The Research On Financial Market Support For The Development Of China's Pension Service Industry

By the end of 2017,China has have 241 million elderly people,accounting for 17.3%of the national population,and the aging trend of the population is becoming more and more obvious.China's elderly population base is large and growing fast,which greatly increases the demand for China's old-age service industry.because of the large endowment service industry investment cycle is long and has welfare nature,only rely on the financial support is not enough,it will need to increase funding,through diversified financial support,to improve and promote the development of pension services.Therefore,financial support mechanism are needed to promote the development of pension services as well as the status,in order to build a better promote the development of pension services high quality perfect financial support system.This article is based on the solution of the above problems to carry out corresponding research.This paper uses normative analysis,comparative analysis and measurement analysis and other research methods,on the basis of reviewing the related literature,The characteristics of pension service industry are defined and the necessity of financial support for the development of pension service industry is expounded.Again based on the financial support to promote the development of pension services to do the main categories,namely the government financial support,financial support direct market,indirect market financial support and private capital support.Then analysis the mechanism of financial support to promote the development of pension services,namely:Expanding the financial scale can form more industrial capital and become the source of capital supply;Optimizing the financial structure can improve the conversion rate of savings to investment,so that financial resources can be better transformed into the financial resources that can be used in the pension service industry.Improving financial efficiency can transform financial surplus into financial resources more efficiently,and optimize resource allocation,and guide funds to flow to pension service industry.After theoretical study,through the analysis of the statistical support for all financial market category,longitudinal comparison data found that support all aspects of the financial markets in recent years the development of pension services of our country have supported growing.To verify the theoretical analysis,this article selects 2007 to 2016,29 provinces and cities of the country's pension services and finance related data,after controlling for per capita GDP,urbanization rate and on the basis of the elderly population of around financial support scale,structure,efficiency as independent variables,through empirical measurement,to explore the impact of the development of pension services.In terms of the country,the overall fit of the model is high,and financial scale and financial efficiency is to promote the development of pension services,due to financial structure in our country is still in a low level,and therefore did not play its role.And empirical results are differences between different regions,the eastern and central regions are consistent with the results,promote the role of financial scale and financial efficiency factor,financial structure factors temporarily not play;However,the financial scale and financial structure are the main factors contributing to the promotion of western China,while the promotion of financial efficiency has not been played yet.At the end of the article,to further enhance the support of the financial market,this paper presents the specific countermeasures and Suggestions:first of all should be to increase efficiency of indirect market support,set up and development of pension services that meet the needs of multi-level banking system,promote the development of bank credit products with innovation and strengthen the insurance industry support the development of pension services.Secondly,we should promote the supporting role of the capital market,improve the external environment for enterprise financing,and further improve the multi-level capital market system.Finally,we should improve the effectiveness of private capital support,establish and improve supporting mechanisms to absorb more private capital into the construction of old-age care service industry by reasonably choosing the public-private partnership model.