养老保险会提升家庭金融资产配置效率吗——基于储蓄替代与风险偏好效应的实证检验  

Does Social Pension Insurance Improve the Efficiency of Household Financial Portfolios——Based on the Empirical Test of the Effect ofSaving Substitution and Risk Preference

作　　者：刘雪颖 LIU Xueying

机构地区：[1]中国人民大学国家发展与战略研究院,北京100872

出　　处：《社会保障研究》2022年第6期52-63,共12页Social Security Studies

基　　金：国家社会科学基金重大项目“我国新就业形态的发展趋势、影响与协同治理研究”(项目号:19ZDA150);河南省教育厅人文社会科学研究项目“我国养老金财产再分配效应研究”(项目号:2023-ZDJH-338)的阶段性成果。

摘　　要：提高金融资产配置效率对提升居民财产性收入水平至关重要。基于2019年中国家庭金融调查(CHFS)数据,分析养老保险对家庭金融资产配置效率的影响及其作用机制的实证结果表明,养老保险能够显著提升家庭金融资产配置效率。在克服变量内生性偏误后,结论保持稳健。机制分析表明,养老保险主要通过降低家庭储蓄水平和提升家庭风险偏好程度,提升家庭金融资产配置效率。异质性分析发现,在城镇地区、高教育水平的家庭中,养老保险对家庭金融资产效率的促进作用更大。为提升家庭金融资产配置效率、增加家庭财产性收入,应进一步提高养老保险覆盖率、农村地区养老保险保障水平及居民受教育程度。Improving the efficiency of financial portfolios is crucial to raise residents’ property income.This paper analyzes the relationship between pension insurance and the efficiency of household financial portfolios using data from China Household Financial Survey(CHFS) in 2019.The results show that pension insurance can significantly improve the efficiency of household financial portfolios.After overcoming the endogenous bias of variables, the conclusion is robust.The mechanism analysis shows that pension insurance lifts the efficiency of household financial asset allocation mainly by reducing the level of household savings and enhancing household risk preference.Heterogeneity analysis shows that social pension insurance has a greater promotion effect on the efficiency of family financial portfolios in urban areas and families with higher education.In order to improve the efficiency of household financial portfolios and increase household property income, it is necessary to further improve the coverage rate of pension insurance, improve the security level of pension insurance in rural areas and improve residents’ education level.

关 键 词：养老保险 金融资产 夏普比率 配置效率 

分 类 号：F842.67[经济管理—保险] F832