| 养老保险参与对家庭金融资产组合多样性的影响研究 |
| Research on the Impact of Pension Insurance Participation on the Diversity of Household Financial Asset Portfolio |
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| 中文关键词:养老保险 金融资产组合 风险偏好 |
| 英文关键词:endowment insurance financial asset portfolios risk appetite |
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| 中文摘要: |
| 本文基于2019 年中国家庭金融调查（CHFS）数据，运用Tobit 模型，探究养老保险参与对家庭金融资产组合多样性的影响。研究发现，养老保险参与会正向影响家庭金融资产组合多样性，经过一系列内生性和稳健性检验后，研究结论保持一致。机制检验发现，养老保险参与通过风险偏好正向影响家庭金融资产组合多样性。异质性分析发现，养老保险参与对城镇地区家庭、高资产水平家庭、高受教育水平家庭的金融资产组合多样性的正向影响更明显。基于此，通过完善多层次养老保险体系建设、逐步提高居民风险偏好、优化弱势家庭养老保险参与度等途径改善家庭金融资产组合多样性。 |
| 英文摘要: |
| Based on the data of China Household Finance Survey (CHFS) in 2019, this paper uses Tobit model to explore the impact of pension insurance participation on household financial portfolio diversity. It is found that pension insurance participation has a positive impact on the diversity of household financial asset portfolio. After a series of endogeneity and robustness tests, the research conclusions are consistent. The mechanism test shows that pension insurance participation positively affects the diversity of household financial asset portfolio through risk preference. Heterogeneity analysis shows that pension insurance participation has a more significant positive impact on the diversity of financial asset portfolio of households in urban areas, families with high asset level and families with high education level. Based on this, the diversification of family financial asset portfolio can be improved by improving the construction of multi-level pension insurance system, gradually increasing residents’ risk appetite and optimizing the participation of vulnerable families in pension insurance. |
| 吴咏涵.养老保险参与对家庭金融资产组合多样性的影响研究[J].科学决策,2025,(05):127~139 |
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