随着新冠肺炎疫情的爆发、地缘政治的不稳定性加剧、经济状况的不确定性上升，给国家乃至全球的稳定和繁荣都构成了巨大的挑战。在这样的背景之下，让人们更加深刻地认识到风险的普遍性、随机性、多样性以及不确定性。相比于站在风险上实现更多收益，如何规避、对冲风险并对损失实现补偿则成为各经济主体普遍关注的焦点以及亟待解决的问题，以家庭为单位的微观经济主体对风险保障和资产管理的需求也被进一步扩大。而商业保险将在其中充当各经济主体应对和管理风险、弥补损失、实现直接保障的重要工具，能够实现化解和转嫁风险的目的。与此同时，尽管信贷市场得到了一定程度上的发展，但信贷可获得性的限制仍然直接影响着家庭的资产配置情况，如何在信贷约束的背景下形成合理的家庭资产配置结构并抵御随时可能发生的风险则变得尤为重要。基于以上背景，本文拟关于信贷约束对于家庭参与商业保险的情况进行研究，并从金融素养的视角出发，探究其能否在这一关系中起到有效的调节作用。本文结合保险需求理论、生命周期理论、信贷约束理论、预防性储蓄理论以及合理预期理论等提出了相关假设，即信贷约束会对家庭参与商业保险的情况呈现出显著的正向影响。本文从2019年中国家庭金融调查的公开截面数据中筛选出32,023个家庭及个人相关数据作为样本，通过Probit回归模型探究信贷约束对家庭参与商业保险情况之间的影响关系，并对金融素养是否在其中起到调节效应进行观测。实证研究发现，信贷约束的存在会使家庭显著增加9.1%的概率参与到商业保险当中，而金融素养在显著提升家庭参保可能的同时，也会对信贷约束所具有的正向影响效果产生进一步强化的调节作用。本文后续根据家庭所属的城乡类别、收入水平高低、信贷需求等级以及是否具备客观金融知识储备的情况进行分样本研究，分析不同情况下信贷约束对家庭商业保险影响的差异性。该回归的结果表明信贷约束所具有的正向促进关系在城镇家庭样本、中等收入及以上水平家庭样本和低信贷需求得分的家庭样本中更加显著；而金融素养对于家庭参与商业保险的影响对于农村样本、低收入样本以及高信贷需求样本的促进效果更加剧烈。最后本文结合实证结果，尝试对国家相关政策、相关金融保险机构以及金融家庭三方经济主体提出相关的建议。

With the outbreak of the COVID-19 pandemic, escalating geopolitical instability, and increasing economic uncertainty, significant challenges have emerged for national and global stability and prosperity. In this context, people have a deeper understanding of the universality, randomness, diversity, and uncertainty of risks. In this context, people have become more acutely aware of the universality, randomness, diversity, and uncertainty of risks. Rather than focusing solely on maximizing returns while taking risks, there is now a widespread concern and an urgent need to mitigate and hedge risks, as well as compensate for losses. This has further expanded the demand for risk protection and asset management at the microeconomic level, particularly among households. In this regard, commercial insurance plays a crucial role as an essential tool for economic entities to address and manage risks, mitigate losses, and provide direct protection by resolving and transferring risks. Meanwhile, despite some development in the credit market, limitations in credit availability still directly impact household asset allocation. It becomes increasingly important to form a sound household asset allocation structure and withstand potential risks in the context of credit constraints. Based on this background, this study aims to examine the impact of credit constraints on household participation in commercial insurance and explore whether financial literacy can effectively moderate this relationship.This study incorporates relevant theories such as Insurance Demand Theory, Life Cycle Theory, Credit Constraint Theory, Precautionary Savings Theory, and Reasonable Expectation Theory. It suggests that credit constraints will have a significant positive effect on household participation in commercial insurance. Using a sample of 32,023 households and individual data from the 2019 China Household Finance Survey, this study employs the Probit regression model to investigate the relationship between credit constraints and household participation in commercial insurance. It also observes whether financial literacy plays a moderating role in this relationship. The empirical findings reveal that the presence of credit constraints significantly increases the probability of household participation in commercial insurance by 9.1%. Additionally, financial literacy not only significantly enhances the likelihood of household participation in insurance but also strengthens the positive impact of credit constraints. Subsequently, this study conducts a sub-sample analysis based on factors such as the urban-rural classification of households, income levels, credit demand levels, and objective financial knowledge reserves. It examines the differential impact of credit constraints on household commercial insurance participation under different circumstances. The regression results indicate that the positive promotion effect of credit constraints is more pronounced in urban households, households with medium and higher income levels, and households with low credit demand scores. Furthermore, the influence of financial literacy on household participation in commercial insurance is more pronounced in rural samples, low-income samples, and samples with high credit demand.Finally, integrating the empirical results, this study attempts to provide relevant suggestions for national policies, relevant financial insurance institutions, and individual households.