| VARIABLES | 全体样本 | 东部地区 | 中西部地区 | 
| 模型二 | 模型三 | 模型四 | |
| 老年抚养比odr | 0.012 | 0.013 | 0.012 | 
| −1.32 | −0.89 | −1.13 | |
| 社会保障负担fr | 0.024 | 1.303*** | 0.699 | 
| −0.08 | −2.69 | −1.16 | |
| 政府规模gs | 0.188 | 0.126 | 0.081** | 
| −7.03 | −0.93 | −2.08 | |
| 基金可持续能力fs | −0.412*** | −0.215*** | −0.562*** | 
| (−10.57) | (−3.26) | (−12.15) | |
| 生产总值对数lngdp | 0.020*** | 0.005* | 0.001* | 
| −1.71 | −0.27 | −0.06 | |
| 人均可支配收入对数lnpi | 0.120*** | 0.077 | 0.240*** | 
| −3.39 | −1.48 | −4.76 | |
| 市场化market | 0.009** | 0.035*** | −0.003 | 
| −1.58 | −3.33 | (−0.41) | |
| 城市化city | 0.116 | 0.223 | −0.535** | 
| −1.04 | −1.57 | (−2.57) | |
| Constant | −0.723*** | −0.523 | −1.239*** | 
| (−2.76) | (−1.17) | (−3.95) | |
| Observations | 248 | 88 | 160 | 
| R-squared | 0.697 | 0.782 | 0.681 | 
| adj_R2 | 0.665 | 0.665 | 0.665 | 
| F | 40.37 | 40.37 | 40.37 |