商业养老保险对我国城镇居民储蓄分流的影响——基于京津冀地区微观数据的实证研究  

The Impact of Commercial Endowment Insurance on the Household Savings Diversion of Urban Residents in China——Empirical Research Based on the Micro-data of Beijing-Tianjin-Hebei Region

作　　者：金浩[1] 万肖姗 JIN Hao;WAN Xiaoshan(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)

机构地区：[1]河北工业大学经济管理学院,天津300401

出　　处：《河北工业大学学报（社会科学版）》2020年第4期1-8,共8页Journal of Hebei University of Technology：Social Sciences Edition

基　　金：河北省社会科学基金项目(HB19GL003)。

摘　　要：基于2011年、2013年、2015年和2017年中国家庭金融调查(CHFS)中京津冀的样本数据,运用固定效应模型考察了商业养老保险对我国城镇居民储蓄分流的影响。实证结果表明:商业养老保险能够促进我国城镇居民的储蓄分流。商业养老保险可以提高我国城镇居民的风险承担能力,从而降低城镇居民的预防性储蓄,参加商业养老保险的城镇居民将更多地选择将储蓄分流至高风险投资,在所有储蓄分流渠道中,居民投保商业养老保险对储蓄分流至股票市场的影响最大。进一步研究发现,商业养老保险对我国城镇居民的储蓄分流的影响随收入的增加而提高。相较小学教育和中学教育,受过高等教的城镇居民育参与商业养老保险对储蓄分流的影响最大,也就是说商业养老保险对居民储蓄分流的作用在城镇居民文化水平过低时发挥较弱,随着文化水平提高,其作用逐渐加强。Based on the Beijing-Tianjin-Hebei sample data from the China Household Finance Survey(CHFS)in 2011,2013,2015,and 2017,this paper investigates the influence of China′s household savings diversion caused by the commercial endowment insurance via the fixed-effect model.The results show that commercial endowment insurance has a positive effect on the household savings diversion of urban residents in China.It can increase the residents′ability of undertaking risks and reduce the precautionary savings.Urban residents participating in commercial endowment insurance will have more choices to divert their savings to high-risk investments.Further research shows that the effect of commercial endowment insurance on the savings diversion of urban residents increases with the rise of income.Compared with primary school education and high school education,the participation of higher education in commercial endowment insurance has the greatest impact on the diversion of savings.The effect of commercial endowment insurance in the diversion of residents′savings is invisible when the urban residents have low levels of education and rises in step with the improvement of educational level.

关 键 词：商业养老保险 储蓄分流 固定效应模型 

分 类 号：F842[经济管理—保险]