The Impact Of Institutional Parameter Adjustment On The Fund Balance Of Chinese Basic Pension System

Along with the basic pension insurance system reform process continuously pushing forward, under the environment of the aggravating trend of aging population,the fiscal expenditure constraints increasing in the "New Normal" period and the government departments and public institutions' basic pension insurance system reform, how to guarantee the basic pension insurance fund to make both ends meet is the main task of China's basic pension insurance system reform. In this paper, we set the basic pension insurance system in Chongqing as an example, studying the parameters of basic pension insurance system's impact on the fund balance of payments, such as replacement rates, contribution rates, coverage rates and the adjustment of the retirement age. Firstly, in the literature review and theoretical basis for system reviews the previous studies on the achievements of endowment insurance system parameter adjustment, on the basis of combing the fund of primary endowment insurance system parameter adjustment function on the theoretical basis of balance of payments. Secondly, we try to adjust the old-age insurance system parameters applied to economics analysis framework, based on the economic efficiency, economic constraints, such as Angle, discusses the economic logic of system parameter adjustment, parameter adjustment for evaluating system of basic old-age insurance fund balance of payments impact laid the economic basis. Finally,the empirical part based on system dynamics and accounting balance principle,construction of basic old-age insurance system parameter adjustment of policy simulation model, taking chongqing as an example using Vensim PLE simulation software policy simulation, discusses system parameter adjustment of basic endowment insurance fund balance effect.This study draws the following conclusion. Firstly, the parameter type to the essence of the reform is to optimize the system parameters of economic efficiency and social efficiency, and guarantee the sustainable development of the basic endowment insurance system parameter equilibrium mechanism or endogenous mechanism.Basic old-age insurance system parameter adjustment is based on general equilibrium condition, the government intervene in the endowment insurance toguarantee fund balance of important policy tool, thus, system parameter adjustment for fund balance effect is not only the influence of government intervention in the external balance of endowment insurance market, but also the basic endowment insurance system internal balance of interaction parameter adjustment.At the same time, the basic endowment insurance system as a safeguard social and economic development of the economic system, the parameter adjusting itself exists inevitable economic constraints, economic efficiency, such as logic, this is undoubtedly judge system parameter adjustment the important basis of social benefit and economic benefit.In empirical simulation, it shows the basic old-age insurance replacement rate and contribution rate and coverage parameters of the system of the three, institutional coverage impact on fund balance effect compared with the other two parameters replacement level, namely the ascension of each unit coverage of fund growth level greater than the payment rate and substitution rate per unit adjustment, in an effort to improve the basic old-age insurance system coverage, the replacement rate and contribution rate "slow down", the contribution rate for "total control, the key to adjust the proportion of individuals and businesses".Secondly, the system parameter adjustment can not fundamentally solve the problem of risk fund payments imbalances.In the long run adjustment parameters and realize the system expected targets at the same time is difficult to achieve, will produce huge impact to the basic old-age insurance fund balance of payments.Pension system reform in government institutions, however, does not produce huge impact to the basic old-age insurance fund balance of payments, but the government finances are bound to the "old man" in government institutions of basic pension out responsibility.Although the "middleman" community agencies and institutions into the basic old-age insurance system, in the early on fund collection of basic endowment insurance fund balance plays a positive role, it is how to seize the time lag is pension reform brings new opportunities in government institutions and tasks.Simulation demonstration, the fund investment income will be ensure the important pillar of the basic old-age insurance fund balance of payments, the future fund raising income obviously cannot meet the fund expenditure, there will be serious annual fund spending more than twice as much as income extremes, fund investmentand fund accumulation will be constantly on this portion of the gap to fill, but the premise is to ensure the early stage of the basic endowment insurance fund investment income levels and the fiscal expenditure of basic old-age insurance system.