《保险研究》20190707-《商业年金消费决策的行为经济学分析》（秦云）

［摘   要］商业年金是我国养老保险体系的重要组成部分,虽然近年来我国在政策层面不断推动商业年金的发展,但是我国居民的商业年金需求仍然十分低,存在“年金谜题”现象。本文从行为经济学的视角展开对商业年金消费决策的分析,首先从理论层面阐述了行为因素对商业年金消费决策的影响机制,随后设计调查问卷收集个体数据,从实证层面进行了验证。结果发现,主观概率、心理账户、信息感知、金融素养等行为因素会显著影响个人的商业年金消费水平,其他客观因素如性别、年龄、婚姻状况、风险态度以及收入水平等也会显著影响个人的商业年金消费水平。基于本文研究结果,认为未来商业年金回归保障属性、弱化个人账户概念以及发展保险咨询服务等可以带来商业年金需求的提升。

［关键词］年金谜题；行为经济学；商业年金；实证分析

［基金项目］本研究得到教育部哲学社会科学研究重大课题攻关项目“我国商业养老保险制度体系与运行机制研究”(14JZD027)的支持。

［作者简介］秦云,中国再保险(集团)股份有限公司博士后工作站与南开大学金融学院博士后流动站联合培养博士后,E-mail:qinyun128@163.com。

Behavioral Economic Research on Individual Annuity Purchase Decision in China

QIN Yun

Abstract：Private annuity is an important component of China’s social security system. Although China has continuously promoted the private annuity from the policy perspective in recent years,the annuity demands in China still stays at an extremely low level,the so-called “annuity puzzle” phenomenon. This paper analyzed the annuity purchase decision of people in China from the perspective of behavioral economics. Firstly,it expounded on the mechanism how behavioral factors affected people’s annuity purchase decisions. Then a questionnaire was designed to do an empirical testing. The results show that behavioral factors such as subjective probability,mental accounting,information perception and financial literacy have effects on the annuity demand. Other factors such as gender,age,marital status,risk attitude and income level also significantly affect people’s annuity consumption level. These findings indicate that we should not only bring back the protection nature of annuities and weaken the concept of personal account but also develop consulting services that can play an important role in increasing the annuity demand.

Key words：annuity puzzle; behavioral economics; private annuity; empirical study