial literacy nationwide in 2017 and 2019.The results show that the level of financial literacy of Chinese residents is generally low,and the level of financial literacy of rural residents is significantly lower than that of urban residents.As the degree of economic financialization increases,rural residents will naturally not be able to obtain appropriate and beneficial financial services that can improve their well-being in the future.Especially the rural poor who lack financial knowledge and financial skills,it is difficult to make correct financial decisions in the increasingly complex financial market,making poverty worse.Therefore,the impact of rural residents' financial literacy on poverty alleviation in rural areas has become increasingly prominent.Based on the field survey data of 13 national-level poverty-stricken counties in Henan and Anhui provinces,this thesis will first construct a framework for measuring financial literacy and measure the financial literacy of rural residents in the surveyed areas.The results show that the average score is only 4.131.Second,the research on the micro-transmission mechanism of financial literacy find that under different levels of financial technology popularization,the financial literacy of rural residents has different elastic influences on financial decision-making.Moreover,with the improvement of the popularity of fintech,the influence elasticity is also gradually increasing,which indicates that financial technology popularity of subjective and objective financial literacy financial literacy has the characteristics of the influence of the nonlinear structure.Then,the regression test of financial literacy and rural poverty was conducted based on the probit model.After controlling the background variables of rural poverty,the regression results showed the significant inhibition of subjective and objective financial literacy on rural poverty.Finally,countermeasures and suggestions to improve financial literacy are proposed from both macro and micro levels.The whole thesis is divided into five parts,the specific content is arranged as follows:The first part is the introduction,the research background and significance are analyzed,and the financial literacy and related literature are sorted out in detail,focusing on the definition of financial literacy,the measurement of financial literacy and the impact of financial literacy on the financial behavior of rural residents.The second part is the theoretical analysis of financial literacy and poverty,which is the first chapter of this thesis.This thesis analyzes the theory of financial literacy,including the origin and development of financial literacy,the measurement of financial literacy,the mechanism of financial literacy's impact on poverty,and the methods of improving financial literacy,and then build a theoretical framework for the relationship between financial literacy and poverty.The third part mainly describes the reality,including the description and evaluation of the financial literacy survey of poor rural residents,which constitutes the second chapter and the third of this thesis.The second chapter uses the research data to carry on the statistical description analysis and studies the financial literacy level and the related factors of the rural residents in the poor areas.The third chapter constructs a financial literacy level indicator system through factor analysis,classifies and examines the distribution of rural residents' financial literacy levels,evaluates the financial literacy levels of rural residents in poverty-stricken areas in Henan and Anhui,the financial literacy level and household income of 13 national-level poverty-stricken counties will be respectively analyzed by fitting,and it is found that the financial literacy of residents had a positive effect on household income.The fourth part,including chapter four and chapter five,conducts empirical research on the anti-poverty mechanism at the micro level and the mechanism of financial literacy influencing poverty at the macro level.The fourth chapter,based on micro-level analysis,uses the survey data of Henan and Anhui provinces to test the influence path of rural residents' subjective and objective financial literacy on their financial decision-making by means of intermediary and regulatory effects.The results show that subjective financial literacy and objective financial literacy have positive direct effects on financial market participation.Subjective financial literacy and objective financial literacy have negative direct effects on insurance market participation.Subjective financial literacy plays an incomplete intermediary role in the influence of objective financial literacy on financial market and insurance market participation.The influence of objective financial literacy on financial market participation and insurance market participation is moderated by subjective financial literacy.At the same time,by introducing the popularity of fintech as the threshold variable,it is concluded that the higher the popularity of fintech,the more significant the impact of financial literacy on financial decision-making.The fifth chapter research is based on a macro level analysis,measuring the poverty level of the rural population in terms of per capita income,per capita assets,and poverty vulnerability,introducing financial literacy variables into the rural poverty function,using the survey data of rural residents' financial literacy in Henan and Anhui provinces,and using probit model to study the influence of the financial literacy of rural poverty.Through the establishment of a simultaneous equation model,the instrumental variable of attention to economic and financial information is used to deal with the endogenous problems caused by the omitted variables and the robustness test is carried out to obtain the difference between subjective financial literacy and objective financial literacy.The fifth part is the analysis and conclusion of the improvement of financial literacy and policy recommendations,including the sixth chapter and conclusions and policy recommendations.Chapter