摘要
引导居民进行养老投资是缓解养老经济压力的重要途径之一,而影响养老投资的因素有很多。运用武汉市7个中心主城区753个居民的调查数据,以收入为切入点,从收入水平和收入风险两个角度考察其对居民养老投资行为的影响。研究结果显示,收入水平越高、收入风险越大,居民参与养老投资的可能性越大;收入水平与收入风险的边际效应呈倒U型,其中收入水平在6~10万的居民,养老投资的边际效应最大;异质性分析显示,女性、受教育程度较高、健康状况较差以及年龄较大的居民,收入水平和收入风险对养老投资的促进作用更大。通过用家庭收入水平代替个人收入水平、考虑风险态度与金融能力因素对养老投资的影响等方法进行稳健性检验,都证明了上述结果的可靠性。该结果不仅可以解释武汉市城镇居民养老投资的现状,而且对促进养老金融市场的发展与相关政策的制定也具有一定的启发和现实指导意义。
Guiding residents to invest for retirement life is one of the important ways to alleviate the economic pressure of the elderly. There are many factors affecting retirement investment.Based on the survey data of residents in seven major urban centers of Wuhan,this paper examines the impact of income level and income risk on retirement investment behavior. The results show that both of income level and income risk have a positive impact on retirement investment;the marginal effects of income level and income risk are inverted U-shaped;heterogeneity analysis shows that women,higher education level,poor health status and older residents,income level and income risk play a greater role in promoting retirement investment. The reliability of the results is proved by the robustness test of the method of substituting family income level for personal income level,considering the influence of risk attitude and financial ability on retirement investment. This result can not only explain the current situation of retirement investment of urban residents in Wuhan,but also have a certain practical guiding significance to promote the development of retirement financial market and the formulation of relevant policies.
作者
孙瑞婷
熊学萍
SUN Rui-ting;XIONG Xue-ping(College of Economics and Management,Huazhong Agricultural University,Wuhan 430010,China)
出处
《人口与发展》
CSSCI
北大核心
2020年第1期40-51,共12页
Population and Development
基金
武汉研究院开放性课题“收入、养老观与武汉市城镇居民养老投资行为研究”(IWHS20182009)
教育部人文社科规划基金项目“农村居民金融素养及其对金融决策的影响:路径与实证检验”(17YJA790080)
关键词
收入水平
收入风险
养老投资
武汉市城镇居民
Income Level
Income Risk
Retirement Investment
Urban Residents of Wuhan
