企业年金与家庭金融资产配置

Abstract

Enterprise annuity is an important part of China's multi-level and multi-pillar pension insurance system. Based on the China Household Finance Survey (CHFS) data from 2015 to 2021, this paper examines the impact of enterprise annuities on household financial asset allocation decisions and its underlying mechanisms. The findings reveal that participating in an enterprise annuity significantly increases the probability, degree, and diversity of households holding risky financial assets, and this conclusion remains robust after various tests. Mechanism analysis indicates that participating in an enterprise annuity promotes household allocation of risky financial assets by improving risk attitudes, increasing attention to financial information, and enhancing financial trust. Heterogeneity analysis shows that compared to older, low financial literacy, and central and western households, the positive effect of enterprise annuities on risky financial asset allocation is stronger for households that are younger, have high financial literacy, and are located in the eastern region. This study provides a new perspective for in-depth understanding of household financial decision-making, and provides policy implications for promoting the quality and expansion of enterprise annuity.