商业养老保险与风险金融资产配置：来自中国老年家庭的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-02-27 DOI:10.1016/j.frl.2025.107028

Zhixiao Liu , Xue Zhang

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引用次数: 0

摘要

全球老龄化人口不断扩大，应对老年人护理挑战迫在眉睫。利用2019年中国家庭金融调查数据，本研究发现商业养老保险显著促进了家庭风险金融资产的配置。我们使用家庭风险感知和投资风险偏好作为中介变量来检验机制。异质性分析表明，商业养老保险对风险金融资产配置的正向作用在农村户籍家庭、二套住房家庭和东北地区家庭中更为显著。本文的研究成果旨在促进中国养老制度的不断完善，并为相关政策的制定提供重要的经验证据。

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Commercial pension insurance and risky financial asset allocation: Evidence from elderly Chinese families

The aging population is expanding globally, and addressing the challenges of elderly care is urgent. Using the 2019 China Household Finance Survey data, this study finds that commercial pension insurance significantly promotes households’ allocation of risky financial assets. We test the mechanisms using household risk perception and investment risk preference as mediating variables. Heterogeneity analysis reveals that the positive effect of commercial pension insurance on risky financial asset allocation is more significant in rural households with household registration, those with two sets of housing, and households in the northeast. The research findings of this article aim to promote the continuous improvement of China's elderly care system and provide important empirical evidence for the formulation of relevant policies.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance