技术经济与管理研究
技術經濟與管理研究
기술경제여관리연구
TECHNOECONOMICS & MANAGEMENT RESEARCH
2014年
6期
71-76
,共6页
养老金财富%家庭储蓄率%个人金融投资%保障机制
養老金財富%傢庭儲蓄率%箇人金融投資%保障機製
양로금재부%가정저축솔%개인금융투자%보장궤제
Pension wealth%Household saving rate%Personal investment%Safeguard mechanism
目前，我国的养老保障机制采用以社会养老保险为基础的多渠道养老保险机制，家庭成员赡养、个人金融投资和养老保险就成为了三种主要方式。这一结论已经得到了学术界的广泛认可，然而我国不同养老渠道之间的比例和关系尚缺乏实证研究。家庭自主的金融资产投资、家庭成员之间的赡养效果还没有得到充分的检验。文章基于2008年和2009年的中国家庭追踪调查(CFPS)数据，首次运用2005年政策调整后的数据进行实证研究，对我国养老金财富、个人金融投资以及家庭成员赡养率之间的关系进行了分析研究。文章根据传统的世代交叠模型，针对现有数据，建立了一个三期世代交叠模型，然后分析了不同渠道养老保险收入对家庭储蓄率的影响。研究结果表明，基本养老金财富与个人金融投资对非退休人群的储蓄有显著的负向影响，退休者的储蓄率主要受家庭成员赡养影响，并且呈负相关的关系。
目前，我國的養老保障機製採用以社會養老保險為基礎的多渠道養老保險機製，傢庭成員贍養、箇人金融投資和養老保險就成為瞭三種主要方式。這一結論已經得到瞭學術界的廣汎認可，然而我國不同養老渠道之間的比例和關繫尚缺乏實證研究。傢庭自主的金融資產投資、傢庭成員之間的贍養效果還沒有得到充分的檢驗。文章基于2008年和2009年的中國傢庭追蹤調查(CFPS)數據，首次運用2005年政策調整後的數據進行實證研究，對我國養老金財富、箇人金融投資以及傢庭成員贍養率之間的關繫進行瞭分析研究。文章根據傳統的世代交疊模型，針對現有數據，建立瞭一箇三期世代交疊模型，然後分析瞭不同渠道養老保險收入對傢庭儲蓄率的影響。研究結果錶明，基本養老金財富與箇人金融投資對非退休人群的儲蓄有顯著的負嚮影響，退休者的儲蓄率主要受傢庭成員贍養影響，併且呈負相關的關繫。
목전，아국적양로보장궤제채용이사회양로보험위기출적다거도양로보험궤제，가정성원섬양、개인금융투자화양로보험취성위료삼충주요방식。저일결론이경득도료학술계적엄범인가，연이아국불동양로거도지간적비례화관계상결핍실증연구。가정자주적금융자산투자、가정성원지간적섬양효과환몰유득도충분적검험。문장기우2008년화2009년적중국가정추종조사(CFPS)수거，수차운용2005년정책조정후적수거진행실증연구，대아국양로금재부、개인금융투자이급가정성원섬양솔지간적관계진행료분석연구。문장근거전통적세대교첩모형，침대현유수거，건립료일개삼기세대교첩모형，연후분석료불동거도양로보험수입대가정저축솔적영향。연구결과표명，기본양로금재부여개인금융투자대비퇴휴인군적저축유현저적부향영향，퇴휴자적저축솔주요수가정성원섬양영향，병차정부상관적관계。
At present, China's old-age security system is adopting the multi-pillar pension insurance system based on the fundamental social security. Support from family members, individual financial investment and the social securty has become the three main pillars. This conclusion has been widely recognized by the academic community in China. However , the empirical research regarding to the relationship between all pillars are still missing. The effect of investments and family members supports has not been fully tested. This articles is based on China's Family Panel Survey (CFPS) in 2008 and 2009 , which is the first time s-ince the policy adjustment in 2005. We conducted an empirical study on the relationship of pension wealth , personal financial investment as well as family members endowments. Based on the conventional overlapping generations model , we established a three-step overlapping generations model, and then analyze the effect of different pillars of pension income on the household saving rate. The results of this paper show that the fundamental pension wealth and personal finance investments has a significant negative effect on the in non-retirement saving rate, and the retirement saving rate is mainly affected by the support from family members which also has a negative correlation.
