The Influence Of Pension Fund Expenditure On Consumption Of Urban Residents

In recent years,China’s economy continues to face downward pressure on economic growth,the previous model driven by investment,obviously does not meet the new demands of economic development,need to change the mode of economic development,promote the transformation and upgrading of economic structure.In the way of promoting economic growth,improving consumption is undoubtedly the most reasonable and effective way.To this end,in 2015 2013,China has issued relevant policies to promote consumption growth,and emphasizes the importance of consumption in China’s economic transformation and upgrading in 2016 "plan" in13 th Five-Year.Many of the factors that affect the consumption,social security system plays an important role,in the social security system,pension insurance accounted for the largest proportion,so the effect of pension on consumption,is of great theoretical and practical significance.In this paper,the theory of life cycle Feierdesitan development based on the basis of this model,and the lag of the introduction of consumer spending,the objective is to expand the life cycle theory and used the theory of combining form,to solve the current problem of propensity to consume,so as to solve China’s propensity to consume,improve a a new perspective and ideas to promote the growth of consumption,this also for future research to provide a new research direction.The research ideas are as follows: firstly,the relevant literature were summarized and sorted,and then analyses the theoretical basis and related path,lay a theoretical foundation for the following model and empirical analysis.Secondly,the relationship between pension fund expenditure and consumption of urban residents is qualitatively analyzed.This paper briefly introduces the development and present situation of the endowment insurance system in China,and introduces the development of Jiangsu’s endowment insurance and the consumption status of the urban residents in Jiangsu province.On this basis,the establishment of the panel model using the data of Jiangsu province from 2009 to 2016,based on the life cycle of Modigliani,quantitative analysis of the relationship between pension expenditure and consumption of urban residents.In this paper,the urban residents per capita consumption expenditure model as explanatory variables,the per capita disposable income,per capita pension expenditure,per capita medical education,and the per capita consumption expenditure lagged variables as explanatory variables,to explain the relationship between pension fund expenditure and consumption of urban residents.The empirical results show that has a significant impact on the consumption of urban residents increased spending of the endowment insurance fund,the pension expenditure increases,to promote the consumption of the second,to test the habitformation theory is correct,this is mainly because of people’s consumption habits once formed has certain rigidity,does not occur in the short term finally,according to the change,the empirical analysis,this paper puts forward the following suggestions,and constantly improve the residents’ disposable personal income level,gradually increase the consumption capacity of the residents,improve the pension system,and gradually improve the consumption of urban residents is expected,the perfect endowment insurance fund operation mechanism,increase the value of the fund and other measures to improve the endowment insurance system in China can have a certain role in promoting.