1.School of Finance, Shanxi University of Finance and Economics;2.College of Economics and Management, China Agricultural University
the Foundation for Young Scholars of Humanity and Social Sciences of the Ministry of Education of China (20YJC790006); Program for the Philosophy and Social Sciences Research of Higher Learning Institutions of Shanxi(2019W068); Youth Research Fund Project of Shanxi University of Finance and Economics (QN-2019010).
Agricultural insurance plays a critical role in diversifying agricultural risks, improving production efficiency, and protecting farmers’ interests. While financial literacy is a major factor affecting farmers’ participation rate in crop insurance. Based on a data collected in “China Rural Inclusive Finance Survey” of China Agricultural University in 2021 and applying the theoretical analysis of the impacts of financial literacy on the participation in grain crop insurance, this paper constructed a set of evaluation indicators from two aspects of financial knowledge and financial ability, and examined the impacts of financial literacy on the decision-making and the participation degree of grain crop insurance by the Probit model, Tobit model, and instrumental variable method. Results show that the overall financial literacy level of Chinese grain growers was not high, with an average of 21.746 points, and the financial literacy levels among different groups were different. 83.2% of the respondents bought crop insurance, and their average financial literacy score was 22.552. The financial literacy level had a significant positive effect on both the decision-making and the participation degree of grain crop insurance. Improving farmers’ financial literacy level could increase the chance of participating in crop insurance and raise premiums. This paper further analyzed the separate effects of financial knowledge and financial ability. Financial knowledge had a significant positive effect on the participation degree of crop insurance. While financial ability had a positive effect on the decision-making of participation in crop insurance, but a negative effect on the participation degree of crop insurance. Therefore, to effectively improve the financial literacy level of grain growers and make full use of crop insurance to support agriculture, the government should strengthen financial publicity and education, promote differentiated education, enhance financial security education and enrich agricultural insurance products.
晁娜娜,崔宇彤,逯婷,杨汭华. 金融素养对粮食作物保险参与决策及参与程度的影响研究[J]. 农业现代化研究, 2022, 43(5): 857-866
CHAO Na-na, CUI Yu-tong, LU Ting, YANG Rui-hua. The impacts of financial literacy on the decision-making and the participation degree of grain crop insurance[J]. Research of Agricultural Modernization, 2022, 43(5): 857-866