社会养老保险能提高家庭投资组合有效性吗?——基于生命周期视角的研究

Can Social Pension Insurance Promote Household Portfolio Efficiency?——From the Perspective of Life Cycle

本文基于2017年中国家庭金融调查(CHFS)数据,采用加权平均夏普比率和索提诺比率两个衡量指标,探究社会养老保险对家庭投资组合有效性的影响。研究结果显示,社会养老保险能够显著促进家庭参与风险金融市场和提高家庭投资组合有效性。机制分析表明,社会养老保险主要通过减少预防性储蓄路径优化家庭投资组合。异质性分析表明,社会养老保险对家庭投资组合的优化作用在农村地区、西部地区及低收入水平家庭中更加显著。进一步分析发现,社会养老保险对家庭投资组合有效性的边际影响具有生命周期效应,相较处于其他生命周期阶段的家庭,更能够显著提升老年家庭的投资组合有效性。相关结论有助于厘清社会养老保险作用于家庭投资行为的影响机制,为加快全民养老保险体系的改革、提高政策精准程度、缩小居民金融资源鸿沟、增加家庭财产性收入、实现国内大循环的目标提供政策参考。

The construction of an effective investment portfolio that balances liquidity,risk,and profitability of assets becomes a focal point for households.As the cornerstone of the social security system,social pension insurance plays a vital role in ensuring the basic living needs of elders and providing retirement benefits.Social pension insurance can influence household financial asset allocation in two ways.On the one hand,it can contribute to household wealth growth,mitigate the impact of income fluctuations,reduce the need for precautionary savings,and thus promote the efficiency of household portfolios.On the other hand,contributions to social pension insurance may lead to a reduction in households’current disposable income and the share of risky financial asset allocations,potentially diminishing the efficiency of household portfolios.However,there is a dearth of literature examining the influence of the social security system on household portfolio efficiency,and this paper aims to address this research gap.Households’risk and investment preferences change with the life cycle.Therefore,exploring the impact of social pension insurance on portfolio efficiency should not only focus on the significance and degree,but also pay attention to the heterogeneity in life stages.Using data from the 2017 China Household Finance Survey(CHFS),this paper employs the weighted average Sharpe ratio and the Sortino ratio to investigate the influence of social pension insurance on the efficiency of household portfolios.The findings reveal that social pension insurance can notably enhance household participation in the risky financial market and improve portfolio efficiency.Mechanism analysis indicates that social pension insurance can optimize household financial asset allocation by reducing precautionary savings.Heterogeneity analysis demonstrates that the optimization impact of social pension insurance on household portfolios is more pronounced in rural areas,western regions,and low-income families.Further analysis reveals that the marginal effect of social pension insurance on portfolio efficiency follows a life cycle pattern.Specifically,social pension insurance can significantly enhance the portfolio efficiency of elderly households.The paper may unveil the underlying rationale of social pension insurance influencing household financial asset allocation.Relevant recommendations include further advancing pension insurance reform,perfecting the national pension insurance framework,and refining policy precision to incentivize families to engage prudently in the risky financial market and rational family investments.This will foster a positive cycle of household wealth accumulation and financial market development.