人口老龄化对居民家庭金融资产配置的影响  

The Impact of Population Aging on the Allocation of Household Financial Assets

作　　者：马红刚 MA Honggang(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《统计与信息论坛》2024年第9期118-128,共11页Journal of Statistics and Information

基　　金：国家社会科学基金项目“乡村振兴背景下干部驻村制度优势转化为治理效能”(22BZZ068)。

摘　　要：家庭金融资产作为家庭资产的重要组成部分,是增加家庭财产性收入与提高家庭福利的重要工具。采用2016年与2018年中国家庭追踪(CFPS)微观调查数据,从家庭金融市场参与和家庭金融资产占比两个维度衡量家庭金融资产配置,分析了老龄化对家庭金融资产配置的影响。研究发现:人口老龄化显著抑制了家庭金融市场参与的机会,且对家庭金融投资占比有显著负向影响,采用替代变量法与改变样本容量法做稳健性检验,采用工具变量法检验内生性,人口老龄化对家庭金融资产配置的负向冲击依然存在。异质性分析发现,人口老龄化对城市与风险厌恶家庭中的金融市场参与和投资占比影响更加显著。机制检验发现,人口老龄化增加了家庭经济赡养负担,进而抑制了家庭金融市场参与概率和投资占比。特别地,老年父母经济反哺调节了人口老龄化对家庭金融资产配置的负向关系,进而对家庭金融资产配置有促进效应。因此,随着中国人口老龄化进程的加快,健全家庭养老保障机制,能够促进家庭金融资产的合理配置,有利于居民拓展增收渠道,进而实现共同富裕。As a basic component unit of household amount,household financial assets are an important tool to increase household property income and improve household welfare.This paper empirically analyzes the impact of aging on household financial asset allocation by using 2016 and 2018 Chinese Family Panel Studies to measure household financial asset allocation in two dimensions:household financial market participation and household financial asset share.It is found that demographic aging significantly suppresses the probability of household financial market participation and has a significant negative impact on the share of household financial investment.Further exploring the mechanism of the effect of population age structure on household financial asset allocation,we find that population aging increases the burden of household financial support,which in turn suppresses the probability of household financial market participation and investment share;however,the economic feedback of elderly parents moderate the negative relationship of population aging on household financial asset allocation,which in turn has a facilitating effect on household financial asset allocation.Therefore,with the acceleration of population aging in China,the establishment of a sound guarantee mechanism to reduce the burden of family retirement can optimize the reasonable allocation of family financial assets and help residents to expand income avenues and achieve common prosperity.

关 键 词：人口老龄化 家庭金融资产 子女经济赡养 父母经济反哺 

分 类 号：C924.2[社会学—人口学] F832.5