金融素养对网贷消费行为的影响——感知风险中介作用的实证研究
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摘要
网络信贷作为互联网金融的代表模式之一,在市场上的有效扩散很大程度上依赖于消费者对网贷产品的采纳行为。本研究运用492份调查问卷数据,采用因子分析方法和结构方程模型,研究了金融素养、感知风险对网络信贷消费决策共同影响的机理和路径。研究发现:消费者金融素养正向影响网贷消费决策,且对消费者参与网络信贷行为的直接影响效果非常显著;感知风险在金融素养和消费者网络信贷消费决策关系中起中介作用,但金融素养对消费决策的直接效应(0.560)远大于间接效应(0.239),即感知风险对金融素养与消费决策并非完全中介作用,而是作为一种补充;在感知风险的5个维度中,影响力按从大到小依次为平台风险、财务风险、隐私风险、社会心理风险和时间风险。采用单群组与多群组对比分析对实证结论的稳健性进行了检验,结果表明实证结论是稳健的。结论的启示是消费者需主动加强金融知识学习,提升金融素养水平,政府部门则应增加对公民在金融知识教育方面的公共供给。
As one of the representative models of internet finance, online credit relies heavily on consumer adoption of online loan products. This study used 492 questionnaire data and employed factor analysis and structural equation modeling to study the mechanism and path of the impact of financial literacy and perceived risk on online lending consumption decisions. The study finds that consumer financial literacy positively affects online loan consumption decision-making, and the direct impact on consumers' participation in online credit behavior is very significant; perceived risk plays a mediating role in the relationship between financial literacy and consumer online credit consumption decision-making, but the direct effect of financial literacy on consumption decision-making(0.560) is much greater than the indirect effect(0.239), which means perceived risk is not a complete intermediary effect on financial literacy and consumption decision-making, but as a supplement; among the five dimensions of perceived risk, the influence of platform risk is the smallest, others are financial risk,privacy risk, social psychological risk and time risk(in an ascending sequence). The robustness of the empirical conclusions was tested by single-group and multi-group comparison analysis. The results show that the empirical conclusions are robust. It implies that consumers need to actively strengthen financial knowledge learning and improve the level of financial literacy, and government should increase the public supply of financial knowlege education for citizens.
As one of the representative models of internet finance, online credit relies heavily on consumer adoption of online loan products. This study used 492 questionnaire data and employed factor analysis and structural equation modeling to study the mechanism and path of the impact of financial literacy and perceived risk on online lending consumption decisions. The study finds that consumer financial literacy positively affects online loan consumption decision-making, and the direct impact on consumers' participation in online credit behavior is very significant; perceived risk plays a mediating role in the relationship between financial literacy and consumer online credit consumption decision-making, but the direct effect of financial literacy on consumption decision-making(0.560) is much greater than the indirect effect(0.239), which means perceived risk is not a complete intermediary effect on financial literacy and consumption decision-making, but as a supplement; among the five dimensions of perceived risk, the influence of platform risk is the smallest, others are financial risk,privacy risk, social psychological risk and time risk(in an ascending sequence). The robustness of the empirical conclusions was tested by single-group and multi-group comparison analysis. The results show that the empirical conclusions are robust. It implies that consumers need to actively strengthen financial knowledge learning and improve the level of financial literacy, and government should increase the public supply of financial knowlege education for citizens.
引文
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[4]Lusardi,A.,and Mitchell,O.S.How Ordinary Consumers Make Complex Economic Decisions:Financial Literacy and Retirement Readiness[J].Quarterly Journal of Finance,2017,7(3):1-31.
[5]Karaa,I.E.,and Kugu,T.D.Determining Advanced and Basic Financial Literacy Relations and Overconfidence,and Informative Social Media Association of University Students in Turkey[J].Educational Sciences:Theory and Practice,2016,16(6):1865-1891.
[6]Clark,R.,Lusardi,A.,and Mitchell,O.S.Financial Knowledge and401(k)Investment Performance:A Case Study[J].Journal of Pension Economics&?Finance,2017,16(3):324-347.
[7]Abreu,M.,and Mendes,V.Financial Literacy and Portfolio Diversification[J].Quantitative finance,2010,10(05):515-528.
[8]Robb,C.A.,and Woodyard,A.Financial Knowledge and Best Practice Behavior[J].Journal of Financial Counseling and Planning,2011,22(1):60-70.
[9]罗娟,王露露.金融可得性、金融知识与城镇居民短期消费信贷[J].消费经济,2017,(5):36-43,76.
[10]宋全云,吴雨,尹志超.金融知识视角下的家庭信贷行为研究[J].金融研究,2017,(6):95-110.
