Research On The Influence Of Digital Inclusive Finance Development On Social Insurance Participation

In China,as the key of the social security system,social insurance plays a fundamental role in income distribution and redistribution.It is not only an important tool to guarantee and improve people’s livelihood,but also a regulator to ensure the reproduction of material and labor force and social equity.Therefore,improving the degree of social insurance participation in China is an important starting point to improve the level of security and livelihood improvement.In 2019,the Central Economic Work Conference proposed to "vigorously develop the digital economy",while the traditional financial model is difficult to play the role of "universal and beneficial" in the background of the fintech era,so the combination of inclusive finance and fintech has given birth to the transformation to digital inclusive finance.Pratt &whitney financial from the Angle of ease financial exclusion,reduce the cost of the financial services and the threshold,to better solve the key difficulties of social insurance,and the improvement of financial pratt &whitney degree contribute to economic growth,jobs and income increase,make people more willing to participate in social insurance to meet its own security needs.Therefore,the development of digital inclusive finance has a positive role in expanding the coverage and scope of social insurance participation.Therefore,it is necessary to further use theoretical and empirical analysis to measure and test the relationship between the development of digital inclusive finance and social insurance participation.This paper combs and summarizes domestic and foreign literature on digital inclusive finance and social insurance participation.Based on theoretical analysis,social insurance data of 31 Provinces in China from 2011 to 2020 and relevant macro data such as Peking University Digital Inclusive Finance Index(PKUDFIIC)are selected.The overall effect,three types of heterogeneity effect,intermediary effect and spatial spillover effect were tested.First of all,the influence of total index on five types of social insurance was analyzed at the provincial level,and the heterogeneity effect on five types of social insurance participation was analyzed from three dimensions of coverage breadth,depth of use and degree of digitalization.Secondly,the mediating effect model is used to test the mechanism channels of income and employment effects that influence the level of digital inclusive finance and social insurance participation.Finally,the spatial Durbin model is used to demonstrate the spillover effect of digital inclusive finance on social insurance participation.Specifically,by calculating global and local Moran indices,Wald test and LM test,the spatial Dubin model is used to test the positive spatial spillover effect of digital inclusive finance on social insurance participation in China.Through empirical research,this paper finds the following conclusions: First,the development of digital inclusive finance can significantly improve the coverage of social insurance.By comparing the indexes of the three dimensions,it is found that the impact of digitalization on social insurance is worse than that of the other two dimensions.From the perspective of heterogeneity analysis,it is found that the degree of impact on medical insurance is greater than the other four types of insurance.Secondly,from the analysis results of the influence mechanism of the intermediary effect,it can be concluded that the development of digital inclusive finance has a significant positive impact on the participation level of the five types of social insurance through two channels: increasing employment and increasing per capita disposable income.Third,social insurance participation level shows a strong spatial positive correlation,that is,high aggregation and low aggregation,that is,the surrounding areas with a high degree of social insurance participation also have a high degree of social insurance participation,and vice versa,and digital financial inclusion index also shows a spatial positive correlation phenomenon.The regression results of spatial Durbin model prove that digital inclusive finance has a spatial spillover effect on the promotion of social insurance participation,that is,the development of data inclusive finance promotes the social insurance participation of the local area and the adjacent area at the same time.According to the conclusion of this study,the following countermeasures and suggestions are put forward for reference: strengthening the construction of digital finance,sinking inclusive financial resources,paying attention to the balanced development of all kinds of social insurance,deepening inter-regional cooperation between departments,strengthening digital financial supervision,so as to realize the high-quality development of social security system.