Research On The Effect Of Financial Expenditure Policy On The Development Of Private Pension Institutions

With the aging of the population,the increasing degree of family miniaturization and the upgrading of consumption structure,more and more people need professional and diversified pension services,one of the tasks of the transformation of government functions is also to meet people's demand for pension services,and the importance of private pension institutions has become increasingly prominent.Making reasonable and effective financial expenditure policy is an important way to promote the development of private pension institutions.Taking Jiangsu Province as an example,this paper analyzes the current development situation of private pension institutions and fiscal expenditure policies,and explores the impact of fiscal expenditure policies on the development of private pension institutions,which is conducive to improving the efficiency of financial expenditure,promoting the development of private pension institutions and meeting the needs of social pension services.This paper first analyzes the theoretical basis of the impact of fiscal expenditure policy on the development of private pension institutions in China,which is to clarify the relevant concepts of private pension institutions,the necessity of fiscal expenditure policy to support the development of private pension institutions and its mechanism.Secondly,taking Jiangsu Province as an example,by analyzing the current situation of private pension institutions,it is found that the occupancy rate of private pension institutions is generally low,which is due to the relatively high occupancy cost,the shortage of elderly care talents,and the lack of medical and health resources.Then,this paper combs the current situation of financial expenditure policies formulated by different cities in Jiangsu Province,and finds that there are some problems in financial subsidy policies,such as unreasonable threshold setting,insufficient support for elderly care talents and insufficient mobilization of medical and health resources,as well as limited support of government purchase policy to private pension institutions.Moreover,in order to measure the specific direction and degree of the impact of the current fiscal expenditure policy on the development of private pension institutions,this paper uses the data of Suzhou City,Jiangsu Province to build a panel data model,and makes an empirical analysis.The results show that the allocation amount of special funds for the elderly service system in Jiangsu Province has a positive impact on the development of private pension institutions,and for every 10000 yuan of the special funds increased,the occupancy rate of private pension institutions will increase by about 0.02 percentage points;the impact of social insurance fund expenditure on the development of private pension institutions is negative,and every 100 million yuan increase in fund expenditure will reduce the occupancy rate of private pension institutions by about 0.1 percentage points.Finally,combined with the analysis results of policy and substantial evidence,this paper puts forward the following policy recommendations:optimizing the structural choice of fiscal expenditure policy,modifying the scale arrangement of fiscal expenditure policy,strengthening the mobilization of financial subsidy policy to medical and health resources,enhancing the rationality of threshold setting of financial subsidy policy,increasing the support of financial subsidy policy to elderly care talents and expanding the support scope of government purchase policy for private pension institutions.