The Influence Of Pension Insurance Mode Selection To The Formation Of Human Capital

Pension insurance system is the most important part of the social security system,not only related to the healthy development of all aspects of society, it also plays animportant role in the national political and social economy. Along with the world trendof an aging population, many countries began to reform the pension system, in order tofind a model of the old-age insurance system to cope with the crisis and risks, so as toensure the sustainable development of society and economy. A serious problem causedby the aging of the population is, the age structure of the population aging on the levelof human capital is certainly a threat, and the level of human capital is an importantfactor deciding economic development, therefore, under the background of this researchsuch as how to keep the pension insurance system has the profound significance tohuman capital promoting effect. This paper based on the predecessor of the old-ageinsurance system research, analysis of the impact of different model of the old-ageinsurance system on the formation of human capital, in order to find the way out of thereform of social pension insurance system, which provide a theoretical basis andsuggestions for our country to design and improve the pension insurance system.Despite the world standard for classification of old-age insurance pattern isdifferent, but the standard is the most commonly used according to the mode of thepension fund raising, the endowment insurance system is divided into the pay-as-you-gosystem, fully funded and partially funded system. Different system modes exhibitdifferent advantages and disadvantages, pay-as-you-go, because of incomeredistribution function has the intergenerational and inner, reflects the social mutual aidand popular, but because the process in response to population aging, it is difficult tomake effective response and to question; fund accumulation system because of itssavings function, less affected by the structure of the population, so in the agingpopulation today is popular, but the lack of cooperation between the members of societyweaken the function of income redistribution; part of the accumulated by the above twomodels together. Human capital is the driving force of economic development, analysisof the formation of human capital is based on Schultz’s human capital theory, andexpounds the way to form human capital has four kinds, namely, education, on-the-jobtraining, labor migration and health care, increasing national and personal income, isbound to increase the investment in human capital expenditure to promote humancapital formation. To sum up, security function of old-age insurance system with the distribution of income to raise the income level of resident, narrowing the income gapbetween regions, and at the same time, the income level of the human capital investmentand, therefore, through the introduction of income as the conduction mechanism,analysis of pension insurance system formed what impact on the human capital.Based on the above theory, using empirical analysis method, regression analysismodel by using the theoretical model of others and to establish the corresponding data,verify the theoretical results. The real data model used in China in the recent ten years,select the level of per capita income and Gene coefficient to measure income index, inorder to reflect the income level and income gap, the average years of schooling, themigration rate, mortality rate as a measure of the level of human capital index, reflectthe education, health care, labor migration status. Through the theory model of humancapital investment is a part of personal income, pension insurance through income asthe transmission mechanism of impact on human capital formation. Through dataanalysis, the relationship between income and education, labor migration, health is veryclose, income growth, increased investment in human capital, thus contributing to theeffective human capital formation.Old-age insurance system on the formation of human capital is very obvious,different institutions of human capital formation effect of each are not identical, in thedesign and reform of the insurance mode of pension to synthesize two kinds of modelsare considered in light of their national conditions, fully flexible mode selection, toresolve the different risk and crisis with their own characteristics, so as to promote theformation and development of economic capital. China’s old-age insurance system inorder to cope with the problem of aging population, but also to meet the needs ofeconomic and social development, implementation of old-age insurance system inChina is the combination of social pooling and individual account model, is apay-as-you-go system and funded by the combination of social pooling and individualaccount two parts. But in the operation process of pension insurance system, the emptyaccount operation, income distribution and savings function disorders, lack of incentivemechanism and the overall level is low, restricted the healthy development of humancapital formation and economic, so it has emerged for the problems of China’s old-ageinsurance system was modified, and through their personal account savings function,expanding the pension insurance coverage, fund raising pooling level etc., graduallyimprove the system, taking into account the social equity and economic efficiency,promote the formation of human capital in the premise to guarantee the basic living of the people level.