《保险研究》20230908-《城乡居民养老保险与家庭金融资产配置——基于风险态度的视角》（陈华、利圣临、杜霞）

［摘   要］基本养老保险为老年人口提供基本的生活保障，能够有效缓解家庭养老压力，释放家庭预防性储蓄，并调整家庭资产配置结构，提高家庭资产配置效率，有必要从基本养老保险参与角度研究家庭资产利用率的提高和家庭金融资产配置结构的调整和优化。本文利用2013、2015、2017和2019年中国家庭金融调查数据(CHFS)研究城乡养老保险参与对家庭金融资产配置的影响及其机制。研究结果表明，参与城乡居民养老保险降低了家庭配置金融性风险资产的可能性，提高了家庭配置金融性无风险资产的可能性。城乡居民养老保险参与对城镇居民、收入较低、养老经济压力较大或受教育水平较低的家庭的金融资产配置决策具有更大的影响。机制分析的结果表明，参与城乡居民养老保险通过提高居民的风险厌恶程度调整家庭金融资产的配置结构。因此，应积极推进养老保险发展，发挥养老保险的经济效应，多渠道促进居民收入水平提升，缓解居民家庭养老压力，并着力提升居民金融认知水平，从而进一步促进我国养老保险体系的完善以及资本市场的发展。

［关键词］基本养老保险；家庭金融资产；风险态度

［基金项目］本文受到国家自然科学基金项目(71974221)的资助。

［作者简介］陈华，中央财经大学保险学院教授、博士生导师，研究方向：保险经济学；利圣临，中央财经大学保险学院硕士生，研究方向：保险经济学；杜霞(通讯作者)，南开大学金融学院讲师，研究方向：保险经济学。

Rural-urban Residents′ Basic Pension Insurance and Allocation of Household Assets—From the Perspective of Risk Attitude

CHEN Hua,LI Sheng-lin,DU Xia

Abstract：Abstract:The basic pension insurance has the function of providing basic living security for family retirees,which can not only relieve the pressure of old age provision effectively but also release family preventive savings and improve the efficiency and structure of family asset allocation.Therefore,it is very necessary to study the improvement of the utilization rate of household assets and the optimization of the household financial asset allocation structure from the perspective of basic pension insurance.This paper uses the CHFS data to study the impacts of rural-urban residents′ basic pension insurance participation on the allocation of household financial assets and its influencing mechanism.The research results show that participating in rural-urban residents′ basic pension insurance can reduce the family′s holding of financial risk assets and increase the family′s holding of financial risk-free assets.In addition,the participation in the basic pension insurance has a greater impact on the financial asset allocation decisions of urban residents,households with lower income,greater economic pressure,or lower education level.The results of the mechanism analysis show that participating in rural-urban residents′ basic pension insurance adjusts the allocation structure of family financial assets by improving the risk aversion degree of residents.Therefore,we should actively promote the development of pension insurance,and give full play to its economic effects.Besides,we should take measures to improve residents′ income levels through multiple channels,alleviate the pressure of old age provision,and strive to improve the level of residents′ financial literacy,so as to further promote the improvement of the old-age care system and the development of China′s capital market.

Key words：Key words:basic pension insurance;household financial assets;risk attitude