Research On The Impact Of Endowment Insurance On The Subjective Well-being Of Residents

Under the background of gradually deepening aging,rapid economic development and accelerated pace of life in China,the government and individuals pay more attention to improving the quality of life,and the improvement of happiness level has become the direction of the joint efforts of the government and citizens.Subjective well-being of residents is affected by national public policies to some extent.As an important part of national public policies,endowment insurance system and commercial endowment insurance as the third pillar of endowment insurance system of China play an irreplaceable role in improving happiness level of residents and maintaining social stability.At present,endowment insurance system of China still has some urgent problems to be solved,such as the difference in treatment of different groups,insufficient security and so on.These problems will hinder the further improvement of endowment insurance system of China and are not conducive to the improvement of the subjective well-being of residents.Therefore,it is very necessary to study the impact of endowment insurance on subjective well-being of residents,whether from the perspective of the urgent need to improve the endowment insurance system or from the perspective of improving subjective well-being of residents.This article is based on the perspective of basic endowment insurance and commercial endowment insurance,using China Family Panel Studies(CFPS)in 2014,2016 and 2018 Panel data,by constructing individual and time fixed effects Ordered Logistic model to carry on the empirical analysis,to study the present stage our country’s endowment insurance system is not really promoted the subjective well-being of residents.This paper is based on the systematic research on the influence of basic endowment insurance and commercial endowment insurance on subjective well-being of residents.The multi-dimensional analysis can more clearly see the difference of welfare treatment between different groups in the endowment insurance system,and provide empirical basis for the rapid development of commercial endowment insurance in China.Through empirical research,we found that both the basic endowment insurance and commercial endowment insurance can significantly improve the subjective well-being of urban and rural residents,and the effect of commercial endowment insurance on subjective well-being of residents is stronger than that of basic endowment insurance.Except for urban residents who participated in the basic endowment insurance,the degree of happiness of male residents who participated in the basic endowment insurance or commercial endowment insurance was higher than that of female residents.Participating in the basic endowment insurance can improve the subjective well-being of residents under 60 years old,but it has no significant effect on the subjective well-being of residents over 60 years old.Participating in the commercial endowment insurance has a significant positive effect on the subjective well-being of other urban and rural residents except for the rural residents over60 years old.Participating in basic endowment insurance has a significant effect on the subjective well-being of urban and rural residents with junior middle school education level and below,but has a significant negative effect on the subjective well-being of rural residents with junior college education level and above.Participating in commercial endowment insurance can significantly improve the subjective well-being of residents with senior high school education level.Participating in basic endowment insurance can improve the happiness of residents in the eastern and western regions,but it has no significant effect on the subjective well-being of residents in the central region.Participating in commercial endowment insurance also has different effects on the happiness of residents in the central,eastern and western regions as well as between urban and rural areas.Participating in the basic endowment insurance can significantly improve the subjective well-being of residents of all income levels;Although the participation of commercial endowment insurance has a positive effect on the subjective well-being of residents of all income groups,it only has a significant effect on the residents of the middle income group.In the end,two methods of robustness test are used to prove the robustness of the above conclusions.This paper puts forward the following suggestions: Implement the national pooling of basic endowment insurance as soon as possible;We will improve basic endowment insurance benefits and facilities for the elders in rural areas.We should strengthen the integration of insurance knowledge into education,and at the same time promote the development of commercial endowment insurance and develop diversified commercial endowment insurance products.