Research On The Influence Of Social Endowment Insurance On Residents’ Purchase Of Commercial Endowment Insurance

The aging problem has become a major problem faced by governments all over the world,and due to the aggravation of population aging,the social security problem will become more and more prominent.In China,elderly care is a key livelihood issue for the government and people.To a certain extent,the gradually perfect social endowment insurance system has ensured the healthy and harmonious development of the economic society and promoted the stable development of the national economy.At the present stage,China’s social endowment insurance system mainly implements the three-pillar management mode.In recent years,the number of participants of the first pillar keeps rising and the coverage of the first pillar is gradually expanding.At the same time,the standard of government pension fund is also gradually improving.On the other hand,as the Chinese government actively develops preferential policies to guide the development of the third pillar commercial endowment insurance,the cost of commercial endowment insurance has showed a significant rise in recent years.And with the majority of urban and rural residents in the social basic endowment insurance benefits,people enhance the understanding of commercial endowment insurance,as well as the acceptance of commercial endowment insurance.However,as the replacement rate of social basic pension in China is constantly decreasing,the pension provided by the government cannot fully cover all the consumption in retirement,which strengthens the purchase of commercial pension insurance.At the same time,as most commercial pension insurance has the characteristics of long-term investment,when social pension insurance improves people’s basic pension security level,individuals will be more active to join.Therefore,this paper will study the impact of social basic endowment insurance on ordinary residents’ purchase of commercial endowment insurance from a micro perspective.Based on the data analysis of China’s General Social Survey(CGSS)in 2017 and the binary Logit model,this paper concludes that the social basic endowment insurance plays an important role in promoting the purchase of commercial endowment insurance by Chinese citizens.This paper consists of five parts: Part one to part three establish the research ideas and methods of the whole paper on the basis of elaborating the situation of social endowment insurance,commercial endowment insurance and foreign literature review.The fourth part uses the empirical analysis method to illustrate the influence of social endowment insurance on commercial endowment insurance purchase,and further tests the influence mechanism of this paper by using the family income intermediary variable.The article also divides the sample into different economic belts according to the regional economic conditions,and analyzes the difference of the influence of participating in social endowment insurance on the commodity endowment insurance purchased by urban and rural residents under different economic belts.The empirical results show that: Firstly,on the whole,participation in social endowment insurance has a significant driving effect on the purchase of commercial endowment insurance.Secondly,based on the verification of the mechanism of the intermediary variable of family income,the paper finds that social endowment insurance can reduce the instability of residents’ future retirement income,increase residents’ lifetime income,promote current consumption,and then improve residents’ purchase intention of commercial endowment insurance.Finally,for urban and rural residents in each economic belt,the social basic endowment insurance under the central and eastern economic belt has an obvious promoting effect on the purchase of commercial endowment insurance for urban and rural residents,while the impact of the social basic endowment insurance under the western economic belt is not obvious.According to the empirical results of this paper,the following policy suggestions are given.Firstly,government make clear the positioning of commercial endowment insurance in the whole endowment insurance system;Secondly,we should further enrich commercial endowment insurance products and create more commercial endowment services that can meet the needs of various social groups;Finally government should encourage commercial pension companies to participate in the pension service industry,increase publicity efforts,and constantly improve people’s insurance awareness.