养老保险体系、多层次叠加参与和家庭消费规模

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中图分类号：F126.1;F842.67 文献标识码：A 文章编号：1007-5097（2025）09-0108-10

Abstract：Against the backdrop of an aging population，the impact of pension insurance on household consumption remainsambiguous.Existing researchhasprimarilyexaminedtheefectsofsingle-tierpension insurancepolicies，often neglecting thepractical realityofamulti-tiered pensionsystem.Thispaper employs atwo-way fixed efectsmodel to empiricallyinvestigatetheefectsofdiferent levelsofpensioninsuranceandtheircombinationsonhousehold consumption withina policy mix context.The empirical results demonstratethat multi-tiered pension insurance systems synergisticall promote the expansionof household consumption.Notably，asignificant substitution effectonconsumption is observed between the basic urban employee pension insurance andthe second-tier supplementary pension insurance. Further analysis reveals thatthe positive influence of the pension insurance system on household consumption varies by education level andage.Based on these findings，the paper ofers policy recommendations to enhance China's multitiered pension insurance system.

Key words： multi-tiered pension insurance system; multi-tier participation;household consumption scale; policy mix; policy synergy; substitution effect

一、引言

在双循环新发展格局下，活跃的消费市场成为国内经济大循环顺利运行的必要条件[]。（剩余15234字）