养老保险与家庭风险资产选择  

Pension and Household Portfolio Choice

作　　者：赵振翔 王亚柯 ZHAO Zhen-xiang;WANG Ya-ke(China Construction Bank,Renmin University of China;University of International Business and Economics)

机构地区：[1]中国建设银行博士后科研工作站 [2]中国人民大学博士后流动站 [3]对外经济贸易大学金融学院

出　　处：《华中科技大学学报（社会科学版）》2023年第2期65-78,共14页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家社会科学基金项目“机关事业单位养老保险制度改革研究”(17BSH140);对外经济贸易大学中央高校基本科研业务费专项资金资助(ZD4-01)。

摘　　要：利用2013年和2018年中国居民收入分配(CHIPs)微观数据,本文研究了养老保险对我国居民家庭金融市场参与和风险资产选择的影响。研究发现,养老保险制度会显著改变城镇和农村居民家庭的风险资产选择,2013年和2018年参加养老保险的家庭比没有参加养老保险的家庭的风险资产比率分别高36.4%和76.5%;股票市场参与率分别提高了50.3%和74.6%。同时,养老金资产会对家庭的风险资产和股票资产积累产生替代效应,2013年和2018年家庭养老金资产每增加1万元,风险资产占家庭总资产比重分别降低47.5%和6.7%;股票资产占家庭总资产比重分别降低41.5%和6.6%。本文的研究对于理解不确定性下的家庭投资行为以及家庭风险资产积累具有非常重要的理论与实践意义。By using Chinese Household Income Project Survey(2013 &2018CHIPs), this paper analyses the effect of pension insurance on household financial market participation and financial portfolio choices. The study finds that the pension insurance system significantly changes the risky asset choices of urban and rural households, with households participating in pension insurance having 36.4% and 76.5% higher risky asset participation than those without pension insurance in 2013 and 2018, respectively;stock market participation increases by 50.3% and 74.6%, respectively. Meanwhile, pension assets have a substitution effect on households’ risky and stock asset accumulation, with each 10000 yuan increase in household pension assets in 2013 and 2018 reducing the share of risky assets in total household assets by 47.5% and 6.7%, respectively;and reducing the share of stock assets in total household assets by 41.5% and 6.6%, respectively. The research in this paper has very important theoretical and practical implications for understanding household investment behavior under uncertainty, as well as household risky asset accumulation.

关 键 词：养老保险 资产选择 金融市场参与 

分 类 号：F842[经济管理—保险]