Research On The Impact Of Basic Pension Insurance On Residents' Consumption

In recent years,the problem of insufficient consumer demand in China has seriously restricted the healthy development of economy,As the most important part of the social security system,basic endowment insurance is closely related to weakening residents' precautionary saving motivation,adjusting the income distribution of the whole life cycle,and promoting income redistribution among different groups,thus affecting residents' consumption expenditure.Studying the role of basic endowment insurance in residents' consumption and savings decision-making is of great significance for stimulating the consumption needs of Chinese residents,improving and perfecting the basic endowment insurance system,and maintaining a stable and healthy economic development.On the basis of reviewing the existing literatures,the article studies the impact of basic endowment insurance on residents' consumption from both qualitative and quantitative perspectives.Firstly,it sorts out the status quo of basic endowment insurance,residents' consumption,and the impact of basic endowment insurance on residents' consumption.Secondly,it analyzes the effect of basic endowment insurance on residents' consumption and puts forward research hypotheses.Further,using the panel data of China Family Panel Study(CFPS)in 2010,2012,2014 and 2016 as a sample to construct a fixed-effect panel model,empirically study the impact of basic endowment insurance on residents' per capita total consumption and itemized consumption.On the basis of the analysis of the total sample,also sub-household,sub-income level of a detailed study.The results show that: in the total,rural household,urban household and low-income sample,the basic endowment insurance has a significant positive effect on per capita total,daily,dress,entertainment and medical consumption,but the effect on per capita food consumption is not significant.In the high-income level sample,it has a significant positive effect on per capita dress and medical consumption.But overall,basic endowment insurance has a significant positive effect on residents' consumption.In terms of control variables,per capita income and household assets have a significant positive effect on per capita total consumption and multi-item consumption;Marriage status has a significant positive effect on per capita total consumption in the total sample;Health status has a significant positive effect on per capita medical consumption in each sample;The number of households has a significant negative effect on the per capita total consumption and multiple sub-items of consumption in each sample.On the basis of the above conclusions,this paper puts forward four countermeasures and suggestions to promote residents' consumption,including expanding the coverage of basic endowment insurance,balancing urban and rural areas,improving the level of endowment insurance,developing commercial endowment insurance,perfecting diversified old-age security system,and improving residents' income level.