Variable

(1)

(2)

Social security expenditure

−0.987***

(−8.35)

Social security expenditure One phase behind

−0.876***

(−9.29)

Economic development level

−0.175***

(−6.57)

−0.121***

(−6.21)

Economic development level × Social security expenditure

0.095***

(8.09)

0.089***

(9.16)

Urbanization level

−0.256**

(−2.56)

−0.294***

(−2.98)

Medical security level

−0.013

(−0.49)

−0.052**

(−1.97)

Public education level

−0.045***

(−2.90)

−0.050***

(−3.24)

unemployment rate

−0.029***

(−2.99)

−0.037***

(−3.90)

Family economic status

0.020***

(3.57)

0.014**

(2.55)

Female labor participation level

0.086**

(2.02)

0.125***

(2.87)

Marriage rate

0.188***

(8.51)

0.155***

(6.98)

divorce rate

−0.038***

(−3.83)

−0.061***

(−6.41)

Constant

−1.448***

(−5.02)

−1.066***

(−4.41)

Number of observation

900

900

Goodness of fit

0.413

0.420

Individual fixed effect

control

control

Time fixed effec

control

control

P

0

0

R2

0.363

0.371

F

16.63

17.11