six studies the ways to improve the financial literacy of rural residents in poor areas,and explores how to improve the financial literacy of rural residents through quantile regression.Finally,the conclusions and policy recommendations.Firstly,the conclusions drawn in this article are summarized,and then the corresponding feasible countermeasures are given,and further research directions in the future are prospected.Through the discussion of the full text,this thesis draws the following conclusions:Firstly,from the perspective of threshold,this thesis analyzes the impact path of financial literacy on financial decision-making under the popularity of dynamic financial technology.Based on TAR model,this thesis constructs a model with the popularity of financial technology as the threshold.After determining the threshold,it explores the impact of financial literacy on financial decision-making under different popularity of financial technology.The empirical results show that when the popularity of financial technology is higher,the estimation coefficient of subjective and objective financial literacy on financial decision-making is larger and more significant.Obviously,it is also in line with the impact path of financial literacy on financial decision-making,which proves the compliance of the popularity of financial science and technology as a threshold variable,and provides a reference for later scholars to pay attention to financial science and technology when they study financial literacy.Secondly,using intermediary effect model and regulatory effect model to observe the role of subjective financial literacy and objective financial literacy in influencing financial decision-making.As there is a certain degree of dependence between the subjective financial literacy and the objective financial literacy,the true impact of the two on financial decision-making must be strictly distinguished in empirical tests,and in the multi-level regression,the Sobel test method is used to improve the statistical effect of the regression results.The results show that the proportion of intermediation effect of the subjective financial literacy in the objective financial literacy on financial market participation and insurance market participation in this thesis have reached 26.7% and 12.07% respectively,which demonstrates the moderating and intermediary effects of subjective financial literacy,making the empirical results more scientific and reasonable.Thirdly,after controlling the background variables of rural poverty,the three-stage least squares method was used to empirically test the relationship between subjective financial literacy and rural poverty,the impact of subjective financial literacy on rural income poverty,rural asset poverty,and poverty vulnerability.Financial literacy has a significant inhibitory effect on rural poverty at the overall macro level,and the impact of subjective financial literacy on income poverty incidence and poverty vulnerability is greater than objective financial literacy,indicating that improving the level of financial literacy can not only alleviate the pressure of farmers' income-induced poverty in the short term,but also maintain the stability of their income in the long-term through asset allocation and participation in the financial market,and achieve sustainable poverty reduction.Fourthly,the quantile regression analysis was used to obtain the largest estimated coefficient of the educational level factor.It indicates that the education level has the strongest influence on the subjective and objective financial literacy level of farmers in rural areas,followed by the health factor.Targeted macro-level and micro-level suggestions for improving the financial literacy of rural residents.The macro path includes increasing the public supply of financial education,launching targeted financial education activities for different groups of people,implementing the "financial literacy education project" and formulate the evaluation criteria for the effectiveness of financial literacy education.The micro path includes mobilizing the enthusiasm and initiative of various financial education subjects,financial institutions innovating to meet the financial requirements of rural residents,encouraging farmers to actively participate in agricultural modernization,accelerating industrial transformation and supporting the development of rural enterprises,accelerating the provision of digital inclusive financial services in rural areas,rapidly improve the financial literacy of rural young people,and pay attention to the health of rural residents.The marginal contribution of this thesis mainly includes the following three aspects:Firstly,the innovation of research ideas.Through investigating the mechanism of financial literacy's impact on rural poverty,it is found that improving financial literacy has a restraining effect on rural poverty.Financial literacy can achieve poverty alleviation and poverty reduction through financial behavior,which provides new ideas for rural poverty reduction research.Secondly,Carrying out field research in rural areas to obtain first-hand information.In July and August 2019,survey questionnaires were distributed in 13 national-level poverty-stricken counties,26 townships,and 91 administrative villages in Henan and Anhui Provinces,and 2,234 questionnaires were collected.Through statistical analysis,it is found that financial literacy is related to poverty,which provides a realistic basis for the implementation of financial literacy anti-poverty policies.Thirdly,the evaluation index system of rural residents' financial literacy has been constructed and improved.Using field survey data from 13 national-level poverty-stricken counties in Henan and Anhui provinces,constructing an indicator system for rural residents' financial literacy,accurately measuring the respondents' comprehensive financial literacy,subjective financial literacy and objective financial literacy levels,and analyzing the impact on rural residents' financial the main factor of literacy. |
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