养老压力对家庭风险金融资产投资影响研究——基于中国家庭金融调查(CHFS)数据的实证分析  

Research on the Influence of Pension Pressure on the Risk Financial Assets Investment of Households-Empirical Analysis Based on the CHFS

作　　者：马宇 贾蓉 Ma Yu;Jia Rong(Department of Finance,University of Shandong Technology and Business)

机构地区：[1]山东工商学院金融学院

出　　处：《调研世界》2022年第6期46-52,共7页The World of Survey and Research

摘　　要：本文基于2019年中国家庭金融调查(CHFS)数据,使用Probit和Tobit模型研究了养老压力对于家庭风险金融资产投资的影响。研究发现:家庭养老压力越大,即家庭中未参与养老保险的老人数量越多,家庭参与风险金融资产投资的可能性越低,风险金融资产占家庭金融资产的比例也越低;户主受教育水平较低的家庭,风险金融资产投资受养老压力的影响更大;家庭预防性储蓄增多可以减弱养老压力对风险金融资产投资的抑制作用。因此,有必要进一步完善社会保障机制,增加养老保险覆盖率,进而使更多家庭参与金融市场,从而获取较高投资收益。Based on the 2019 China Household Finance Survey(CHFS)data,the Probit and Tobit models are used to study the impact of the pressure of providing for the old age on household risk financial assets investment.The study finds that the greater the pressure—the more elderly people in the family who do not participate in pension insurance,the lower the possibility of the family participating in risk financial assets investment,and the lower the proportion of risk financial assets to the family's financial assets.Families whose heads have lower education levels endure more significant impact of pension pressure on their risk financial assets investment.Household precautionary savings can mitigate the inhibitive effect of the pressure of providing for the old age on household risk financial assets investment.Therefore,it is necessary to improve the social security system and increase the coverage of pension insurance,so that more families can participate in the financial market and obtain higher investment returns.

关 键 词：养老压力 家庭金融 风险金融资产 

分 类 号：F840.67[经济管理—保险]