预防性流动性与工人决策：来自法国员工储蓄计划的证据
Precautionary liquidity and worker decisions: Evidence from French employee saving plans
Journal of Public Economics · 2026 · [{"name": "Marie Briere", "affiliation": ["Université Paris Dauphine-PSL"]}, {"name": "James Poterba", "affiliation": []}, {"name": "Ariane Szafarz", "affiliation": ["Université Libre de Bruxelles"]}]
中文摘要
本文研究法国雇主发起的退休储蓄计划参与者对预防性流动性与承诺合约的需求。样本中的所有企业都提供中期投资，五年内无法提取；部分企业还提供长期（LT）投资，直至退休前无法提取。若某项计划提供长期投资，其自动加入的默认选项必须包含此类投资。因换工作而经历长期投资可及性变化的工人，在面临长期投资时，选择计划默认选项的可能性约低6个百分点，参与该计划的可能性约低3个百分点。我们将此解释为对预防性流动性的偏好，但三分之二的主动选择者仍将部分缴款（尽管低于默认水平）配置于长期投资，这与对部分承诺的需求相一致。
Abstract
This paper investigates the demand for precautionary liquidity versus commitment contracts among participants in employer-sponsored retirement saving programs in France. All firms in the sample offer medium-term investments; they cannot be accessed for five years. Some also offer long-term (LT) investments, which cannot be accessed until retirement. If a plan offers LT investments, its auto-enrollment default must include them.Workers who experience changes in access to LT investments as a result of job changes are about 6 percentage points less likely to take up the plan default option, and 3 percentage points less likely to participate in the plan at all, when exposed to LT investments. We intepret this as a preference for precautionary liquidity, but two–thirds of active choosers still allocate some contributions, although less than the default, to LT investments, consistent with demand for partial commitment.