风险态度对养老规划的影响研究——来自湖北农村居民的问卷调查

The Effects of The Risk Attitude on The Retirement Plan:Evidence from Rural Residents in Hubei

居民的养老规划问题一直备受学术界的关注。与已有文献不同,本文将养老规划细分为“新农保缴费档次”、“是否购买其它养老保险”以及“利用金融市场养老规划的意愿”,利用湖北恩施、襄阳、荆州三市的调查数据,着重考察了风险态度对农村居民养老规划选择的影响。统计表明:被调查者普遍缺乏高层次的养老规划,大都选择低缴费档次的“新农保”;虽然有较强的利用养老金融市场的意愿,但很少购买其它养老保险。实证结果显示:主观风险态度对居民养老规划行为没有影响,客观风险态度则显著影响了其养老规划选择,即风险规避程度越高,养老规划越缺失。本文的政策含义在于:要对农村居民进行金融风险教育,克服对金融市场的恐惧心理,鼓励其积极利用金融市场进行养老规划,增加和优化养老规划品种及其配置,从而在一定程度上缓解其养老的经济压力。

The problem of residents’retirement plan has always been the concern of the academic circle.Different from the existing literature,this paper subdivides the retirement plan into the“new endowment insurance premium grade”,“whether to buy other endowment insurance”and“the willingness to use the financial market for the retirement plan”.Based on 1053 data from Enshi,Xiangyang and Jingzhou,this paper focuses on the effect of risk attitude on retirement plan choices.The results show that:the survey respondents generally lack of high-level retirement plan,most of them choose the“new rural social endowment insurance”with low premium;although they have strong willingness to use the retirement financial market,they rarely buy other endowment insurance.The empirical results show that subjective risk attitude has no effect on the retirement plan behavior,and the objective risk attitude has a significant impact on the retirement plan choice,that is to say,the higher the risk aversion is,the more the retirement plan is missing.The policy implication is:we should carry out financial risk education for rural residents,help them overcome the fear of financial market,and encourage them to actively make use of the financial market for retirement plan.