Income and education.

Neighborhood effects are a common strategy for rural households to deal with irrational situations such as deficient information and ability. Based on the 2019 CHFS survey data, we designed a Probit model to verify whether neighborhood effects exist in the online financial investment of rural households. Our paper constructs a multiple mediation model to explore its mechanism. Otherwise, we execute the heterogeneity analysis by dividing the total sample into groups. Our paper proved that (1) Rural households have significant neighborhood effects on online financial investment. (2) Heterogeneity analysis shows that neighborhood effects are stronger among women, the younger, low-education, and low-income rural households. (3) Through the multiple mediation model, we proved that the neighborhood effects on online financial investment of the peasant household work by the financial knowledge spillover and risk-taking enhancement. Our study conduces to a better understanding of the financial decision-making of rural households, which may provide a practical implication for the popularization of new financial products and the optimal design of policy interventions.邻里效应是农村家庭应对信息匮乏与能力不足等非理性决策困境的常用策略。本研究基于2019年中国家庭金融调查（CHFS）数据，构建Probit模型验证农村家庭参与线上金融投资过程中是否存在邻里效应。本文构建多重中介模型以探究其作用机制，同时通过对总样本进行分组开展异质性分析。本文的研究结论如下：（1）农村家庭在参与线上金融投资时存在显著的邻里效应；（2）异质性分析结果显示，女性、年轻群体、低学历与低收入农村家庭的邻里效应更强；（3）通过多重中介模型验证，邻里效应通过金融知识溢出与风险承担水平提升两条路径，作用于农村家庭的线上金融投资决策。本研究有助于深化对农村家庭金融决策行为的理解，可为新型金融产品的推广以及政策干预的优化设计提供实践参考。