| At present,the situation of aging in Our country is aggravating,and the expenditure and scale of national endowment insurance are gradually increasing.With the continuous increase of the aging population in China,more and more scholars began to pay attention to the impact of pension expenditure on the economic welfare of urban residents in China.The basic endowment insurance system of our country has gone through many major changes and finally determined,its main body is the basic endowment insurance system of urban workers.Since the merger of urban residential insurance and new rural insurance in 2014,China’s basic endowment insurance system has initially completed comprehensive coverage,but whether this system has achieved the original intention of the policy,what kind of impact it has brought to China’s urban residents,and what the mechanism of action is the key to this system.In order to answer this question,in this paper,based on the reference of other literature,with the help of the National Bureau of Statistics and the provinces and municipalities directly under the central government,the bureau’s website to extract the 2008-2020 panel data of 31 provinces and municipalities directly under the central government on income and consumption point of view,using the entropy method to build the economic benefit index system,and analyze the contribution of each level indicators,Then the dynamic GMM method is used to estimate the impact of basic endowment insurance on urban residents’ economic welfare,and finally the influence mechanism on consumption is analyzed.Through empirical analysis,it can be found that whether from the per capita pension fund or pension coverage rate of urban residents,China’s basic pension insurance system plays a positive role in promoting the impact of urban residents’ economic welfare level,and has passed the robustness test.Through influencing consumption mechanism test we can also find that the basic endowment insurance system for urban residents consumption have driven and regional heterogeneity exists,therefore,both to the development of macro economy and micro level improvement of personal income and consumption level,the basic old-age insurance system is playing an important role,It is necessary for us to improve China’s basic endowment insurance system as soon as possible,improve its security level as the first pillar,and promote the growth of China’s economy and residents’ personal consumption and income level. |
