我国居民养老金融资产配置的影响因素研究

养老金养老和住房养老成为我国居民养老模式最普遍的两种选择,但以投资金融市场方式养老的参与度较低、发展空间有限。本文基于CHFS2017年的数据,采用二元Logistic模型和OLS回归模型,从居民的家庭情况、经济状况、行为特征三个方面对我国居民养老金融资产配置的影响因素进行了实证分析与研究。结果显示,居民不同的个体特征对其养老金融产品的持有与投资回报均具有显著的影响。其中,受教育程度和收入水平的提高有助于居民持有养老金融资产并提高盈利水平,现金与活期存款、定期存款等,对养老金融产品的持有及投资回报也具有正向作用。养老保险持有的影响不显著,子女数量、家庭健康状况属于无关变量。

Research on the Influencing Factors of Pension Finance Asset Allocation of Chinese Residents

Old-age pension and housing old-age pension are the two most common choices for residents'pension mode in China.However,the pattern of investing in financial markets has low participation and limited development space.Based on the data of CHFS in 2017,using binary Logistic model and OLS regression model,this paper makes empirical analysis and research on the influencing factors of Chinese residents'endowment financial asset allocation from three aspects including family situation,economic situation and behavioral characteristics of the residents.The results show that different individual characteristic of residents has a significant impact on the holding and return on investment of their pension financial products.The improvement of education level and income level will help residents to hold financial assets for the aged and increase their profitability.Cash,current deposits,time deposits and other symbols of family wealth will also have a positive effect on the holding and return on investment of financial products for the aged.The influence of endowment insurance holding is not significant,and the number of children and family health are irrelevant variables.