个人养老金参保行为影响因素实证研究——基于信任的视角

An Empirical Study on the Influencing Factors of Personal Pension Insurance Participation——From the Perspective of Trust

在人口少子老龄化背景下,个人养老金是应对我国社会养老压力的重要制度创新。然而现阶段个人养老金的参保率极低,严重制约个人养老金制度的实施成效。研究运用因子分析法构造信任变量,实证分析信任及其不同维度对居民个人养老金参保行为的影响。研究发现:信任能显著促进居民购买个人养老金,信任有助于推动居民获得个人养老金相关信息,降低个人养老金交易成本,提升居民对个人养老金的感知价值。细分信任不同维度的分析发现,一般信任、制度信任对居民个人养老金参保行为均有促进作用,而特殊信任的影响作用不显著。作用机制分析发现,信任影响居民购买个人养老金的作用机制包括信息获取、交易成本和感知价值,其中,感知价值是关键作用机制。此外,婚姻、收入、家中有无残疾人、风险态度、购买理财产品都显著影响居民个人养老金的参保行为。打造线上传播渠道,提升居民的信息获取能力;完善金融监管机制,降低市场交易成本;加强金融服务能力,增强居民的感知价值是激励居民参保的重要政策选择。

Under the background of the aging population and low birth rate,personal pensions are an important institutional innovation to cope with the pressure of Chines social endowment.Yet the participation rate of personal pensions is currently very low,which seriously restricts the effectiveness of the personal pension system.Using factor analysis method to construct trust variables,this paper empirically analyzes the impact of trust and its different dimensions on residents′participation behavior in pension insurance.The results show that trust can significantly promote residents′purchase of personal pensions.Trust facilitates residents′access to information related to personal pensions,reduces the transaction costs of personal pensions,and enhances residents′perceived value of the system.The analysis of different dimensions of trust found that general trust and institutional trust have a positive effect on residents′participation in personal pension insurance,while special trust has no significant effect.The mechanism analysis found that the mechanisms through which trust affects residents′purchase of personal pensions include information acquisition,transaction costs,and perceived value,with perceived value being the key mechanism.In addition,factors such as marriage,income,the presence of people with disabilities in the family,risk attitude,and purchasing financial products all significantly affect residents′personal pension insurance behavior.Building online communication channels to improve residents′information acquisition,improving the financial supervision mechanism to lower transaction costs,and strengthening financial service to enhance residents′perceived value are important policy choices for motivating residents′insurance participation.