社会养老保险与家庭金融资产投资——基于家庭微观调查数据的实证分析

Social Endowment Insurance and Household Financial Assets Investment——An Empirical Analysis Based on Family Micro-survey Data

经济的快速发展带来了家庭金融交易活动的增加,然而当前家庭资产结构仍旧较为单一,投资不足问题依然严重,研究家庭金融资产选择行为意义重大。本文运用中国家庭金融调查与研究中心2013年调查所得数据,实证分析社会养老保险的参与情况对家庭风险金融市场参与概率以及风险金融资产配置比例的影响。基于Probit和Tobit模型的回归结果表明:参与社会养老保险能在很大程度上增加家庭投资风险金融资产的概率和风险金融资产配额,优化资源配置;并且,这种正向影响在净资产较低的家庭中表现得更为明显。因此,在未来社会养老保险政策的制定过程中,要注意发挥其在提高资本市场参与度方面的积极作用,并在支持水平上有意识地向低净资产家庭倾斜。

The rapid economic development has brought about the increase of family financial transactions. However, the current family assets structure is still relatively single and the problem of investment is still serious. Therefore, the research on family financial asset selection behavior is significant. This paper uses the data of China Family Financial Survey and Research Center in 2013 to analyze the impact of social pension insurance on the probability of participation in family risk financial market and the proportion of risk financial asset al- location. The regression results based on the Probit and Tobit models show that participation in social endowment insurance can greatly increase the probability of financial investment and the risk of financial asset quotas and optimize the allocation of resources. And this positive effect is demonstrated more apparently in lower net assets family. Therefore, we should pay at- tention to play its role in improving the participation of capital markets, and consciously shift more to the low net assets family in the future formulation process of social endowment insurance policy.