| At present,the aging of China’s population is deepening,the holding of household financial assets is unreasonable,the development of the three pillars of the pension insurance system is unbalanced,and the pension life after retirement has become an important issue that residents need to consider.The aging of population has many influences on the holding of household financial assets.On the one hand,residents will increase precautionary savings to consider their future retirement life,so as to avoid holding risky financial assets or reduce the household’s holding of risky financial assets.On the other hand,residents will buy pension insurance for their future pension life,and there are various influencing mechanisms for pension insurance to hold risky financial assets of the family.Different influencing mechanisms can promote or inhibit the holding of risky financial assets of the family,and the actual results may be completely different from the theoretical results.In addition,the pension insurance system is divided into three levels,namely,basic pension insurance,enterprise supplementary pension insurance and commercial pension insurance.It remains to be investigated whether the number of pension insurance has different degrees of influence on the asset holding of the family.Therefore,it is necessary to use empirical model to study the above problems from the micro level.Based on the three levels of pension insurance participation,this paper finds that the number of pension insurance participation has a progressive incentive effect on the holding of risky financial assets by urban households,which provides empirical evidence for the construction of a multi-level pension insurance system in China and supplements the existing literature from a novel perspective.Based on the data of 2019 Chinese Household Finance Survey(CHFS),this paper conducted an empirical study.The Probit model was established to study the impact of pension insurance purchase on the probability of urban households’ holding of risky financial assets,and the Tobit model was established to study the impact of pension insurance purchase on the proportion of urban households’ holding of risky financial assets.It is found that the increase of pension insurance participation has a significant incentive effect on the probability and proportion of urban households’ holding of risky financial assets.There are two implications here.On the one hand,compared with urban families without pension insurance,urban families with pension insurance are more likely to allocate risky financial assets than those without pension insurance.On the other hand,for urban families with pension insurance,with the increase in pension insurance participation,the probability and proportion of urban families to allocate risky financial assets will also increase.The empirical study of this paper shows that pension insurance participation will increase the the probability and proportion of urban households’ holding of risky financial assets,which provides empirical evidence for optimizing the holding of financial assets of households and promoting the development of China’s financial market by improving the pension insurance system and improving residents’ pension security. |
