Results of the SFA model in Stage 2.

With the deepening of population aging, the expenditure of basic endowment insurance in China is increasing. The urban employees’ basic endowment insurance(UEBEI) system for is an important part of China’s basic social endowment insurance system, which is the most important institutional guarantee for the basic needs of employees after retirement. It not only relates to the living standards of retired employees but also relates to the stability of the whole society. Especially considering the acceleration of urbanization process, the financial sustainability of the basic endowment insurance for employees is of great significance for safeguarding the pension rights of retired employees and realizing the normal operation of the whole system, and the operation efficiency of urban employees’ basic endowment insurance(UEBEI) fund inevitably becomes the focus of increasing attention. Based on the panel data of 31 provinces in China from 2016 to 2020, this paper established a three-stage DEA-SFA model, and compared the differences of comprehensive technical efficiency, pure technical efficiency and scale efficiency with radar chart, aiming to explore the operating efficiency of the UEBEI in China and how environmental factors affect it. The empirical results show that at present, the overall level of the expenditure efficiency of the UEBEI fund for urban workers is not high, and all provinces have not reached the efficiency frontier level, and there is still a certain space for efficiency improvement. Fiscal autonomy and elderly dependency ratio are negatively correlated with fund expenditure efficiency, while urbanization level and marketization level are positively correlated with fund expenditure efficiency. The regional difference of fund operation efficiency is significant, from high to low, it is East China, Central China and West China. Reasonable control of environmental variables and narrowing of regional economic development and fund expenditure efficiency differences can provide some enlightenment for better realization of common prosperity.随着人口老龄化程度不断加深，中国基本养老保险支出规模持续扩大。城镇职工基本养老保险（Urban Employees’ Basic Endowment Insurance, UEBEI）制度是中国基本社会养老保险体系的重要组成部分，是保障职工退休后基本生活需求的核心制度保障，既关系到退休职工的生活水平，也关乎整个社会的稳定。尤其在城镇化进程加速推进的背景下，职工基本养老保险的财务可持续性，对于保障退休人员的养老金权益、推动制度平稳运行具有重要意义，而城镇职工基本养老保险基金的运营效率也自然成为各方日益关注的焦点。本文基于2016—2020年中国31个省份的面板数据，构建了三阶段DEA-SFA模型，并通过雷达图对比综合技术效率、纯技术效率与规模效率的差异，旨在探究中国城镇职工基本养老保险的运营效率及其受环境因素的影响路径。实证结果表明，当前中国城镇职工基本养老保险基金的支出效率整体水平尚不高，各省份均未达到效率前沿水平，仍存在一定的提升空间。财政自主度与老年抚养比与基金支出效率呈负相关关系，而城镇化水平与市场化水平则与基金支出效率呈正相关关系。基金运营效率存在显著的区域差异，从高到低依次为华东地区、华中地区与西部地区。合理调控环境变量、缩小区域经济发展与基金支出效率差距，可为更好实现共同富裕提供有益启示。