社会养老保险与我国居民家庭风险金融资产投资——来自中国家庭金融调查(CHFS)的证据

Social Endowment Insurance and Risky Financial Assets Investment of Households in China: Evidence from CHFS

本文基于2011年中国家庭金融调查数据,考察了社会养老保险对家庭风险金融资产投资的影响。研究发现:拥有社会养老保险会显著提高家庭持有风险金融资产的可能性和风险金融资产比重,边际效应分别达到25%和22%左右。这一结果在控制了家庭的经济水平、人口统计学特征和主观投资风险偏好态度等因素后依旧稳健,一个解释是社会养老保险能有效地降低未来的不确定性。我们进一步分城镇家庭和农村家庭的子样本研究发现,养老保险对家庭风险资产投资的影响在农村很小且统计不显著,这说明新型农村养老保险的养老保障水平和拉动金融消费的作用仍有待提高。

Based on the 2011 China Household Finance Survey （CHFS）data, this paper examines the impact of risk of social endowment insurance on financial assets investment of Households in China. The empirical results indicate that social endowment insurance significantly increase the possibility of holding risky financial assets and the ratio of risky financial assets, the marginal effects are 25% and 22% respectively. These results are ro- bust after controlling the family income, demographic characteristics and the investment risk attitude. One im- portant explanation is social endowment insurance can effectively reduce the uncertainty of the future. We fur- ther divide the sample into urban and rural families. The effect is very weak and not significant in the rural are- a, which indicates the security level and the role of promoting financial consumption of the new rural endowment insurance need to be improved.