Research On The Impact Of Personal Insurance On The Subjective Well-being Of Chinese Residents

Having experienced 40 years of reform and opening up,China's social economy is developing rapidly,and happiness has become good yearning for people,so the happiness index has gradually received more attention.The residents'happiness is inseparable from the improvement of people's livelihood and social stability.Therefore,the party and government attach great importance to the construction and improvement of the multi-level social security system,and have repeatedly stressed that the pillar role of commercial insurance should be fully exerted.As an important part of commercial insurance,personal insurance plays an irreplaceable role in the social security system,and effectively guarantees the happy lives of residents by compensating for the insufficiency of social insurance and satisfying the diversification of people's insurance needs.However,China's personal insurance still exist homogenization competition,poor professional level,and uneven regional development,which greatly reduced its happiness effect for residents.Therefore,both from the development of personal insurance industry and from the improvement of the residents'happiness,it's very important to study the impact of personal insurance on the subjective well-being of Chinese residents.By reviewing domestic and foreign literatures,this paper uses the methods combining theoretical and empirical analysis to research the impact of personal insurance on the subjective well-being of Chinese residents,aiming to improve the happiness of Chinese residents by promoting the development of personal insurance.The content of this paper is as follows:The introduction expounds the research background and significance,and reviews the foreign and domestic relative literature.It also introduces research contents and technique,and further puts forward the innovation and deficiency.The first part is the theoretical analysis.Firstly,on the basis of generalizing the meaning,measurement standard and factors of subjective well-being,it elaborates its formation mechanism and introduces the meaning and composition of personal insurance.Secondly,it analyzes the practical application of the expected utility theory,prospect theory and Maslow's hierarchy of needs theory.Finally,it expounds that personal insurance has a positive effect on residents'subjective well-being by diversifying risk and compensating loss,guaranteeing social reproduction and promoting employment and improving multi-level social security system.The second part is the reality analysis.Firstly,the analysis of the authoritative organization survey data and big data finds that the subjective well-being of Chinese residents is stable at a low level,and exist obvious group differences,and its main influencing factors are also changing.Secondly,it analyzes the development status of China's personal insurance,that is,the market scale and social influence are expanding;the business structure is optimized,and the market concentration is declining;the sales channel is still dominated by individual insurance,but Internet sales is emerging;the regional development is“East hot West cold."The third chapter is the empirical analysis.This chapter uses the CHFS(2013)data to take subjective well-being as the explained variable,take whether to have commercial life insurance(including commercial pension insurance),whether to have commercial health insurance as the key explanatory variable,and choice the control variables,such as gender,age,age~2,marry,party,hukou,job-state,edu,health,lnasset,region.It also uses Probit model to empirically research the impact of personal insurance on the subjective well-being of Chinese residents from the overall level,urban-rural differences and regional differences,and finally uses the Logit model for robustness testing.The forth part is conclusions and policy recommendations.The empirical results show that personal insurance has a significant positive impact on residents'subjective well-being,and commercial health insurance has more remarkable positive impact than commercial life insurance;the impact of personal insurance on residents'subjective well-being has urban-rural and regional differences.According to the comprehensive analysis above,this paper proposes suggestions to promote the development of personal insurance to improve residents'subjective well-being.Firstly,strengthen policy guidance and supervision to create a good development environment;Secondly,improve professional management capabilities to promote the healthy development of personal insurance;Thirdly,narrow the development gap between urban-rural areas to promote the coordinated development of personal insurance;Fourth,strengthen publicity to improve national insurance awareness and enthusiasm.This paper has possible innovations in research perspective,content and methods.Firstly,this paper examines the positive impact of personal insurance on the lives of residents from the perspective of subjective well-being.Secondly,this paper highlights the happiness effect of the development of personal insurance,which is different from the perspective of domestic research mostly from income,population,social factor or social insurance.Thirdly,this paper sets up different sample group,so the impact of personal insurance on the subjective well-being of residents has been refined and deepened by comparing and analyzing the sample data of different insurance types,urban-rural areas and different regions.