《保险研究》20191209-《社会养老保险对家庭金融资产配置的影响研究》（卢亚娟、张雯涵、孟丹丹）

［摘   要］在人口老龄化背景下,家庭在社会保障上的投资逐渐增加。社会养老保险是社会保障的重要组成部分,为退休人员提供基本生活保障,也是影响家庭金融资产选择的重要因素之一。本文利用2015年中国家庭金融调查研究中心(CHFS)数据,采用倾向得分匹配(PSM)的方法,从区域和城乡两个角度分别研究社会养老保险对家庭金融资产配置的影响。研究结果表明:社会养老保险可以降低家庭未来收入的不确定性,参加社会养老保险能够提高家庭对金融资产的持有量。对各类风险性金融资产的投资情况具体分析发现,除股票资产外东部地区家庭对其他各类风险性金融资产的投资明显增高,中部地区家庭对基金的持有量降低,西部地区家庭对金融理财产品的投资变化不大。同时,对于不同类风险性金融资产的投资,城乡家庭也存在明显差别。

［关键词］社会养老保险；家庭金融；区域差异；倾向得分匹配(PSM)

［基金项目］本文得到了国家社科重大项目“金融服务养老的理论框架、国际经验、中国路径研究”(17ZDA072)、国家社科基金后期资助项目“农村家庭金融资产选择行为研究”(19FJYB014)、江苏省高校优势学科三期——应用经济学(苏政办发［2018］87号)以及江苏省研究生科研创新计划“社会保障对家庭金融资产配置的影响研究”的资助。

［作者简介］卢亚娟,徐州医科大学总会计师,南京审计大学金融学教授,研究方向:区域金融；张雯涵,南京审计大学金融学硕士研究生,研究方向:家庭金融；孟丹丹,供职于中国建设银行南京分行,研究方向:家庭金融。

A Study on the Influence of Social Pension Insurance on the Allocation of Household Financial Assets

LU Ya-juan,ZHANG Wen-han,MENG Dan-dan

Abstract：Under the background of population aging,household investments in social security is gradually increasing. Social pension insurance is an important part of social security. It has the function of providing basic living security for family retirees,and it is also an important factor affecting the choice of household financial assets. This paper took the data of Survey and Research Center for China Household Finance (CHFS) in 2015 as a sample and adopted the method of propensity score matching (PSM) to study the impact of social pension insurance on household financial asset allocation from the perspective of regional and urban areas. The research results show that social pension insurance can reduce the uncertainty of household future income,and family participation in social pension insurance can increase the family′s holding of financial assets. However,the specific analysis of the investment in various types of risky financial assets finds that,except for stock assets,households in the eastern region increase their investment in other types of risky financial assets significantly,and households in the central region reduces their holdings of securities funds. For families in western China,their investments in financial wealth management products have not changed much. At the same time,there are significant differences between urban and rural households in investments in different types of risky financial assets. Based on the above conclusions,this paper proposes relevant policy recommendations with a view to providing a basis for improving the social security system and promoting the rational selection of financial assets for families.

Key words：social pension insurance;household finance;regional difference;PSM