Social pensions and risky financial asset holding in China

被引：11

作者：

Xu, Qing ^{[1
]}

Ma, Wanglin ^{[2
]}

Wang, Fang ^{[3
]}

Yang, Qing ^{[4
]}

Liu, Jin ^{[1
]}

机构：

[1] Shanghai Univ Finance & Econ, Sch Urban & Reg Sci, Res Inst Agr Farmer & Rural Soc China, Shanghai, Peoples R China

[2] Lincoln Univ, Fac Agribusiness & Commerce, Dept Global Value Chains & Trade, Christchurch, New Zealand

[3] Shanghai Univ Finance & Econ, Sch Econ, Shanghai, Peoples R China

[4] Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, Shanghai, Peoples R China

来源：

APPLIED ECONOMICS | 2022年 / 54卷 / 29期

基金：

中国博士后科学基金;

关键词：

Social pensions; URRPS; Risky financial assets; RD-DID; China; PORTFOLIO CHOICE; MARKET PARTICIPATION; ELDERLY LABOR; HEALTH; POPULATION; LITERACY; PROGRAM; PERSPECTIVE; EXPENDITURE; HOUSEHOLDS;

D O I：

10.1080/00036846.2021.2009758

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study explores the impact of social pensions on risky household financial asset holding, taking the Urban and Rural Residents Pension Scheme (URRPS) in China as an example. We combine regression discontinuity with the difference-in-difference approach to analyze the 2015 and 2017 China Household Finance Survey (CHFS) data. The results show that the URRPS has significantly increased the likelihood of holding risky financial assets among Chinese households. Furthermore, the effect is larger for urban households than for rural households. Apart from social pensions, marital and health status, education, risk attitude, household size, asset value, and urban residence also affect the households' risky financial asset holdings.

引用

页码：3412 / 3425

页数：14

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