关键词: 金融需求层级结构, 门限效应, 金融教育, 风险态度

Abstract: There are two aspects of resident financial demand: transactional demand and demand for maintenance and appreciation. Generally speaking, the demand for maintenance and appreciation will arise only the transactional demand be totally or partly fulfilled. Meanwhile, financial demand among different residents presents significant characteristic of heterogeneity and structural difference. By using the method of cross-section threshold regression analysis, it is indicated that there is significant threshold effect in the hierarchy of financial demand with the threshold variables of household income structure and size of financial assets from survey data of household in China. With the transaction demand as the dependent variable, the wage percent in household has the threshold value of 73% approximately, while the effect from income structure on the transaction demand after the point is significantly higher than that before the point; the size of financial assets has the threshold value of 121 thousand Yuan approximately, with the opposite influence condition against income structure. With the value maintenance and appreciation demand as the dependent variable, the threshold value of income structure and size of financial assets are 75% and 221.5 thousand Yuan approximately，both variables affecting the value maintenance and appreciation demand just contrary to the transaction demand. By analysis of influence mechanism, it is found that both income structure and size of financial assets significantly affect promotion of hierarchy of financial demand by path of financial education and risk attitude. With the threshold expansion from single variable to multiple variables, the results above are still valid, which proves the robustness of conclusions. The inspiration from the study is that financial service supply differentiation for residents with different income structure and size of financial assets could optimize and enhance the hierarchy of financial demand in order to promote financial well-being.

Key words: Hierarchy of Financial Demand, Threshold Effect, Financial Education, Risk Attitude