物质资本积累主要来源于储蓄,社会保障能够改变个人的预算约束,进而影响个人的储蓄意愿,并最终导致物质资本积累量的变化。但是,社会保障制度对储蓄率的影响是正向的还是反向的,还需要综合考虑。根据社会保障制度的两种筹资模式,我们分别从现收现付制和基金制两个角度分析社会保障对储蓄的影响。 The accumulation of material capital comes mainly from savings, and social security can change individual budget constraints, thereby affecting individuals’ willingness to save and eventually lead to changes in the accumulation of material capital. However, the impact of the social security system on the savings rate is positive or negative, but also need to be considered. According to the two financing modes of social security system, we analyze the impact of social security on saving from the perspectives of pay-as-you-go system and fund system respectively.