社会保障的改善对我国居民家庭消费——投资选择的影响研究

与发达国家相比,我国居民家庭的资产配置中存在着消费比例过低、金融资产配置结构不合理等问题.而导致这一问题的重要因素是我国目前的社会保障仍处于较低水平.以跨期消费—投资组合理论为基础,研究社会保障制度的改善对居民家庭资产配置的影响机理及影响效果.结果表明,社会保障制度一方面通过降低居民家庭的风险厌恶水平,可以显著提高其消费比例及风险资产投资比例;另一方面通过提高退休后的收入水平,可以提高居民家庭的整体效用水平.同时,社会保障制度的改善,也有利于提高居民家庭对金融市场的参与热情,有利于活跃我国金融市场.

Impact of Social Security Improvement on Chinese Households' Consumption-Investment Behavior

Comparing to developed countries,the asset allocation of Chinese households demonstrates problems such as low ratio of consumption,improper financial asset investments, etc.One important factor of such situation is the relatively undeveloped social security system. Based on inter-temporal consumption-investment model,this paper analyzed the impact mechanism and effect of social security improvement on households' asset allocation.The result shows that,the improvement of social security,by the one channel,could decrease households' risk aversion level thus significantly increase their consumption ratio and risky asset investment ratio;On the other channel,could raise the households' income after retirement, thus improve the total utility.Meanwhile,better social security system could also help raise households' willingness of participating capital market,resulting in a more active capital market.