目前我国人口老龄化程度不断加深，社会基本养老保险的支付压力随之上升，家庭的养老压力也与日俱增。商业养老保险作为养老保障“第三支柱”，在我国养老保障体系中发挥的作用不可忽视。与此同时，政府对商业养老保险的重视程度也在增加。金融素养作为影响个人经济行为的重要因素，对家庭养老经济决策和养老金融产品的选择也会产生重大影响。商业养老保险作为金融产品的一种，需要家庭经济决策者具备一定的保险条款理解能力、利率计算、风险管理能力。因此，金融素养的提升对家庭决策者来说至关重要。通过现状分析发现，我国居民金融素养水平并不高，同时商业人寿保险参与深度和密度与国际平均水平相比较低。在此基础上，本文基于家庭生命周期理论、家庭金融理论、人力资本理论和有限理性决策理论，分析了金融素养对家庭商业养老保险参与行为影响的理论机制。随后，本文利用2017年CHFS数据，运用因子分析法构建了金融素养综合指标，通过Probit模型和Tobit模型实证检验了金融素养对家庭商业养老保险参与行为的影响及其异质性。最后，引入工具变量缓解内生性问题，并进行了稳健性检验。本文主要的研究结论如下：

第一，金融素养促进了家庭参与购买商业养老保险。进一步地，从家庭商业养老保险的参与程度上看，金融素养对其依旧有显著的促进作用。但通过本文的现状分析可知，居民的金融素养水平偏低，购买商业养老保险的意识不够强。为此，必须进一步普及金融知识，加强金融素养教育和宣传。通过提升家庭金融素养水平，引导居民利用自身金融知识合理配置资金，从而推动家庭积极参与商业养老保险的购买，有效解决养老问题。

第二，金融素养对家庭商业养老保险参与行为的影响存在异质性，从本文的现状分析可以看出，西部、农村地区的居民，以及青少年和老年人的金融素养表现较差，应重点关注这类群体的金融素养。同时，金融素养对影响城市家庭和经济较发达的东中部区域家庭的商业养老保险参与行为更为显著，这主要是因为城乡和区域的经济发展水平、金融环境、养老观念存在较大差距，导致金融素养影响家庭商业养老保险购买行为的人力资本积累机制、风险态度机制、认知能力机制和收入机制减弱。此外，社会基本养老保障水平的不同，也会影响金融素养对家庭商业养老保险参与程度发挥作用。这说明家庭参与商业养老保险不仅由家庭自身的人力资本决定，还受到外部环境的影响，政府应着重关注金融、经济发展水平较为薄弱的地区以及社会基本养老保障水平相对较低的家庭，提供良好的金融服务，增强商业养老保险产品的宣传，打通信息传递渠道。

基于上述结论，本文提出了以下对策建议：第一，普及金融知识，提升个人金融素养水平；第二，优化商业养老保险产品的设计和服务；第三，不断推进并完善“第三支柱”养老金建设。

Along with the aging in China, the payment pressure of social basic endowment insurance is rising, and the pressure of Chinese families to provide for the aged is also increasing day by day. Commercial endowment insurance becomes the "third pillar" of endowment security which plays a vital role in China's endowment security system, and the country's attention to commercial endowment insurance is increasing. Financial literacy, as a vital factor affecting individual economic behavior, will also play a non-negligible role in family pension economic decisions and pension financial products selection. As a kind of financial product, commercial endowment insurance requires family economic decision makers to have certain ability of understanding insurance clauses, interest rate calculation and risk management. Therefore, improving financial literacy is crucial for household decision makers. As residents' financial literacy is not high, and the density and depth of commercial life insurance participation are lower than the international average level. On this basis, based on family life cycle theory, family finance theory, human capital theory and bounded rational decision theory, this paper analyzes the impact of financial literacy on family entrepreneurial performance. Then, I use the CHFS data in 2017 to construct financial literacy indicators with factor analysis method, and empirically test the impact and heterogeneity of financial literacy on family commercial endowment insurance participation through Probit model and Tobit model. Finally, instrumental variables were introduced to alleviate the endogeneity problem.

First, financial literacy can significantly increase the likelihood that families will purchase commercial pension insurance. Furthermore, financial literacy still plays a significant role in promoting the participation of family commercial endowment insurance. However, we can see that the overall level of financial literacy in China is still low. It is of great importance to strengthen financial literacy education and publicity. Only by cultivating residents' awareness of applying financial and economy-related knowledge to solve problems, and guiding residents to actively participate in the purchase of commercial endowment insurance, will the problem of endowment security problem will be effectively solved.

Second, there is heterogeneity in the impact of financial literacy on family commercial endowment insurance participation. From the analysis of the current situation of this paper, it can be seen that residents in western and rural areas, as well as teenagers and the elderly, perform poorly in financial literacy, and the financial literacy of these groups should be focused on. At the same time, financial literacy has a more significant impact on the commercial endowment insurance participation behavior of urban families and economically developed families in the eastern and central regions, which is mainly because there is a big gap between urban and rural areas and regional economic development level, financial environment and pension concept. As a result, the human capital accumulation mechanism, risk attitude mechanism, cognitive ability mechanism and income mechanism of financial literacy affecting family commercial endowment insurance purchase behavior are weakened. In addition, different levels of social basic endowment security will also affect the effect of financial literacy on the participation degree of family commercial endowment insurance. Suggesting that family involved in commercial endowment insurance is not only determined by the family's own human capital, economic and social development level is relatively weak area a relatively low level of basic old-age security family, provide good financial service, propaganda, enhance the commercial endowment insurance products through information transmission channel.

So, first, we should improve the financial education system and enhance the residents’ financial literacy; Second, vigorously promote the construction of the "three pillars" system of old-age security; Third, develop and innovate targeted insurance products and services.

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