Research On The Influence Of Delayed Retirement On Human Capital Investment Decision

Under the background that the population aging is getting deeper,the demographic dividend is declining,the social security system is hidden,and the industrial structure is optimizing and upgrading,economy is transforming.As an important focus of alleviating the negative impact of aging,releasing supply vitality,optimizing supply structure,and promoting high-quality economic growth,human capital investment has increasingly become the focus of academic circles.Delaying retirement is another important measure to alleviate the negative effects of population aging,and its relationship with human capital investment decisions and the synergy between the two are worth pondering.This study starts with the debate over whether to implement a delayed retirement policy.The delayed retirement side combed the research on the micro,meso and macro effects of delayed retirement on labor supply.The human capital side follows the two modules of human capital that is educational human capital and healthy human capital.Finally,combing the research on the correlation between the two sides,it is found that the existing research on delayed retirement and human capital mainly focuses on delaying the impact of retirement on the labor market,while the research on the impact of delayed retirement on individual investment decision adjustment is not rich and thorough.This laid the foundation for the development of this study.Secondly,the sixth census data is compiled and combined with the survey data of the national and Shanghai labor market,the current status of China’s current retirement system and labor market is obtained: Labor supply is affected due to low legal retirement age;Retirement age gender difference is too large;The higher the level of human capital,the shorter the working age and the waste of human capital capital;The phenomenon of ―returning without a break‖ is serious,and The waste of human resources of the elderly is serious.This reveals the reality of the waste of human capital under the retirement system.Therefore,human capital investment needs to be adjusted to accommodate the delayed retirement policy.Then,the piecewise function of human capital including education and health is established and its influence on retirement age is mathematically deduced.It is concluded that,first of all,micro-individuals will choose to retire at the point where their educational human capital is reduced to zero for the purpose of maximizing utility.The direct result of the current statutory retirement age is insufficient human capital recovery.Secondly,increasing the investment in education human capital will make the education human capital peak higher and arrive later,and the corresponding decay rate is also slower.Therefore,the point of human capital decay to zero is also late,that is,the individual is more suitable for working longer.Third,health status has a binding effect on workers’ retirement choices.Finally,laborers with different educational human capital have different working abilities,and their preferences for the nature of work are different.Therefore,the impact of human capital on the willingness to retreat is closely related to the nature of work.In this study,three different levels of education workers were selected for comparative discussion,and the above conclusions were tested for robustness.The conclusions were consistent with the previous ones.Since the delayed retirement policy has not been implemented and there are difficulties in the availability of data,this study uses the reverse policy prediction method to conduct an empirical test,that is,to examine the impact of different human capital levels on laborer retirement decision-making.Reasonable human capital investment decisions should be made to adapt to the implementation of policies.Based on theoretical analysis,three sets of hypotheses are proposed.First of all,educational human capital has a positive impact on the health status of workers,and the health status of workers has a positive impact on workers’ willingness to retire;Secondly,education human capital has a negative impact on the choice of laborers’ jobs,and the nature of laborers’ jobs has a negative impact on their willingness to retire;Finally,education human capital has a positive impact on the income level of workers,and the income level of workers has a positive impact on their willingness to retire.Empirical data from the CHARLS(China Health and Pension Tracking Survey)2015 database.The male 60 years old and the female 55 years old are defined as the dividing line to define the laborer’s willingness to retire,and the educational level is used to measure the laborer’s educational human capital level.Firstly,the logit model is built to examine the impact of the human capital level of the sex worker on the retirement intention.The logit model and the probit model are respectively used to verify the significant degree of the explanatory variables reflected in the three sets of hypotheses.Assume whether it is passed or not,and verify the impact and ways of human capital on workers’ willingness to suspend retirement.By establishing and deducing the model of the relationship between human capital and retirement age from a micro perspective,it is concluded that individuals with high levels of human capital have more adequate conditions for longer working hours.And verify that the three sets of assumptions are true or not.The conclusions of this study are as follows: On the whole,the level of human capital has a significant positive impact on workers’ willingness to delay retirement.For men,age,job type,health and human capital levels are important factors influencing men’s willingness to delay retirement.For women,human capital level,age,job type,and whether or not to have pension are importation factors that affect women’s delay in retirement.Second,the first function path of the influence of human capital level on workers’ willingness to delay retirement is conducted by taking the health status as the mediating variable,and the mediating variable plays a good role.Third,the effect of human capital level on the willingness of workers to delay retirement.The second action path is conducted by using the type of work as an intermediate variable.The intermediate variable has a good effect and a high intermediate conversion rate.Finally,the channel with income level as the intermediary variable is not smooth,which is mainly reflected in the second stage of the test,that is,income level has no significant impact on individuals’ willingness to delay retirement.Based on the above conclusions,this study provides targeted policy recommendations from three perspectives: education,public health,and enterprises.