近日，我院院长李实教授的合作论文《扩展财富概念：养老金财富如何塑造中国居民财富不平等》在国际知名经济学期刊《China Economic Review》上发表。论文合作者为安徽财经大学金融学院讲师李家山、广东金融学院教授易行健。
扩展财富概念：养老金财富如何塑造中国居民财富不平等
传统财富衡量框架通常将居民家庭财富界定为金融资产与非金融资产（如房产、土地、存款、股票等）的净值加总。然而，作为居民退休收入最重要来源的养老金权益，却长期被排除在这一统计体系之外。事实上，养老金作为跨期消费平滑的核心机制，与传统意义上的可交易资产在功能和属性上具有高度相似性，其本质契合经济学中“财富”的内在含义。养老金财富在既有核算框架中的长期缺位，可能导致我们对中国居民财富分配格局的理解存在系统性偏误。
The conventional wealth measurement framework typically defines household wealth as the sum of net values of financial assets and non-financial assets (such as real estate, land, deposits, and equities). However, pension entitlements—the most significant source of retirement income for most households—have long been excluded from this statistical framework. In fact, as a core mechanism for intertemporal consumption smoothing, pension benefits share substantial functional and attributive similarities with traditionally tradable assets, and their nature aligns with the intrinsic meaning of wealth in economics. The persistent omission of pension wealth from the existing accounting framework may thus introduce systematic biases in our understanding of the distributional pattern of household wealth in China.
本研究基于2019年中国家庭金融调查数据，通过精算现值模型测算了中国居民社会养老保险财富的预期现值，并系统分析了养老金财富对家庭财富分配的影响。研究发现，将养老金财富纳入广义财富定义框架后，养老金财富占家庭净资产的比重约为26.23%，成为仅次于住房资产的第二大资产类别。其中，城镇职工养老金财富占23.59%，城乡居民养老金财富仅占2.63%。
This study uses data from the 2019 China Household Finance Survey and applies actuarial present value models to estimate the expected present value of social pension wealth among Chinese residents, systematically analyzing the impact of pension wealth on household wealth distribution. The findings reveal that when pension wealth is incorporated into the broad wealth definition framework, it accounts for approximately 26.23% of household net assets, becoming the second largest asset category after housing. Among this, urban employee pension wealth accounts for 23.59%, while urban-rural resident pension wealth accounts for only 2.63%.
从分配效应来看，由于养老金财富分布更加平等且在中低财富群体中占比较高，将其纳入财富衡量框架后，财富分配的不平等程度显著下降。具体而言，最富有的10%家庭的财富份额从64.7%下降至57.6%。城乡居民养老金财富对不平等下降的贡献有限，而城镇职工养老金财富是推动不平等下降的主要力量。财政补贴在养老金财富的分配效应中发挥着关键作用，解释了基尼系数变化的29.09%。
From the perspective of distributional effects, because pension wealth is more equally distributed and accounts for a larger share of assets among low- and middle-wealth groups, incorporating it into the wealth measurement framework significantly reduces wealth inequality. Specifically, the wealth share of the top 10% of households declines from 64.7% to 57.6%. Urban-rural resident pension wealth makes only a modest contribution to this reduction, while urban employee pension wealth serves as the primary driver. Fiscal subsidies play a crucial role in the distributional effect of pension wealth, accounting for 29.09% of the change in the Gini coefficient.
进一步分析表明，虽然养老金财富的纳入降低了整体财富不平等，但城镇职工与城乡居民两类养老金制度之间的待遇差异，反而在一定程度上扩大了城乡之间的财富差距。城乡家庭的人均净资产比值从4.73倍扩大至4.90倍。模拟分析显示，扩大低财富群体的养老金覆盖率，或将城乡居民养老保险的计账利率提高至与城镇职工相同的水平并同步提升缴费档次，均能进一步缓解财富不平等。此外，对历史上缴纳过农业税的农村居民进行养老金补偿的模拟也显示，该政策能够提升低收入群体的财富份额，对缓解财富不平等具有积极意义。
Further analysis reveals that while the inclusion of pension wealth reduces overall wealth inequality, the benefit disparity between urban employee pensions and urban-rural resident pensions somewhat exacerbates the wealth gap between urban and rural areas. The urban-to-rural per capita net asset ratio widens from 4.73 to 4.90. Simulation analyses demonstrate that expanding pension coverage among low-wealth groups, or raising the crediting rate of urban-rural resident pension accounts to match that of urban employee pensions while simultaneously increasing contribution levels, could further mitigate wealth inequality. Moreover, simulations of pension compensation for rural residents who historically paid agricultural taxes show that such a policy would increase the wealth share of low-income groups, contributing positively to wealth inequality reduction.
本研究的边际贡献主要体现在三个方面：第一，基于中国现行社会养老保险制度和精算现值模型，详细测算了城镇职工和城乡居民两类养老金财富的预期现值，丰富了养老金财富测算领域的研究。第二，在传统财富框架的基础上将养老金纳入广义财富概念，系统阐述了将养老金纳入财富定义的理论依据，拓展了家庭财富构成与核算的研究边界。第三，通过将养老金引入财富定义框架，检验了养老金财富对居民财富分配的影响及其机制，为社会保障制度（特别是养老保险）的分配效应研究提供了新的经验证据。
The marginal contributions of this study are threefold. First, based on China's current social pension insurance system and actuarial present value models, it provides detailed calculations of the expected present value of pension wealth for both urban employee and urban-rural resident pensions, enriching the literature on pension wealth measurement. Second, it expands the conceptual boundary of wealth to include pensions on the basis of the traditional wealth framework, systematically elaborating the theoretical rationale for incorporating pensions into wealth definitions. Third, by incorporating pensions into the wealth definition framework, it examines the impact of pension wealth on household wealth distribution and its underlying mechanisms, providing new empirical evidence for research on the distributional effects of social security systems, particularly pension insurance.
李家山，经济学博士，安徽财经大学金融学院讲师，主要研究方向为收入与财富分配。研究成果发表于《金融研究》等学术期刊。
Jiashan Li holds a Ph.D. in Economics and is a lecturer at the School of Finance, Anhui University of Finance and Economics. His research primarily focuses on income and wealth distribution. His work has been published in academic journals such as the Journal of Financial Research (in Chinese).
李实（通讯作者），浙江大学共享与发展研究院院长，博士生导师，主要研究方向为收入分配与贫困等问题。研究成果发表于《中国社会科学》《经济研究》等学术期刊。
Shi Li (Corresponding Author) is the Dean of the Institute for Common Prosperity and Development at Zhejiang University and a doctoral supervisor. His research primarily focuses on income distribution and poverty. His work has been published in academic journals such as Social Sciences in China (in Chinese) and Economic Research Journal (in Chinese).
易行健，广东金融学院校长、博士生导师，主要研究方向为家庭金融。相关成果发表于《经济研究》《管理世界》《金融研究》等学术期刊。
Xingjian Yi is the President of Guangdong University of Finance and a doctoral supervisor. His research primarily focuses on household finance. His work has been published in academic journals such as Economic Research Journal (in Chinese), Management World (in Chinese), and Journal of Financial Research (in Chinese).
文章来源：CER推送