《保险研究》20250408-《第三支柱个人商业养老险与城乡居民福利差距》（路锦非、徐婷）

［摘   要］发展第三支柱养老金是国家积极应对人口老龄化战略的重要措施。本文构建计量模型分析第三支柱养老金中个人商业养老险对城乡居民主观和客观福利的影响，采用工具变量法解决内生性问题，运用RIF-Oaxaca均值分解方法分析第三支柱个人商业养老险对城乡居民主客观福利差距的正负效应。研究发现：第三支柱个人商业养老险能够提高城乡居民的主观和客观福利，且对农村居民的主客观福利提升效应更强。RIF-Oaxaca均值分解分析表明，个人商业养老险在参保维度上呈现进一步扩大城乡福利差距的负效应，而在福利回报率维度上显示缩小城乡居民主客观福利差距的正效应，其中正效应作用更大，正负效应叠加形成对城乡居民福利差距的弥合矫正效应。这种对城乡福利差距的弥合效应主要作用于参加第一支柱基本养老保险的缴费群体。基于研究结论本文建议，优化完善第三支柱养老金制度，降低参保门槛，鼓励农村居民参加第三支柱养老保险，以缩小城乡福利差距，促进共同富裕。

［关键词］第三支柱养老金；个人商业养老险；城乡居民；福利差距

［基金项目］国家自然科学基金一般项目（72174064）。

［作者简介］路锦非，华东师范大学公共管理学院副院长、中国普惠养老金融研究中心主任、教授，博士生导师；徐婷，华东师范大学公共管理学院硕士研究生。

The Third Pillar Individual Commercial Pension Insurance and the Welfare Gap between Urban and Rural Residents

LU Jin-fei，XU Ting

Abstract：The development of the third pillar pension is a critical measure for China to actively address population aging.This paper constructs econometric models to analyze the impact of individual commercial pension insurance in the third pillar pension program on the subjective and objective welfare of urban and rural residents，and uses the instrumental variable method to solve the endogeneity problem.It also uses the RIF-Oaxaca mean decomposition method to analyze the positive and negative effects of individual commercial pension insurance in the third pillar on the subjective and objective welfare gap between urban and rural residents.The research finds that：third-pillar individual commercial pension insurance enhances both subjective and objective welfare for urban and rural residents，with stronger enhancement effects for rural residents;RIF-Oaxaca decomposition indicates that individual commercial pension insurance has a negative effect of further expanding the welfare gap between urban and rural residents in the dimension of participation，but shows a positive effect of narrowing the subjective and objective welfare gap between urban and rural residents in the dimension of welfare return rate，and the positive effect is greater.The superposition of positive and negative effects forms a convergence and correction effect on the welfare gap between urban and rural residents，and this convergence effect mainly acts on the contribution group participating in the first pillar basic pension insurance.Based on the findings，this paper proposes policy recommendations to optimize the third pillar pension system，lower participation thresholds，and encourage rural residents to participate in the third pillar pension insurance，thereby narrowing urban-rural welfare gaps and promoting common prosperity.

Key words：third pillar pension program;individual commercial pension insurance;urban and rural residents;welfare gap