养老资产、社会资本与家庭财富积累

Pension Assets, Social Capital and Household Wealth Accumulation

利用CHIPS(2013)数据精算我国城镇家庭的养老资产作为衡量养老待遇的指标,实证研究了养老资产对家庭财富积累的替代效应。研究结果发现,虽然养老资产对家庭财富存在替代效应,但从国际上来看,替代率较低。同时,养老资产对家庭财富积累的替代效应也受家庭拥有社会资本高低的影响。具体来说,对于拥有较多亲属资源,信任感更强的家庭,养老资产对家庭财富的替代效应较强,替代率较高。这可能因为社会资本为家庭提供了非正式保险机制来抵抗风险,家庭预防性储蓄动机较低。在人口老龄化的大背景下,大力发展普惠金融、增强制度公平性,提高对制度信心能促进家庭合理安排养老规划。

This paper empirically analyzes the substitution effect of pension assets on household wealth accumulation by using CHIPS(2013) data to calculate the pension assets of urban households in China as an indicator of pension benefits. The results show that although pension assets have a substitution effect on household wealth, the substitution effect is relatively low internationally. Specifically, for families with more relatives, resources and stronger trust, the substitution effect of pension assets on the household wealth is stronger and the replacement rate is higher. The reason may be that social capital provides an informal insurance mechanism for the households to resist risks. Therefore, the household preventive savings motivation is lower. In the context of the aging population, some actions need to be taken, such as promoting household to make a reasonably pension arrangement, developing the inclusive finance, improving the fairness of the system and strengthening the confidence in the system.