Study On The Effect Of Social Endowment Insurance On Chinese Residents’ Saving

Since the20th century, with the increasing of aging population, elderly risks become widespread, the problem of supporting old people turns into one of the major social issue facing the world. Different countries and regions due to the level of economic development and different historical, the way to solve the problem of endowment also vary, in summary, mainly has the following kinds:one is the basic endowment insurance enforced by the government; another is enterprise complement endowment insurance plans, that is, each unit according to their own economic strength to build and determine the treatment level of pension system; The third one is personal pension plan, such as personal savings and all kinds of commercial endowment insurance, customarily, the three ways for endowment is called "three pillars".In the "three pillars", social endowment insurance is guaranteed by the state, so it has wide scope of influence and deeply affected the residents’ life. The basic pension payment increases residents income after retirement, reduces their precautionary saving motive, in this way, the social endowment insurance effects the residents’savings directly, so the social endowment insurance has a significant effect on residents’ savings.China’s household savings stays a high level for a long period. According to the People’s Bank of China the latest figures announced, China’s2013residents savings balance has reached40trillion yuan, ranked first in the world. Despite the huge amount of savings provided sufficient funds for economic development, played a huge role in promoting the development of social economy, with the development of economy, the disadvantages of high savings is also growing. Under the condition of the residents’ disposable income established, savings and consumption is a reciprocal relationship, high savings limits the domestic demand pull effect on the economy, restricted the healthy development of the economy in our country. The development and perfection of social endowment insurance to a large extent influence the residents’ savings, which is related to domestic demand and economic development, therefore the research of social endowment insurance impact on household savings is of great significance.This paper closely analyzes the issue from the perspective of theoretical and empirical research.The first chapter, first of all, this paper briefly introduces the research methods and content, the innovation of the article and so on.The second chapter introduces the development of social endowment insurance and briefly analyzed the current situation and problems. In addition, this part briefly introduces the residents’ savings condition and their savings motive to provide reference for the selection of empirical analysis research.The third chapter, this paper carried out an empirical analysis. First of all, make a theoretical analysis based on the Keynesian Monetary Demand Theory, the Life Cycle Hypothesis and the Overlapping Generation Model, studies the impact of social endowment insurance on household savings from the angle of theory, at the same time, provides theoretical basis for the establishment of the model. Next, in this paper, the empirical analysis of the model selection and sources of data and calculation was carried out, and then through estimating and adjusting the model, this paper forms two correction model, model2and model3. Model2, respectively, for the various indicators of social endowment insurance to research the influence on the residents’ savings, it concludes that social endowment insurance per capita expenditure on household savings without crowding-out effect, social endowment insurance coverage and household savings appear negative correlation. Model3uses principal component analysis method, research the social endowment insurance’s impact on household savings from a comprehensive perspective, it shows that social endowment insurance has crowding-out effect on household savings, but compared with the income factors, the impact is not big, social endowment insurance for the release of the residents’ savings function have larger development space.The fourth chapter, according to research results, this paper put forward policy suggestions,that is expanding social endowment insurance coverage and improving the level of payment to further exert the social endowment insurance’s influence on household savings, and therefore, promote the economic development healthily and sustainably.