摘要
本文基于2012年中国家庭追踪调查数据(CFPS),在考虑收入风险的条件下实证分析了社会养老保险对城镇家庭风险金融资产配置行为的影响。结果表明,参加了养老保险对家庭提高风险金融市场参与概率和风险资产配置比例具有显著的激励作用。进一步分析可以发现,养老保险、收入风险对家庭风险金融资产配置的边际影响具有生命周期效应,临近退休的家庭的风险金融资产配置行为主要取决于财富规模和收入风险,而对是否参保并不敏感。此外,对于参保家庭而言,收入风险会显著地挤出金融风险,而未参保家庭对收入风险并不敏感。
Based on the 2012 China Family Panel Studies（CFPS）data,this paper empirically analyzes the effect of social endowment insurance on the risky asset allocation of urban households,with income risk taken into consideration.The results indicate that social endowment insurance has significantly incentive effect on the increase of risky financial markets＇ participation rate and the ratio of risky financial asset allocation.It further shows that marginal effects of social endowment insurance and income risk have＂life-cycle effect＂.The households approaching retirement mainly decide their risky assets allocation in accordance with the level of their wealth and their income risk rather than the participation of insurance.Furthermore,for the households insured,income risk can significantly crowd out financial risk,but for the households uninsured,the effect of income risk is not prominent.
作者
李昂
廖俊平
Li Ang Liao Junping
出处
《中国社会科学院研究生院学报》
CSSCI
北大核心
2016年第6期40-50,共11页
Journal of Graduate School of Chinese Academy of Social Sciences
基金
国家自然科学基金重点项目(批准号:71231008)的资助
中山大学经济研究所基地建设经费项目的支持
关键词
社会养老保险
收入风险
风险金融资产
家庭金融
social endowment insurance
income risk
risky financial asset
household finance
