金融学院知识库

随着我国人口老龄化程度不断加深，社会养老问题愈发明显。我国已初步建立了多层次养老体系，但“三支柱”养老体系发展仍不平衡不充分，其中，第一支柱基本养老保险基金“穿底”风险日益凸显，已然无法满足我国老年人口的养老诉求；第二支柱企业年金和职业年金参与门槛高、覆盖面窄，致使其不能成为解决社会养老问题的主流方案。故以商业养老保险及个人养老金为主的第三支柱，将会成为居民防范老龄风险的“风向标”、多层次养老保险体系的“主心骨”以及资本市场的“压舱石”。鉴于此，文章从家庭禀赋出发，探讨其对居民参与商业养老保险的影响有一定的必要性。

文章采用理论分析和实证分析结合的方法，以中国综合社会调查数据为研究样本对象，首先，通过厘清家庭禀赋与居民参与商业养老保险的理论逻辑，提出相应的研究假设，并概述了商业养老保险发展状况；其次，采用Probit模型实证检验家庭禀赋对居民参与商业养老保险的影响作用；再次，运用中介模型探讨金融资产投资行为和大众传媒的影响机制，并对研究结果进行内生性、稳健性讨论；最后，从地区、城乡及年龄结构进行异质性分析。

研究结果表明：商业养老保险发展水平低，主要表现在保费增速持续放缓、保险密度与保险深度弱、保费占人均储蓄比重低；家庭禀赋与居民参与商业养老保险的能力呈正相关；在影响路径中，金融资产投资行为和大众传媒发挥了部分中介效用；在异质性分析中，居民参与商业养老保险受个体特征差异影响明显。除此之外，研究还发现控制变量对居民参与商业养老保险的影响存在差异。文章不仅有助于挖掘家庭资源，转变居民从传统家庭互助养老向个人养老金账户主导下的商业养老过渡的养老观念，还有助于发展和完善我国多层次养老体系，积极应对人口老龄少子化背景下催生的社会养老危机。

As China's population is aging, the problem of social pension is becoming more and more obvious. China has initially established a multi-level pension system, but the development of the "three pillars" pension system is still unbalanced and insufficient, among which, the first pillar basic pension insurance fund is increasingly exposed to the risk of "bottoming out" and is unable to meet the pension demands of China's elderly population. The second pillar, corporate pension and occupational pension, has a high participation threshold and narrow coverage, which makes it unable to become the mainstream solution to the social pension problem. Therefore, the third pillar, mainly commercial pension insurance and personal pensions, will become the "vane" for residents to prevent the risk of aging, the "backbone" of the multi-level pension insurance system and the "ballast" of the capital market. The third pillar will become the "wind speed" for residents to prevent the risk of aging, the "backbone" of multi-level pension insurance system and the "ballast" of capital market. In view of this, it is necessary to explore the impact of household endowment on residents' participation in commercial pension insurance.

The article adopts a combination of theoretical and empirical analysis, and takes the data from the China General Social Survey as the research sample object. First, by clarifying the theoretical logic of household endowment and residents' participation in commercial pension insurance, the corresponding research hypothesis is proposed, and the development status of commercial pension insurance is outlined; Second, the Probit model is used to empirically test the effect of household endowment on residents' participation in commercial pension insurance; Third, the mediation model is used to explore the influence mechanism of financial asset investment behavior and mass media, and the endogeneity and robustness of the research results are discussed;Finally, heterogeneity analysis is conducted in terms of regional, urban and rural areas, and age structures.

The research results show that: the development level of commercial pension insurance is low, which is mainly manifested in the continuous slowdown of premium growth, weak insurance density and depth, and low proportion of premium to per capita savings; household endowment is positively related to residents' ability to participate in commercial pension insurance; financial asset investment behavior and mass media play part of the mediating effect in the influence path; in the heterogeneity analysis, residents' participation in commercial pension insurance is influenced by differences in individual characteristics In addition, the study also finds that there are differences in the effects of control variables on residents' participation in commercial pension insurance. The article not only helps to tap family resources and transform residents' perception of old-age pensions from traditional mutual family pensions to commercial pensions led by individual pension accounts, but also helps to develop and improve China's multi-level pension system and actively respond to the social pension crisis arising from the background of aging population with fewer children.