《保险研究》20230306-《遗赠动机与多层次养老保险参与：抑制还是促进？》（陈莹、孔祥钊、赵桂芹）

［摘   要］随着人口老龄化程度不断加剧,建立健全多层次、多支柱养老保险体系成为完善社会保障体系的重要内容,但现阶段我国养老保险体系发展仍不平衡、不充分,企业年金和商业养老保险参与度不足。本文从遗赠动机视角分析多层次养老保险参与的影响因素,首先将遗赠动机引入家庭跨期优化决策,理论分析遗赠动机对养老保险参与的影响,然后基于2018年CFPS数据,实证研究遗赠动机对多层次养老保险参与决策的影响,并检验了遗赠动机影响多层次养老保险参与的可能渠道。研究发现,遗赠动机不仅显著降低了居民参与养老保险的可能性,而且显著降低了多层次养老保险的参与概率；遗赠动机会通过增加居民储蓄率、房产购买及向上代际支持降低居民养老保险参与的可能性。稳健性检验进一步验证了以上结论。本研究揭示了影响居民参与多层次养老保险体系的传统家庭文化因素,对缓解遗赠动机的负面效应、推动我国多层次养老保险体系均衡充分地发展具有政策启示意义。

［关键词］遗赠动机；多层次养老保险；储蓄率；代际支持

［基金项目］国家自然科学基金面上项目（71973089）。

［作者简介］陈莹，浙江财经大学金融学院讲师；孔祥钊（通讯作者），上海财经大学金融学院博士研究生；赵桂芹，上海财经大学金融学院副教授，博士生导师。

Bequest Motivation and Participation in Multi-tier Pension System:Inhibition or Promotion？

CHEN Ying,KONG Xiang-zhao,ZHAO Gui-qin

Abstract：With the intensifying population aging,establishing and improving a multi-tier and multi-pillar pension system is an important part of improving the social security system.However,at this stage,the development of the pension system is still unbalanced and insufficient,and the rate of participation in commercial pension plans is insufficient,either..This study attempts to analyze the influencing factors of participation in multi-tier pension system from the perspective of bequest motivation.The paper first introduces the bequest motivation into the family′s intertemporal optimization decision-making,and theoretically analyzes the influence of the bequest motivation on the participation in pension system.Then,based on the 2018 CFPS data,it explores the impact of bequest motivation on multi-tier pension system participation decisions,and examines the possible channels through which bequest motivation affect participation in multi-tier pension system.The results show that the bequest motivation not only significantly reduces the possibility of residents to participate in the pension system,but also significantly reduces the probability of participation in the multi-tier pension system.Bequest motivation reduces the possibility of residents′ pension system participation through residents′ savings,real estate purchases and upward intergenerational support channels.The robustness test further verifies the above conclusion.This study reveals the traditional family cultural factors that affect residents′ participation in the multi-tier pension system,which has policy implications for alleviating the negative effects of bequest motivation and promoting the balanced and full development of the multi-tier pension system.

Key words：bequest motivation;multi-tier pension system;savings rate;intergenerational support