Research Of The Impacts Of Basic Pension Insurance For Employees On The Consumption Of Urban Residents

In recent years,China's increasingly serious consumption deficiencies have become an embarrassment in the process of economic development.Consumption in the “investment,export,and consumption” troika is a shortcoming in China,lagging far behind that of developed countries and increasing domestic consumption of domestic residents.It is an important force to maintain steady economic growth.Pension insurance is the main source of income for retirees,and it is also a major reference factor that affects the expected standard of living for future employees.The increase in expenditure on pension insurance will inevitably increase the income of retirees and improve the living standards of on-duty staff.To further promote the residents' current consumer demand.Henan Province is a populous province in China.However,the residents' consumption level is in the middle and lower reaches of the country.As China's aging population becomes more serious and the number of retirees increases rapidly,more and more elderly people need pension insurance.To maintain consumer spending,the basic endowment insurance expenditures of enterprise employees in Henan Province will face major tests.Therefore,the relationship between the basic endowment insurance for urban employees and the urban residents' consumption in Henan Province was studied.The problems and shortcomings were identified,and reasonable and feasible suggestions were made to improve the urban residents' consumption level in Henan Province and improve the life of urban residents in Henan Province.Promoting Henan's economic development has far-reaching significance.This paper adopts a combination of theoretical analysis and empirical research,firstthrough statistical data,the status quo of basic pension insurance system for urban employees in Henan Province and the status quo of urban residents' consumption are analyzed.Problems and shortcomings are found.Next based on the theory of literature review: Keynesian consumption theory,life cycle theory,extended life cycle theory,preventive saving theory,permanent income theory,and intergenerational transfer payment theory.The relationship between pension insurance expenditure and resident consumption was discussed.Based on the pension insurance system further refined the pension insurance system by increasing residents' income,improving residents' future life expectancy,and adjusting income redistribution.Finally,an improved model based on the life cycle theory model is established.The per capita disposable income of urban residents in Henan Province from 2001 to 2016 is used.The time-series data of income,per capita consumption expenditure of urban residents,per capita savings of urban residents,and basic pension insurance of urban employees were analyzed by multiple linear regression analysis.The research results show that in the long run,per expenditures of basic pension insurance for enterprise employees have a stable impact on per consumer spending of urban residents;pension insurance expenditure has a significant role in promoting urban household consumer spending,but the impact coefficient is small,indicating Henan Province The lower level of enterprise employee pension insurance cannot effectively improve the permanent income of urban residents and their expectations for future life.It has a smaller contribution to improving the per capita consumer expenditure of urban residents in Henan;the per savings of urban residents in Henan The impact of household consumption is relatively large,which shows that the basic pension insurance fund for enterprise employees has a lower level of substitution for urban residents' savings,which is far less than the sense of security that precautionary saving brings toresidents.The level of employee pension insurance in Henan Province is still relatively high.The development of space.Finally,based on the results,the relevant recommendations are put forward.First,improve the enterprise employee endowment insurance system to improve the residents' future life expectation;second,strengthen the management of endowment insurance fund accounts and increase the permanent income of residents;third,promote comprehensive reforms and develop institutional innovations.