社会养老保险和社会网络与风险金融资产配置

Social Endowment Insurance,Social Networks and Risky Financial Assets Allocation

基于2017年中国家庭金融调查的城镇居民数据,发现社会养老保险能够缓解城镇居民不确定性预期进而降低居民的预防性储蓄,同时通过改变风险态度促进家庭参与风险金融资产投资.社会网络作为一种非正式保障机制,也能缓解不确定性和流动性约束,并能改变风险态度以及社会互动促进家庭参与风险金融市场.但是,随着城镇家庭参与社会养老保险这一正式社会保障制度,会挤出社会网络对风险金融资产投资的影响.分区域估计结果显示,社会养老保险对社会网络的挤出效应在中西部地区表现得更为明显.通过变换估计方法、调整样本以及改变挤出效应测度方式等重新检验估计结果,发现本文的研究是稳健的.

Based on the data of urban residents in the 2017 CHFS,the paper finds that social endowment insurance can alleviate the uncertainty expectations of urban residents and thereby reduce preventive savings for residents.At the same time,by changing risk attitudes,it increases the probability of family participating in risky financial asset investments.As an informal security system,social networks not only can ease uncertainty and liquidity constraints,but also can change risk attitudes and social interaction.So,it can promote family participation in risky financial markets.However,with the participation of urban households in the formal social endowment insurance,it will squeeze out the impact of social networks on the investment of risky financial assets.The regional estimation results showed that the squeezing out effect of social endowment insurance on social networks was more obvious in the central and western regions.We re-examined the results by changing the estimation method,adjusting the sample,and changing the squeezing out effect measurement method,and found that the results are robust.