An Empirical Analysis Of The Impact On Endowment Insurance For The Residents’ Consumption

Since the policy of reform and opening up in China has been implemented, export driven and investment driven economic growth mode at one time made a greater contribution to China’s economic growth. However, this kind of economic development mode that is too much emphasis on export makes our country can only be passive to deal with and suffer a blow in the face of the financial crisis of the United States and the European debt crisis. In order to solve these problems, our country has adopted the way of increasing domestic investment to deal with this situation. When the huge amount of investment in stimulating economic growth, there have been some problems about a surplus of investment and low investment efficiency. Therefore, in the process of changing the mode of economic growth, the leading role of the consumption to the economy is also more and more attention by the state. But in recent years, China’s consumer demand is seriously inadequate, and this problem has gradually become an obstacle to the healthy development of the economy. Therefore, we should solve the problem of low consumption, which is not only to improve the living standards of residents, but also for the adjustment of economic structure, and then have an important impact on the healthy development of the economy. It is known that income is the decisive factor to affect consumption, Pension insurance, as a basic system to protect the lives of retirees, can provide pension for retired workers who participated in pension insurance, to ensure that the retired workers will still be able to earn income after leaving the job. Pension is an alternative to a certain ratio of wages, which are bound to affect the income gross of residents, as well as the entire life cycle of long-term income expectations, thus further affect the consumption of residents. Therefore, the study of the impact of pension insurance on the consumption of residents is of great significance to stimulate consumer demand, expand domestic demand, improve and perfect the old-age insurance system, and promote the improvement of economic structure, and then make the national economy development healthy and sustainable.In this paper, based on the relevant consumption function theory, the index system is established. With cointegration and error correction models, panel data analysis method and comparative analysis method, as well as the actual data from year 2001 to 2014 in the country and the provinces and cities, there is an analysis about the impact of China’s endowment insurance on the residents’ consumption. The results of the study show that from a long-term equilibrium point of view the per capita pension insurance expenditure of the government upgrade one unit, consumer spending will increase 0.73 units. In the short term, the impact factor of the per capita pension insurance expenditure of the government is 0.69, it is clear the extent of the short-term impact is less than that in the long-term. Whether in the long run or in the short term, China’s old-age insurance has a positive role in promoting on consumer spending. Also in other aspects, such as pension payments, aging rate, pension coverage, pension replacement rate, and then it also has an important impact on the consumer. And there is a great difference in the extent of the impact of the provinces and cities. In view of this, the paper puts forward relevant policy recommendations, such as to steadily improve the level of wage income, to vigorously develop the protection career, to stabilize the price level, to do real personal accounts, etc.