《保险研究》20240806-《用数字金融促进养老金融的案例——“双录”监管政策对老年人金融参与的影响》（王向楠、仲赛末）

［摘   要］中央金融工作会议将“养老金融”和“数字金融”列入金融高质量发展中的“五篇大文章”，支持利用数字金融发展促进养老金融发展。在此之前，原中国保监会于2017年6月、原中国银监会于2017年8月，均推出了“双录”监管政策，要求金融机构对销售过程中的关键环节进行录音和录像。该政策的推出是为了保护市场交易双方的权益，特别是保护老年群体(财富水平较高但金融素养较低)的消费者权益。本文采用中国家庭金融调查的数据，运用双重差分模型(DID)研究发现：“双录”政策实施后，相对于中青年人，老年人对人身保险的持有率和保费支出显著上升，对理财产品的持有率和持有金额也显著上升。运用三重差分模型(DDD)研究发现：“双录”政策通过三个机制促进老年人金融参与——降低监管者地理信息成本的限制、增强销售者的受信任程度、减轻消费者金融素养较低的约束。因此，“双录”监管政策是利用数字金融促进养老金融的有效案例，较好对接了两篇金融“大文章”。

［关键词］人身保险；养老保险；理财产品；金融科技；金融监管；消费者保护

［基金项目］国家社科基金项目“养老保险第三支柱与养老金融市场的协同发展研究”(22BJY217)。

［作者简介］王向楠，中国社会科学院金融研究所副研究员，中国社会科学院保险与经济发展研究中心副主任、秘书长；仲赛末(通讯作者)，中南财经政法大学金融学院保险系讲师。

A Case of Developing Senior Finance through Digital Finance—The Impact of the “Dual Recording” Regulatory Policy on Elderly Financial Participation

WANG Xiang-nan,ZHONG Sai-mo

Abstract：The Central Financial Work Conference has enlisted “senior finance” and “digital finance” into the “Five Key Articles”,advocating the use of digital finance to advance the development of senior finance.Earlier than this,in June 2017,the former China Insurance Regulatory Commission and in August 2017,the former China Banking Regulatory Commission both introduced the “dual recording” regulatory policy,which requires financial institutions to make audio and video recording of key interactions during the sales process.The “dual recording” policy aims to protect the rights and interests of both parties in market transactions,especially to safeguard the consumer rights of the elderly population,who averagely have higher wealth levels but lower financial literacy.Using data from the China Household Finance Survey (CHFS),this article examines this regulatory policy′s impact on older people′s financial participation.Employing a difference-in-differences (DID) model,this article finds that after implementing the “dual recording” regulatory policy,the holding rate and premium expenditure for life insurance,and the holding rate and the holding amount of financial products among the elderly have significantly increased,compared to middle-aged and young people.Using a triple difference-in-differences (DDD) model,this article finds that the “dual recording” regulatory policy  improves on financial participation of the senior through three mechanisms:reducing constraints of the regulatory geographic information costs,enhancing salespeople′s trustworthiness,and alleviating the constraints of consumers′ low financial literacy.Therefore,the “dual recording” regulatory policy is an effective case of using digital finance to promote senior finance,successfully bridging two “key articles” in finance fields.

Key words：life insurance;pension insurance;wealth management products;FinTech;consumer protection