Research On Regional Differences Of Consumer Expenditure On Pension

The difference of provinces aging is large,pension finance act as financial role to play to help solve the pension problem,help people achieve long-term income growth,improve our standard of living.With the introduction of a series of policy documents,pension finance is given a solid policy foundation,and in theory with the residents of the consumption is closely related.First of all,this paper define the meaning of the pension finance is a kind of savings investment activities related to the pension,and this is starting point of the pension finance and its impact on the theoretical analysis of consumer spending.Based on the existing consumption theory foundation,the paper constructs the standard analysis frame of internal mechanism,induces the three effects of the pension financial impact on consumer expenditure:asset substitution effect,risk aversion effect and intergenerational transfer effect.In the analysis of the effect of the pension finance on the consumption expenditure,there is no difference in the whole country,but different parameters caused obvious regional difference in China.At the same time,the paper compares and analyzes the current situation and characteristics of the pension finance and the residents ' consumption expenditure in the whole country,the East,the Middle and the West,and puts forward the theoretical hypothesis is that the penision finance can promote the consumption of the residents,and the function pillar has the difference between the regions.Furthermore,the empirical results show that the influence of the pension finance on the consumption expenditure through the three major effects,and this influence is existent,but the difference of the influence of the different functional pillars on the consumption expenditure of the residents in different regions is existent,supported the theoretical hypothesis.The contribution of the pension finance to the consumption expenditure is significant,in which the enterprise annuity only affects the consumption expenditure of the Eastern region,which is related to the business advantage and the professional fund operation.The social endowment insurance has a significant impact on the consumption expenditure of the Middle region,which is the primary completion of the urban-rural integration and the provincial-level coordination,the central finance has obvious effect on the full subsidy of the basic pension The Commercial life insurance has a significant impact on the consumption expenditure of the Middle and West region,because of its can effectively share the risk impact and the cross period smoothness in the consumption.Finally,based on the theory and reality that the pension finance can significantly influence the consumption expenditure,this paper proposes the corresponding policy suggestions from macro-meso-micro level in the three aspects of promoting the overall government planning,market construction and regional advantages.In the government macroscopic aspect,consummates the pension financial system top-level design,enhances the level of overall fund operantion;In the market mesoscopic aspect,establishes the complete endowment financial product system,encourage the financial institutions to carry out the pension financial business and guide the pension to participate in the capital market;in the regional microcosmic aspect,enhances the payment level of the enterprise annuity,play the advantages of enterprise annuity operation in the East,promotes the synergy between the social insurance and the commercial life insurance development in the Middle,and still needs to strengthen the pension financial policy support in the West.Increase the contribution of consumption to economic growth under the new normal conditions.