[11]Disney,R.,and Gathergood,J.Financial Literacy and Consumer Credit Portfolios[J].Journal of Banking&Finance,2013,37(7):2246-2254.
[12]陈啸.农村中小企业的融资意愿实证[J].中国人口·资源与环境,2013,(3):87-91.
[13]Baek,E.,and Hong,G.S.Effects of Family Life---Cycle Stages on Consumer Debts[J].Journal of Family and Economic Issues,2004,25(3):359-385.
[14]Chahal,H.,Kaur Sahi,G.,and Rani,A.Moderating role of Perceived Risk in Credit Card Usage and Experience Link[J].Journal of Indian Business Research,2014,6(4):286-308.
[15]王克岭,魏明,吴东.大学生网络借贷意愿影响因素研究--基于感知价值与感知风险的视角[J].企业经济,2018,(1):142-149.
[16]胡振,臧日宏.金融素养对家庭理财规划影响研究---中国城镇家庭的微观证据[J].中央财经大学学报,2017,(2):72-83.
[17]吴锟,吴卫星.理财建议可以作为金融素养的替代吗?[J].金融研究,2017,(8):161-176.
[18]Cox,D.F.Risk Taking and Information Handling in Consumer Behavior[M].Boston:Harvard University Press,1967.
[19]Kaplan,L.B.,Szybillo,G.J.,and Jacoby,J.Components of Perceived Risk in Product Purchase:A Cross-Validation[J].Journal of Applied Psychology,1974,59(3):287-291.
[20]Chaudhuri,A.A Macro Analysis of the Relationship of Product Involvement and Information Search:The Role of Risk[J].Journal of Marketing Theory&Practice,2000,8(1):1-15.
[21]Martins,C.,Oliveira,T.,and Popovi?A.Understanding the Internet Banking Adoption:A Unified Theory of Acceptance and Use of Technology and Perceived Risk Application[J].International Journal of Information Management,2014,34(1):1-13.
[22]Robb,C.A.,and Sharpe,D.L.Effect of Personal Financial Knowledge on College Students’Credit Card Behavior[J].Journal of Financial Counseling and Planning,2009,20(1):25-43.
[23]魏丽萍,陈德棉,谢胜强.互联网金融投资决策:金融素养、风险容忍和风险感知的共同影响[J].管理评论,2018,(9):61-71.
[24]Lee,M.Factors Influencing the Adoption of Internet Banking:An Integration of TAM and TPB with Perceived Risk and Perceived benefit[J].Electronic Commerce Research&Applications,2009,8(3):130-141.
[25]罗长利,朱小栋.基于TAM/TPB和感知风险的余额宝使用意愿影响因素实证研究[J].现代情报,2015,(2):143-149.
[26]Zhao,Q.,Chen,C.,Wang,J.,and Chen,P.Determinants of Backers′Funding Intention in Crowd funding:Social Exchange Theory and Regulatory Focus[J].Telematics and Informatics,2017,34(1):370-384.
[27]Feathermana,M.S.,and Pavlou,P.A.Predicting E-services Adoption:A Perceived Risk Facets Perspective[J].Human-Computer Studies,2003,59(4):451-474.
[28]Hassan,A.M.,Kunz,M.B.,Pearson,A.W.,and Mohamed,F.A.Conceptualization and Measurement of Perceived Risk in Online Shopping[J].Marketing Management Journal,2006,16(1):138-147.
[29]Fishbein,M.,and Ajzen,I.Belief,Attitude,Intention,Behavior:An Introduction to Theory and Research[M].Boston:Addison Wesley,1975:147.
[30]吴艳,温忠麟.结构方程建模中的题目打包策略[J].心理科学进展,2011,(12):1859-1867.
[31]李卫东,刘洪.研发团队成员信任与知识共享意愿的关系研究---知识权力丧失与互惠互利的中介作用[J].管理评论,2014,(3):128-138.
[2]Lusardi,A.,and Mitchell,O.S.The Economic Importance of Financial Literacy:Theory and Evidence[J].Journal and Economic Literature,2014,52(1):5-44.
[3]吴卫星,吴锟,王琎.金融素养与家庭负债---基于居民家庭微观调查数据的分析[J].经济研究,2018,(1):97-109.
[4]Lusardi,A.,and Mitchell,O.S.How Ordinary Consumers Make Complex Economic Decisions:Financial Literacy and Retirement Readiness[J].Quarterly Journal of Finance,2017,7(3):1-31.
[5]Karaa,I.E.,and Kugu,T.D.Determining Advanced and Basic Financial Literacy Relations and Overconfidence,and Informative Social Media Association of University Students in Turkey[J].Educational Sciences:Theory and Practice,2016,16(6):1865-1891.
