Now Received A Pay Old-age Insurance Empirical Research On The Impact Of Investment In Human Capital

Since the New growth theory turned up, much emphasis was increasingly placed on Human Capital to economic growth. Pay-as-you-go insurance can change the constraint people faced and affect the investment on Human Capital Intergenerational, at last maybe affecting economic growth. Because of the core effect of pension insurance on economic growth, meanwhile the existing theories still can alter, at the same time the Empirical Study of our country is relatively few or inaccurate, so it is necessary from theoretical and empirical aspect to study the old-age insurance effect on human capital investment.In this paper, we describe some parents are altruistic in nature, as well as in deepening a personal micro-decision making, who based on the application of cross-time decision-making model, to solve the optimal decision of workers.we found that when they meet certain conditions, the current pay-as-you-go insurance is able to promote investment on Human Capital, meanwhile the parents preferred a lower number of children, higher quality and higher efficiency of social education can promote the realization of this condition. When these conditions are met, the need of the parents for their children further improvement may lead to old-age insurance investment on human capital in a certain degree weakened.Although it is simply estimated that the conditions of our country support for "promotion" effect, but the conclusions of theoretical analysis can not definitively tell us whether the old-age insurance in China has promoted investment on human capital. Therefore, in this paper according to "the new ", "the middle", "the old",different insurance policies of our country, calculated per capita urban old-age insurance pay-as part of the replacement rate, as well as urban per-capita wealth of old-age insurance to analyze the current situation of China's old-age insurance.On that basis, we make use of the 30 regions from 2002 to 2007 related panel data, econometrically analyze our country current pay-as-you-go insurance system on human capital investment. The results showed that old-age insurance in China has boosted investment on human capital, also found that the per capita disposable income of the average level of education and society also promotes investment on human capital, while investment of the impact of the Government expenditure on education on human capital is not significant.Finally, as to the actual situation of our country we put forward the corresponding policy recommendations.