【摘要】 社会保险是否影响家庭在金融风险资产中的投资决策呢?本文使用两期家庭最优决策模型得到的理论分析结果表明,社会保险不仅能够提高家庭在风险资产中的投资广度和深度,而且对于不确定性更大、风险承受更强家庭的影响更为显著.基于省级层面得到的宏观实证检验结果和基于2011年家庭金融调查数据得到家庭层面的微观实证检验结果都支持了上述理论结论.本文的发现对于协调社会保险发展和建立多层级金融市场具有很强的政策意义.更多还原

【Abstract】 Is social insurance is positively related to household’s investment in stock and other risky financial asset market? This paper establishes a two-period model of households and finds that the probability and ratio of household’s investment in risky asset increases with participating social insurance,and that this relation is more significant in households with more uncertainty and of risk-love. Using provincial level and 2011 CHFS data,our empirical results prove the theoretical findings. These findings are valuable to China’s social insurance mechanism and capital market.更多还原