延迟退休是我国应对人口老龄化挑战的关键举措。研究创新性地结合生命周期理论，结合 2023年中国健康与养老追踪调查（CHARLS）最新追访数据，深入实证检验了体育锻炼对劳动者延迟退 休意愿的显著积极影响及其作用机制。研究发现，体育锻炼能显著增强延迟退休意愿，且这种效应呈现 剂量依赖性，而中等强度体育锻炼是实现此效果的最低阈值。机制分析揭示，体育锻炼通过延长主观预 期寿命，促使劳动者倾向于延迟退休以应对“养老风险”。进一步分析发现，相比体力劳动者，脑力劳动 者在延迟退休决策中更注重预期寿命这一长期因素，且随着预期“养老风险”的增加，体育锻炼对其延迟 退休意愿的促进作用增强。稳健性检验排除了劳动供给时间对体育锻炼时间的替代性干扰、逆向因果 问题的潜在干扰、特殊年份干扰以及多重锻炼强度参与带来的内生性干扰，充分论证了主体结论的稳健 性。研究从健康行为角度为延迟退休政策的实施提供了有力支持，进一步拓展了体育行为在社会经济 领域的价值边界，为优化劳动力市场资源配置与应对人口老龄化挑战提供了新的经济学依据。研究建 议继续推进未退休中老年人健身与健康服务体系建设，以优化其退休决策；继续加强中老年人科学健身 指导，以提升其锻炼水平；加大对体育锻炼在提升健康寿命等方面的科普宣传力度，以强化其主观认知； 持续普及体育场地设施，以降低其参与门槛，多方面夯实体育锻炼服务于延迟退休的实践价值。

Delaying retirement is a key measure for China to address the challenge of population aging. This paper innovatively integrates the life cycle theory with the latest follow-up data from the 2023 China Health and Retirement Longitudinal Survey （CHARLS）to conduct an in-depth empirical examination of the significant positive impact of physical exercise on workers’ willingness to delay retirement and its underlying mechanisms. The study finds that physical exercise significantly enhances the willingness to delay retirement， with this effect being dose-dependent， and that moderate-intensity physical exercise is the minimum threshold to achieve this effect. The mechanism analysis reveals that physical exercise extends subjective life expectancy， prompting workers to be more inclined to delay retirement to cope with“retirement risks.” Further analysis shows that， compared with manual workers， mental workers place greater emphasis on the long-term factor of life expectancy in their decision to delay retirement， and as the expected“retirement risk” increases， the promoting effect of physical exercise on their willingness to delay retirement becomes stronger. Robustness tests have excluded the potential interference of substitution between labor supply time and physical exercise time， reverse causality issues， special-year disturbances， and endogeneity caused by multiple exercise intensity participation， fully demonstrating the robustness of the main conclusions. This study provides strong support for the implementation of delayed retirement policies from the perspective of healthy behaviors， further expands the value boundaries of physical exercise in the socio-economic domain， and offers new economic evidence for optimizing the allocation of labor market resources and addressing the challenge of population aging. Overall， it is recommended to continue to advance the construction of fitness and health service systems for middle-aged people who are not yet retired to optimize their retirement decisions； to enhance scientific fitness guidance for middle-aged and older adults to improve their exercise levels； to increase the promotion of the scientific role of physical exercise in extending healthy life expectancy to strengthen their subjective awareness； and to continue to popularize sports facilities to lower the barriers to participation，thereby consolidating the practical value of physical exercise in serving delayed retirement from multiple aspects.

D669.6； G806

国家社科基金重点项目（22ATY003）