城乡居民基本养老保险、家庭异质性决策和收入差距——基于风险分担的视角

Pension Insurance for Urban and Rural Residents,Household Heterogeneous Decision and Income Gap——Based on the View of Risk Sharing

本文从养老保险的风险分担属性出发,在识别城居保和新农保再分配效应基础上,细致探讨了城乡居民基本养老保险对家庭劳动供给决策、经营决策和资产配置决策的影响,揭示出城居保和新农保再分配效应的作用途径。实证结果表明,城居保和新农保提高了城镇和农村家庭的工资性收入、经营性收入、财产性收入以及家庭总收入,整体上扩大了城乡家庭总收入差距,但是对城乡不同类型家庭收入差异具有异质性影响。具体而言,(1)城居保和新农保能够提高农村家庭成员在劳动回报率更高的非农部门工作的概率,促进农村居民在职业流动中获得工资增长,缩小了城乡家庭工资性收入差距;(2)城居保和新农保能够促进生存型创业,并且对农村家庭创业概率和经营规模的影响大于城镇家庭,缩小了城乡家庭经营性收入差距;(3)城居保增加了城镇家庭持有风险资产、金融资产和房产的偏好,城镇家庭获得资产溢价,农村新农保参保家庭更偏好无风险资产,扩大了城乡家庭财产性收入差距。

Starting from the risk sharing attribute of pension insurance, we assessed the redistribution effect of new rural residents’ pension insurance and urban residents’ pension insurance, as well as its influence mechanism. The results of the study showed that the two systems increased the labor income, operating income, investment return, and total household income of urban and rural households, expanded the total household income gap on the whole. Specifically:(1) The two systems can increase the probability of family members working in the nonagricultural sectors with a higher rate of return on labor and promote the increase of wages for the residents in the occupational mobility, which narrows labor income gap.(2) The two systems can promote survival ventures, the effect of basic endowment insurance for urban and rural residents on the entrepreneurial probability and business scale of rural households is greater than that of urban households, which narrows operating income gap.(3) Urban residents’ pension insurance has increased the preference of urban households to hold risky assets, financial assets and real estate, which has prompted urban households to transfer assets from productive assets to more risky assets and obtain higher asset premiums, but the new rural residents’ pension insurance has made families prefer riskfree assets, thus expanding the investment return gap between urban and rural households.