基本养老保险与城镇家庭消费:基于借贷约束视角的分析  

The Basic Pension Scheme and Urban Household Consumption:An Analysis from the Perspective of Liquidity Constraints

作　　者：康书隆 余海跃 王志强 

机构地区：[1]东北财经大学应用金融研究中心/金融学院,辽宁省大连市116025 [2]东北财经大学社会与行为跨学科研究中心

出　　处：《世界经济》2017年第12期165-188,共24页The Journal of World Economy

基　　金：国家社科基金一般项目(17BGL149);辽宁省教育厅项目(2015153)的资助

摘　　要：本文利用2012年中国追踪调查数据研究发现,中国基本养老保险参保家庭的实际费率随收入增加而下降,高收入家庭受益于养老保险高回报率带来的终生财富增长,参保能够提高家庭当期消费;而低收入家庭实际费率负担较重,在借贷约束的限制下,参保不能促进家庭当期消费。进一步考察实际费率对家庭消费的影响发现:高收入家庭实际费率偏低,导致保障不足、预防性储蓄增加,低收入家庭因实际费率过高而减少当期消费,两类家庭的消费均偏离最适宜水平。本文研究表明:养老保险改革应当降低缴费门槛,遵循名义费率和实际费率相匹配、实际费率和家庭适宜保障水平相适应的原则,以有效发挥养老保险降低储蓄、提振消费的作用。This paper shows that under the average-wage based contribution mechanism in China, the real premium burden decreases as the household income increases. Due to the high return of basic pension scheme, joining the basic pension will increase high-income households＇ lifetime wealth and current consumption; while the premium burden of low-income household is heavier, joining the basic pension will not improve low-income households＇ consumption when liquidity constraints exist. A closer look at the impact of real premium burden on insured households＇ consumption shows that high-income households increase the precautionary savings because of the relatively low real contribution rate and insufficient security, while low-income ones decrease consumption because of the excessive high real contribution rate. Consumption of both types＇ households deviates from the optimal level. Our research implies that the future reforms of basic pension scheme should lower the nominal contribution rate and make the contribution base more flexible, aiming to keep the nominal and real contribution rate consistent and households＇ real contribution rate com- patible with the desired level of assurance. By taking these steps, the government can take advantage of basic pensions to achieve social security and improve households＇ consumption and welfare.

关 键 词：基本养老保险 借贷约束 实际费率 家庭消费 

分 类 号：F126.1[经济管理—世界经济] F832.4F842.67