本文从养老双轨制视角出发,基于城镇家庭异质性从实证角度研究了养老双轨制对我国城镇居民总消费的影响。研究表明,养老双轨制对依赖于企业职工基本养老保险模式家庭的人均教育支出和人均消费支出存在显著的抑制效应,进而也抑制了城镇居民总需求。另外,研究还表明,城镇家庭社保模式并轨改革对城镇居民消费有很强的释放效应。 This article from the perspective of pension dual-track system, based on urban family heterogeneity from an empirical point of view of pension dual-track system of China’s urban residents total consumption impact. The research shows that the dual pension system has a significant inhibitory effect on the per capita expenditure on education and per capita consumption of households relying on the basic endowment insurance for enterprise employees, which in turn inhibits the total demand of urban residents. In addition, the study also shows that the merger of urban family social security model has a strong release effect on urban residents’ consumption.