| Basic endowment insurance is a Chinese pension insurance system used to meet the basic needs of most pension recipients.It can be said that basic endowment insurance is the highest level of insurance in China’s multi-level pension insurance system.Its application is vital to ensuring labor force growth,maintaining social security,and promoting economic development.With social development,China’s basic endowment insurance system is continuously being reformed,updated,and improved.At the same time,the participation and insurance awareness of residents inurban and rural areas have gradually increased.However,residents’ participation levels have shown inconsistent characteristics,particularly regarding the selected payment level.In addition to being influenced by factors such as residents’ gender,marital status,and health status,residents’ education levels have also had an important impact on the payment level of urban and rural residents’ basic endowment insurance.This article is based on micro-level data from the China Household Finance Survey(CHFS)in 2013 and 2019,focusing on residents’ education levels and exploring how residents’ education levels have influenced their selection of payment levels for urban and rural residents’ basic endowment insurance before and after the establishment of the insurance system.The relationship between the two is first discussed using the baseline regression and 2SLS and instrumental variables are used to overcome the effect of endogeneity,followed by heterogeneity analysis and testing of the robustness of the results.The Sobel mediation effect model was used to verify how residents’ education levels influence their choice of payment levels through two mechanisms: "Residents’ education level-total household assets-payment level" and "Residents’ education level-financial assets-payment level." This article has taken a new perspective,and through comparative research and discussion,provides ideas for the reform of China’s urban and rural residents’ basic endowment insurance system.In the process of system development,the promotion of personal characteristics such as residents’ education level should be fully considered,so as to better play the role of the basic pension insurance system for urban and rural residents to protect the basic life of the majority of retired residents.The empirical results show that the influence of residents’ education level on their choice of urban and rural residents’ basic pension insurance contribution grades varies over time.The positive effect of the education level of the household head on the household’s choice of urban and rural residents’ basic pension insurance contribution grade becomes increasingly significant.The robustness of the obtained regression results is tested by using the 2SLS model test by changing the time of implementation of the instrumental variable,excluding older respondents who are less affected by the instrumental variable,and adding controls for whether residents participate in commercial insurance characteristics.In addition,residents are grouped according to different happiness,household location and age groups to further explore the heterogeneity of the effect of residents’ education level on the contribution level of basic pension insurance.Finally,using total household assets and financial assets as mediating variables,we examine the mediating role they play and conclude that residents’ education level raises the contribution level of urban and rural residential insurance,which promotes the accumulation of total household assets and financial assets through the mediating effect,and in turn promotes the increase of urban and rural residential insurance contribution level.Based on the above conclusions,the full text is summarized and relevant policy recommendations are made in four aspects,including improving teaching quality and expanding coverage,improving contribution methods,adjusting contribution policies and appropriately increasing pension levels. |
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