Abstract:        Using China Family Panel Studies (CFPS) of 2010，2012 and 2014，this paper explores the impact of retirement on Chinese elderly＇s physical and mental health based on the mandated retirement age policy within a framework of regression discontinuity (R D)． The mechanism of the impact of retirement on health is further tested． The results show that the impact of retirement on the health of males is not significant，while retirement has a significant positive influence on females ＇ self － rated health and mental health，the mechanism of which is that retirement significantly increases female physical exercise per week． Although retirement increases male physical exercise per week in a similar manner，it also raises the probability of overweight for males，which is likely to offset the effect of exercise to a certain extent．Chinese government is considering implementing policies for gradually postponing the retirement age of employees． The results of this paper indicate that postponing retirement should not be made at the expense of elderly＇s health，and China needs to push forward the“healthy aging”strategy．

Keywords: Retirement , Physical Health , Mental Health , Regression Discontinuity Design

摘要：

       文章基于 2010、 2012 和 2014 年中国家庭动态跟踪调查( CFPS) 数据，利用中国退休政策在男女退休年龄上的规定，使用断点回归设计，探讨退休对身体健康和心理健康的影响，并检验退休影响健康的机制。研究发现，退休对男性的健康影响不显著，而对女性的自评健康和心理健康产生显著正向的影响，主要原因是退休后女性增加了锻炼的频率; 虽然男性的锻炼频率在退休后也有所增加，但退休后男性超重的概率也随之增加，这很可能在一定程度上抵消了锻炼的健康效应。文章具有明显的政策含义，当前中国政府正在考虑实施渐进式延迟退休政策以应对人口老龄化背景下劳动力不足的问题，研究表明延迟退休不能够以牺牲老年人口的健康为代价，中国需要切实推进“健康老龄化” 的战略。

关键词: 退休 , 身体健康 , 心理健康 , 断点回归设计