区域金融发展对居民参与养老投资的影响研究  

Research on the Impact of Regional Financial Development on Residents'Participation in Pension Investment

作　　者：李瑶 段丁强 何悦 邵星辰 LI Yao;DUAN Dingqiang;HE Yue;SHAO Xingchen(School of Economics,Wuhan Textile University,Wuhan Hubei 430200,China)

机构地区：[1]武汉纺织大学经济学院,湖北武汉430200

出　　处：《武汉纺织大学学报》2025年第1期84-92,共9页Journal of Wuhan Textile University

摘　　要：鼓励居民将个人储蓄提前投资于养老金储备,提高养老保障水平,不仅有利于减轻养老经济压力,对我国养老体系第三支柱的发展也至关重要。在我国家庭财产分布中,金融资产仅占10%左右,用于养老的金融资产则更少。造成养老金融资产严重不足的一个可能原因是金融发展不平衡、不充分导致的市场结构不完善。因此从区域金融发展差异的角度,研究其对居民参与养老投资的影响,对我国完善第三支柱养老体系具有重要意义。本文基于2019年中国家庭金融调查数据的实证分析表明,区域金融发展水平越高,居民养老投资的积极性越高,居民参与养老投资的可能性越大。进一步分析表明,区域金融发展水平的提高会降低市场摩擦,进而鼓励居民参与养老金融市场,增加居民进行养老投资的可能性。Encouraging residents to invest their personal savings in pension reserves in advance to raise the level of pension protection is not only conducive to reducing the economic pressure on pensions,but also crucial to the development of the third pillar of China's pension system.In the distribution of household property in China,financial assets account for only about 10 percent,and even less financial assets are used for retirement.One possible reason for the serious shortage of financial assets for retirement is the imperfect market structure caused by unbalanced and insufficient financial development.Therefore,from the perspective of regional financial development differences,it is of great significance to study its impact on residents'participation in pension investment to improve the third-pillar pension system in China.The empirical analysis of this paper based on the 2019 China Household Finance Survey data,which shows that the higher the level of regional financial development,the higher the enthusiasm of residents'pension investment and the higher the possibility of residents'participation in pension investment.Further analysis shows that an increase in the level of regional financial development reduces market friction,which in turn encourages residents to participate in the pension financial market and increases the likelihood of residents making pension investments.

关 键 词：区域金融发展 养老投资 资产配置 

分 类 号：F832.51[经济管理—金融学]