我国人口老龄化进一步加深，经济社会面临劳动力减少和养老服务供不应求的巨大挑战。老龄化和城镇化的迅速发展、农村家庭劳动力的加速转移以及低生育率的冲击势必会对农村老年人的劳动参与和健康状况产生深刻影响。养老资本作为农村老年人维持生活的基础，对降低养老风险和养老脆弱性至关重要。本文利用“安徽省农村老年人福利状况”调查数据，采用Probit回归模型、Tobit回归模型以及多元线性回归等方法深入分析养老资本对农村老年人劳动参与及其福祉的影响，主要研究发现如下：

首先，建立分析框架并对农村老年人养老资本、劳动参与及福祉现状进行描绘分析。数据显示老年人养老资本水平总体偏低，人力资本水平最高，自然资本水平最低；随着年龄的增长，老年人的养老资本和福祉整体呈下降趋势，高龄老年人的福祉水平最低。

其次，发现了养老资本对农村老年人劳动参与的影响：从劳动参与类型看，人力资本能够促进农村老年人的劳动参与，自然资本仅对自家有酬劳动影响显著，物质资本和金融资本对有酬劳动的正向影响显著；从年龄方面看，低龄老年人仍更偏向于有酬劳动，中龄老年人的劳动范围则扩展到社会活动和有酬劳动，人力资本对高龄老年人社会活动和家务照料有显著的正向影响，物质资本对高龄老年人自家有酬劳动有显著的正向影响。

最后，发现了养老资本、劳动参与对农村老年人福祉的影响：人力资本和金融资本能够显著提升农村老年人生理健康福祉和心理健康福祉；自然资本显著降低了低龄与中龄老年人患病的概率；物质资本显著提升了中龄老年人的健康自评和低龄、中龄老年人的生活满意度；社会资本显著提升了低龄与中龄老年人的健康自评和心理健康福祉，显著降低了中龄老年人患病的概率；社会活动和在外就业在部分养老资本对老年人福祉的影响中存在中介作用。

总之，本文揭示了养老资本对农村老年人劳动参与及其福祉的影响和年龄差异性，为积极应对“银色浪潮”，要以提高老年健康福祉为前提，合理高效利用农村老年人的养老禀赋，激发老龄社会活力，实现“老有所为”与“老有所养”的有效结合，这对我国完善农村养老体系、构建和谐养老环境有一定的现实意义。 

The aging of Chinese population is further deepened, and the economy and society face great challenges of labor force reduction and endowment service shortage. The rapid development of aging and urbanization, the accelerated transfer of rural family labor force and the impact of low fertility rate are bound to have a profound impact on the labor participation and health status of the rural elderly. Pension capital, as the basis for maintaining the life of the rural elderly, is very important to reduce the risk and vulnerability of pension. Based on the survey data of "Welfare Status of the rural elderly in Anhui Province", this paper uses Probit regression model, Tobit regression model and multiple linear regression methods to deeply analyze the impact of pension capital on labor participation and well-being of the rural elderly. The main findings are as follows:

First of all, the analysis framework is established and the status quo of old-age capital, labor participation and well-being of the rural elderly is described and analyzed. The data show that the pension capital level of the elderly is generally low, the human capital level is the highest, and the natural capital level is the lowest. With the increase of age, the pension capital and well-being of the elderly showed a downward trend, and the well-being of the elderly was the lowest.

Secondly, it is found that the influence of pension capital on the rural elderly labor participation: from the perspective of labor participation types, human capital can promote the rural elderly labor participation, natural capital only has a significant impact on their own paid labor, and material capital and financial capital have a significant positive impact on paid labor. From the perspective of age, the younger elderly are still more inclined to paid work, while the middle aged elderly extend their work scope to social activities and paid work. Human capital has a significant positive impact on the social activities and household care of the elderly, and material capital has a significant positive impact on the paid work of the elderly.

Finally, it is found that the influence of pension capital and labor participation on the

well-being of rural elderly people: human capital and financial capital can significantly improve the physical and mental health well-being of rural elderly people; Natural capital significantly reduced the incidence of disease in the young and middle aged; Material capital significantly improved the self-evaluation of health and the life satisfaction of the young and middle aged. Social capital significantly improved the self-evaluation of health and mental health well-being of the young and middle aged elderly, and significantly reduced the probability of disease in the middle aged elderly; Social activities and employment outside the home play an intermediary role in the influence of some pension capital on the well-being of the elderly.

In conclusion, this paper reveals the influence of pension capital on the labor participation and well-being of the rural elderly and the age difference. In order to actively cope with the "silver wave", it is necessary to make reasonable and efficient use of the endowment of the rural elderly on the premise of improving the health and well-being of the elderly, stimulate the vitality of the elderly society, and realize the effective combination of "doing something in the old age" and "caring for the elderly". It has a certain realistic significance for perfecting rural endowment system and constructing harmonious endowment environment.