社会保障与财产性收入——来自CHFS2015的经验证据

How Does Social Security Promote the Growth of Residents’Property Income:Empirical Evidence from CHFS2015

当前,财产性收入偏低抑制了中国居民收入的更快增长,而社会保障制度建设的滞后则可能是导致居民财产性收入偏低的重要原因之一。这是因为,完善的社会保障有助于居民抵御未来收入和财富可能遭受的不利冲击,降低居民的预防性储蓄,进而引发居民为获取财产性收入而实施的投资行为。使用CHFS2015数据研究发现,医疗保险和养老保险显著提高了居民的财产性收入。同时,促进居民的资产市场参与率是医疗保险和养老保险显著提高居民财产性收入的重要机制。因此,建立完善的社会保障制度,是增加居民财产性收入的重要制度保障。

At present,the low property income restrains the faster growth of Chinese residents’income,and the lag of social security system construction may be an important reason for the low property income of Chinese residents.Because the lag of social security construction may make residents want to hold more low-risk assets with high liquidity to resist the possible impact of risk,which further urges residents to allocate more assets to low risk-low return“investment projects,rather than“high risk-high return”investment projects.Based on the data of CHFS2015,it is found that social health care and endowment insurance significantly improve the property income of residents,which is also stable in the estimation of instrumental variable method.Further research found that it significantly is important mechanism for social medical care and pension insurance to improve residents’property income.Therefore,the establishment of a sound social security system may be an important institutional basis for increasing the property income of residents.