Research On The Promotion Effect Of Social Endowment Insurance On Commercial Endowment Insurance

With China’s entering into an aging society,pension has become an important livelihood issue.It is of great significance for maintaining social stability and promoting economic development to gradually establish and perfect the social pension system and improve the level of pension security.At present,China’s endowment insurance system adopts a three-pillar model.In recent years,the number of participants in the first-pillar social pension insurance has continued to rise,the coverage rate has gradually increased,and pension fund income has also increased year by year.At the same time,the state has actively promulgated policies to encourage the development of the third pillar of commercial endowment insurance.With the strong support of the state,commercial endowment insurance premiums have also shown an upward trend in recent years.As residents actually feel the benefits of endowment insurance after participating in social endowment insurance,they have raised people’s insurance awareness to a certain extent and strengthened their understanding of commercial endowment insurance.The income and expenditure gap persists,the basic endowment insurance protection function is weakened to fully cover all consumption during retirement.At the same time,the replacement rate of basic pension in China continues to decline,and the pension that can be provided is not enough to cover all the consumption during the retirement period.When people find that the social endowment insurance provided by the government is not enough,they will increase the purchase of commercial endowment insurance.Moreover,most commercial endowment insurance has the nature of investment.When basic endowment insurance provides people with basic endowment insurance,individuals will participate more actively in investment.Therefore,from the micro perspective,this paper explores whether social endowment insurance can promote commercial endowment insurance.Based on the data of China General Social Survey(CGSS)in 2015,this paper uses the method of propensity score matching to solve the endogenous and individual heterogeneity problems of the model,and empirically analyzes the impact of social endowment insurance on the demand of China’s commercial endowment insurance.This paper is divided into six parts: the first part to the third part,based on the detailed introduction of the current situation of social endowment insurance,commercial endowment insurance and literature review at home and abroad,determine the research ideas and methods of this paper.The fourth part explains the promotion effect of social endowment insurance on commercial endowment insurance through empirical analysis,and analyzes the difference of promotion effect of social endowment insurance on commercial endowment insurance at different age levels and in different economic belts.The article draws the following conclusions:(1)as a whole,social pension insurance has a positive promotion effect on the demand for commercial pension insurance.For residents in different economic belts,social endowment insurance in the western and eastern economic belts has a significant promotion effect on the demand for commercial endowment insurance,and social endowment insurance in the central economic belt has no significant effect on promoting commercial endowment insurance.For people of different ages,among young people under 44 years,social endowment insurance has a significant promotion effect on commercial endowment insurance.Among middle-aged people aged 45-59 and seniors over 60 years,The promotion effect of social endowment insurance on commercial endowment insurance is not significant.Finally,policy opinions were put forward on the research conclusions.The innovation of this paper includes two aspects.First,the article systematically analyzes the promotion effect of social endowment insurance on commercial endowment insurance and supplements the research on the impact of government behavior on market behavior in the insurance field.Second,in the process of empirical research,we use appropriate instrumental variables to effectively solve the problem of model endogeneity,which improves the effectiveness of empirical results to a certain extent.