金融学院知识库

摘 要

在我国老龄化程度进一步加深、国家倡导伴随经济增长逐步增加家庭资产性收入的背景下，研究社会养老保险如何影响家庭的风险金融资产配置具有现实意义。本文尝试解决两个问题：其一，社会养老保险对家庭购买风险金融资产是否具有显著促进作用，促进的效应如何，发挥影响效应的机制是什么；其二，社会养老保险对家庭风险金融资产配置的影响是否存在城乡、不同地区以及不同年龄段的异质性。

根据社会保障理论、预防性储蓄理论、生命周期理论的理论研究及相关文献分析，发现社会养老保险作为一项社会保障措施，能够通过提供稳定的未来收入预期，降低家庭对未来收入不确定性的担忧，进而减少预防性储蓄，刺激家庭增加风险金融资产的配置。为了进一步验证社会养老保险对家庭风险金融资产配置的收入效应与替代效应影响机制，运用Probit与Tobit模型，针对中国家庭金融调查（CHFS）数据库2015、2017、2019年的数据进行实证分析，得出以下结论：（1）社会养老保险显著提升了家庭对风险金融资产的投资倾向和配置占比，尤其是城职保家庭，其对股票等高风险资产的配置增加，而非城职保家庭则相反；（2）社会养老保险对家庭风险金融资产配置影响的机制在于养老保险通过减少预防性储蓄，刺激家庭更多购买风险性金融产品；（3）社会养老保险对不同年龄段家庭的影响存在差异：青年家庭因稳定收入预期增加风险金融资产投资，中年家庭因中期财务目标影响不显著，老年家庭则因关注养老金增值而增加配置；（4）在地区和城乡分布上，东部地区因经济发达和养老金水平高，社会养老保险对家庭风险金融资产配置的促进作用显著；中西部地区影响不显著，而农村家庭的风险金融资产配置受教育年限提升的关键影响。

根据上述研究，提出以下建议：（1）提高社会养老保险覆盖率与待遇标准，释放中低收入预防性储蓄，增强家庭投资消费能力；（2）促进商业养老保险的发展，提升其对社会养老保险的补充作用。一方面，政府部门可出台相关政策促进商业养老保险发展，增厚家庭应对老龄化的基石，另一方面，保险公司应优化商业养老保险产品设计，提升养老规划服务质量，释放商业养老保险作为补充性养老保险的养老保障潜力；（3）多渠道推动家庭金融素质教育，提升金融风险认知，培养风险金融资产配置能力，提高资产性收益在家庭收入中的占比，助力社会经济繁荣，推进共同富裕进程。

Abstract

Against the backdrop of China's further aging population and the country's advocacy for gradually increasing household asset income with economic growth, studying how social pension insurance affects the allocation of risk financial assets in households has practical significance. This article attempts to address two issues: firstly, whether social pension insurance has a significant promoting effect on households' purchase of risk financial assets, what is the promoting effect, and what is the mechanism for exerting the influencing effect; Secondly, whether there is heterogeneity in the impact of social pension insurance on the allocation of household risk financial assets between urban and rural areas, different regions, and different age groups.

Based on theoretical research and literature analysis of social security theory, precautionary savings theory, and life cycle theory, it is found that social pension insurance, as a social security measure, can reduce household concerns about future income uncertainty by providing stable future income expectations, thereby reducing precautionary savings and stimulating households to increase the allocation of risk financial assets. In order to further verify the income and substitution effects of social pension insurance on the allocation of household risk financial assets, Probit and Tobit models were used to conduct empirical analysis on the data from the China Household Finance Survey (CHFS) database in 2015, 2017, and 2019. The following conclusions were drawn: (1) Social pension insurance significantly increased the investment tendency and allocation proportion of households towards risk financial assets, especially for urban employment insurance households, whose allocation of high-risk assets such as stocks increased, while non urban employment insurance households had the opposite effect; (2) The mechanism by which social pension insurance affects the allocation of household risk financial assets is that pension insurance stimulates households to purchase more risk financial products by reducing precautionary savings; (3) The impact of social pension insurance on families of different age groups varies: young families increase their risk financial asset investment due to stable income expectations, middle-aged families have no significant impact on medium-term financial goals, and elderly families increase their allocation due to concerns about pension appreciation; (4) In terms of regional and urban-rural distribution, the eastern region has a significant promoting effect of social pension insurance on the allocation of household risk financial assets due to its developed economy and high pension level; The impact on the central and western regions is not significant, while the risk financial asset allocation of rural households is crucially influenced by the increase in education years.

Based on the above research, the following suggestions are proposed: (1) Improve the coverage and treatment standards of social pension insurance, release low - and middle-income precautionary savings, and enhance household investment and consumption capabilities; (2) Promote the development of commercial pension insurance and enhance its supplementary role to social pension insurance. On the one hand, government departments can introduce relevant policies to promote the development of commercial pension insurance and strengthen the foundation for families to cope with aging. On the other hand, insurance companies should optimize the design of commercial pension insurance products, improve the quality of pension planning services, and unleash the potential of commercial pension insurance as a supplementary pension insurance for pension security; (3) Promote family financial literacy education through multiple channels, enhance financial risk awareness, cultivate the ability to allocate risk financial assets, increase the proportion of asset returns in household income, help promote social and economic prosperity, and advance the process of common prosperity.