The association between physical exercise and the subjective well-being of older adults-the mediating role of three-dimensional capital.

Introduction: As the issue of global population aging intensifies, the enhancement of subjective well-being (SWB) among older adults has become a central focus of societal discourse. This concern is particularly pressing in China, where the older population is not only large but also growing at a rapid pace, thereby placing increased demands on the social security system and public health policies. Although existing studies predominantly explore the associations between external factors such as economic security, healthcare resources, and social support on older adults' SWB, the mechanisms through which physical exercise, as an active health management strategy, is associated with SWB remain insufficiently explored. Methods: Drawing on capital theory and positive psychology, this study integrates health capital, social capital, and psychological capital to construct a "three-dimensional capital" analytical framework. Using data from the China Family Panel Studies (CFPS), we systematically examine the associations between physical exercise participation and older adults' SWB and assess the parallel mediating paths of the three-dimensional capital. Results: The findings reveal that participation in physical exercise is significantly associated with higher overall SWB, with higher levels in the specific SWB indicators of happiness and life satisfaction, alongside a lower depression index. In terms of the underlying mechanisms, physical exercise shows statistically significant indirect associations through three pathways-health capital, social capital, and psychological capital. Heterogeneity analysis further reveals that the associations between physical exercise and SWB differ across groups defined by gender, urban-rural residence, and marital status. Discussion: Overall, the study suggests that physical exercise is associated with the SWB of older adults through the joint roles of health, social, and psychological capitals, thereby extending the explanation of these associations from a single-capital pathway to a more comprehensive theoretical perspective grounded in three-dimensional capital. Accordingly, it is recommended that policies related to community support, health management, and psychological interventions be implemented to support pathways for older adults' participation in physical exercise that are linked to improved SWB in an aging society through the synergistic accumulation of multidimensional capitals.