[6]Clark,R.,Lusardi,A.,and Mitchell,O.S.Financial Knowledge and401(k)Investment Performance:A Case Study[J].Journal of Pension Economics&?Finance,2017,16(3):324-347.
[7]Abreu,M.,and Mendes,V.Financial Literacy and Portfolio Diversification[J].Quantitative finance,2010,10(05):515-528.
[8]Robb,C.A.,and Woodyard,A.Financial Knowledge and Best Practice Behavior[J].Journal of Financial Counseling and Planning,2011,22(1):60-70.
[9]罗娟,王露露.金融可得性、金融知识与城镇居民短期消费信贷[J].消费经济,2017,(5):36-43,76.
[10]宋全云,吴雨,尹志超.金融知识视角下的家庭信贷行为研究[J].金融研究,2017,(6):95-110.
[11]Disney,R.,and Gathergood,J.Financial Literacy and Consumer Credit Portfolios[J].Journal of Banking&Finance,2013,37(7):2246-2254.
[12]陈啸.农村中小企业的融资意愿实证[J].中国人口·资源与环境,2013,(3):87-91.
[13]Baek,E.,and Hong,G.S.Effects of Family Life---Cycle Stages on Consumer Debts[J].Journal of Family and Economic Issues,2004,25(3):359-385.
[14]Chahal,H.,Kaur Sahi,G.,and Rani,A.Moderating role of Perceived Risk in Credit Card Usage and Experience Link[J].Journal of Indian Business Research,2014,6(4):286-308.
[15]王克岭,魏明,吴东.大学生网络借贷意愿影响因素研究--基于感知价值与感知风险的视角[J].企业经济,2018,(1):142-149.
[16]胡振,臧日宏.金融素养对家庭理财规划影响研究---中国城镇家庭的微观证据[J].中央财经大学学报,2017,(2):72-83.
[17]吴锟,吴卫星.理财建议可以作为金融素养的替代吗?[J].金融研究,2017,(8):161-176.
[18]Cox,D.F.Risk Taking and Information Handling in Consumer Behavior[M].Boston:Harvard University Press,1967.
[19]Kaplan,L.B.,Szybillo,G.J.,and Jacoby,J.Components of Perceived Risk in Product Purchase:A Cross-Validation[J].Journal of Applied Psychology,1974,59(3):287-291.
[20]Chaudhuri,A.A Macro Analysis of the Relationship of Product Involvement and Information Search:The Role of Risk[J].Journal of Marketing Theory&Practice,2000,8(1):1-15.
[21]Martins,C.,Oliveira,T.,and Popovi?A.Understanding the Internet Banking Adoption:A Unified Theory of Acceptance and Use of Technology and Perceived Risk Application[J].International Journal of Information Management,2014,34(1):1-13.
[22]Robb,C.A.,and Sharpe,D.L.Effect of Personal Financial Knowledge on College Students’Credit Card Behavior[J].Journal of Financial Counseling and Planning,2009,20(1):25-43.
[23]魏丽萍,陈德棉,谢胜强.互联网金融投资决策:金融素养、风险容忍和风险感知的共同影响[J].管理评论,2018,(9):61-71.
[24]Lee,M.Factors Influencing the Adoption of Internet Banking:An Integration of TAM and TPB with Perceived Risk and Perceived benefit[J].Electronic Commerce Research&Applications,2009,8(3):130-141.
[25]罗长利,朱小栋.基于TAM/TPB和感知风险的余额宝使用意愿影响因素实证研究[J].现代情报,2015,(2):143-149.
[26]Zhao,Q.,Chen,C.,Wang,J.,and Chen,P.Determinants of Backers′Funding Intention in Crowd funding:Social Exchange Theory and Regulatory Focus[J].Telematics and Informatics,2017,34(1):370-384.
[27]Feathermana,M.S.,and Pavlou,P.A.Predicting E-services Adoption:A Perceived Risk Facets Perspective[J].Human-Computer Studies,2003,59(4):451-474.
[28]Hassan,A.M.,Kunz,M.B.,Pearson,A.W.,and Mohamed,F.A.Conceptualization and Measurement of Perceived Risk in Online Shopping[J].Marketing Management Journal,2006,16(1):138-147.
[29]Fishbein,M.,and Ajzen,I.Belief,Attitude,Intention,Behavior:An Introduction to Theory and Research[M].Boston:Addison Wesley,1975:147.
[30]吴艳,温忠麟.结构方程建模中的题目打包策略[J].心理科学进展,2011,(12):1859-1867.
[31]李卫东,刘洪.研发团队成员信任与知识共享意愿的关系研究---知识权力丧失与互惠互利的中介作用[J].管理评论,2014,(3):128-138.
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