住房公积金与家庭风险金融资产选择  

Housing Provident Fund and Household-risk Financial Assets Choice

作　　者：王亚柯 刘东亚 Wang Ya-ke;Liu Dong-ya(School of Banking and Finance,University of International Business and Economics,Beijing 100029;School of Insurance and Economics,University of International Business and Economics,Beijing 100029)

机构地区：[1]对外经济贸易大学金融学院,北京100029 [2]对外经济贸易大学保险学院,北京100029

出　　处：《经济纵横》2023年第4期108-117,共10页Economic Review Journal

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”(编号:17BSH140);北京市习近平新时代中国特色社会主义思想研究中心重点项目“完善社会保障再分配促进共同富裕研究”(编号:22LLYJB035);对外经济贸易大学中央高校基本科研业务费专项资金“我国养老服务金融创新研究”(编号:ZD4-01)的成果。

摘　　要：住房公积金作为社会保障制度的重要构成部分,对家庭金融资产选择行为有重要影响。本文利用2019年中国家庭金融调查(CHFS)数据,考察了住房公积金对家庭风险金融资产选择行为的影响,发现住房公积金对家庭风险金融资产投资具有显著正向影响,且家庭住房公积金的参与程度越深,对其风险金融资产投资的促进作用越大。进一步研究发现,住房公积金能显著增加有房家庭配置风险金融资产的概率和比重,但对无房家庭风险金融资产持有决策并无显著的促进效应;同时,住房公积金会通过影响家庭收入和风险偏好水平,进而促进其风险金融市场参与。为增加居民财产性收入,实现全民共同富裕,应逐步扩大住房公积金的覆盖范围,实行差异化的住房公积金提取政策,更好地发挥住房公积金对家庭收入增长的促进作用,拓宽无房家庭的财产性收入渠道。As an important part of the social security system,housing provident fund has an important im-pact on household financial asset selection behavior.Using the 2019 China Household Finance Survey(CHFS),this paper examines the impact of housing provident fund on households’risky financial asset selec-tion behavior and finds that housing provident fund has a significant positive impact on households’risky fi-nancial asset investment,and the deeper a household’s participation in housing provident fund,the greater the promotion effect on its risky financial asset investment.Further study finds that housing provident fund sig-nificantly increases the probability and share of risky financial assets allocation for households with a house,but does not have a significant boosting effect on risky financial assets holding decision for households without a house;meanwhile,housing provident fund will promote households’risky financial market participation by affecting their income and risk preference level.In order to increase residents’property income and achieve common prosperity for all,the coverage of housing provident funds should be gradually expanded and differen-tiated housing provident fund withdrawal policies should be implemented to better leverage the role of housing provident funds in promoting household income growth and broadening the property income channels of home-less households.

关 键 词：住房公积金 家庭资产选择 风险金融市场参与 

分 类 号：F832[经济管理—金融学]