Abstract: Previous research suggests different views regarding the effect of pension on the labor participation of the younger elderly. This paper constructs a theoretical model and uses probit model, instrument variable and propensity score matching method to explore the effect. The results show that: (1) pension has a significant negative impact on labor participation rate and labor participation time of the young old; (2) the income elasticity of labor participation of the young old is small, and there is a slight Ucurve relationship between labor participation and pension; (3) marital status, health condition and childcare show significant moderating effects; (4) the effect is more significant among women and rural young old, which is closely related to China's traditional family ethics and urbanrural divide. The results have policy implications for improving labor participation of the young older adults and implementing the strategy of actively coping with population aging.

摘要： 构建养老金水平对低龄老年人劳动参与影响的理论模型，综合运用Probit模型、工具变量法和倾向值得分匹配法，从理论和实证角度探究二者之间的影响效应，以期弥合当前研究中的观点冲突。研究发现，养老金水平对中国低龄老年人劳动参与率和劳动参与时间均产生显著的负向影响；低龄老年人劳动参与的收入弹性较小，与养老金水平之间呈现出较为平缓的“U型”关系；配偶同住、健康状况和隔代照料3个因素与养老金水平之间存在对老年人劳动参与影响的交互效应；养老金水平对女性和农村低龄老年人劳动参与的影响效应相对较高，这与中国传统家庭伦理观念和城乡二元结构密切相关。研究结论为提高低龄老年人劳动参与、实施积极应对人口老龄化战略提供了政策启示。

关键词: 养老金, 劳动参与, 低龄老年人