20世纪90年代，我国建立三支柱养老保险体系，伴随人口老龄化进程加快，社会养老保险给付压力持续上升。近年来，兼具风险保障和储蓄功能的商业养老保险受到社会普遍关注，其发展规模逐步剧扩大。2023年10月，国家金融监督管理总局颁布《关于促进专属商业养老保险发展有关事项的通知》，提出扩大经营专属商业养老保险业务的机构范围，助力金融服务兜底“老有所养”。本文基于2013年、2015年、2017年和2019年中国家庭金融调查（CHFS）数据，实证分析了数字金融能力对家庭商业养老保险参与的影响程度，同时对可能产生潜在影响的家庭禀赋特征、社会保险特征以及家庭金融参与情况的因素进行控制。在此基础上，本文首先引入交叉项进一步探寻户主受教育水平以及家庭收入水平的影响，其次对地区分布、城乡分布以及学历水平进行异质性分析，运用内生性检验及稳健型检验进一步验证上述结果。此外本文以金融素养、风险偏好、收入水平和消费性支出为中介变量完成简单中介与链式多重中介效应分析。本文分析国内外学者相关研究后对影响商业养老保险参保决策的各项因素进行汇总归类，并利用互联网理财产品参与情况、网购参与情况以及金融知识水平等变量构建数字金融能力指数，使用Probit模型完成了实证分析，主要研究结论为：（1）家庭数字金融能力对于家庭商业养老保险参与有显著促进作用；（2）东部和东北地区数字金融能力的促进作用更为显著，中部地区最低，西部次之，相比城镇地区，乡村地区数字金融能力的拉动效果相对较低，低学历家庭与中高学历家庭相比选择商业养老保险的倾向更低；（3）保险以及家庭经济特征对家庭商业养老保险参与的影响显著大于家庭禀赋特征，且考虑收入的影响后，社会养老保险的参与会降低商业养老保险的参与；（4）家庭数字金融能力通过提高金融素养、风险偏好、收入水平和消费性支出四条路径，且金融素养与消费性支出的中介效应更大。基于实证结果，本文主要建议如下：（1）增强国民金融教育的广度和深度，以全面提升居民在数字金融领域的综合能力；（2）通过增强家庭数字金融能力与金融素养促进商业养老保险普及；（3）加强商业养老保险普及宣传，优化商业养老保险产品结构，促进养老保险产品“因地制宜，因人制宜”；（4）协调发展养老保险体系提供多层次退休收入来源，促进社会保险与商业养老保险协调发展。
In the 1990s, China established a three-pillar pension insurance system. Along with the accelerated aging of the population, the pressure on social pension insurance payments has continued to rise. In recent years, commercial pension insurance with both risk protection and savings functions has developed rapidly. In October 2023, the State Financial Supervision and Administration Bureau issued the Circular on Matters Related to Promoting the Development of Exclusive Commercial Pension Insurance, proposing to further expand the scope of organisations operating exclusive commercial pension insurance business, and to help financial services to provide "old age security". Based on data from the 2013, 2015, 2017 and 2019 China Household Finance Survey (CHFS), this paper investigates the impact of digital financial capability on household commercial pension insurance participation, controlling for household endowment, economic characteristics and insurance characteristics. On this basis, this paper firstly introduces cross terms to further explore the influence of the education level of the head of household and the household income level, then analyses the heterogeneity of the regional distribution, urban-rural distribution and the education level, and finally completes the endogeneity test and the robustness test to ensure the rigour and scientificity of the study. In addition, this paper completes the analysis of simple mediation and chained multiple mediation effects with financial literacy, risk appetite, income level and consumer spending as mediating variables.This paper firstly refers to the relevant literature, collates the factors affecting the decision-making of commercial pension insurance participation, including family endowment, economic characteristics and insurance characteristics, and constructs the digital financial capability index by using the variables of participation in Internet wealth management products, participation in online shopping and level of financial knowledge, and completes the empirical analysis by using the Probit model, and the main conclusions of the study are as follows: (1) Household digital financial capability has a significant promotion effect on household commercial pension insurance participation; (2) The promotion effect of digital financial capability is more significant in the eastern and northeastern regions, the promotion effect is lowest in the central region, and second highest in the western region, compared with the urban region, the pull effect of enhancing digital financial capability on commercial pension insurance in the rural region is relatively low, and the tendency of households with a low education level to choose commercial pension insurance is lower compared with that of households with a high or middle education level. pension insurance; (3) the influence of insurance characteristics and family economic characteristics on family commercial pension insurance participation is significantly larger than that of family endowment characteristics, and after considering the influence of income, the participation of social pension insurance reduces the participation of commercial pension insurance; (4) in the mechanism analysis, the digital financial capability of the family improves through four basic paths, namely, improving financial literacy, risk preference, income level and consumer spending, and the financial literacy and consumer spending are related to the financial literacy and consumer spending. and the mediating effect of financial literacy and consumer spending is greater.Based on the empirical results, the main recommendations of this paper are as follows: (1) enhance the breadth and depth of national financial education in order to comprehensively improve the comprehensive ability of residents in the field of digital finance; (2) romote the popularity of commercial pension insurance by enhancing the family‘s digital financial ability and financial literacy; (3) strengthen the popularity and publicity of commercial pension insurance, optimize the product structure of commercial pension insurance, iand promote the popularity of pension insurance products. (3) Strengthen the popularisation and promotion of commercial pension insurance, optimise the structure of commercial pension insurance products, and increase the number of customised products, so as to promote pension insurance products that are "tailored to the needs of the local community and the individual"; and (4) co-ordinate the development of the pension insurance system to provide a multi-level source of retirement income, and promote the co-ordinated development of social insurance and commercial pension insurance.
