随着我国人口老龄化程度不断加深，社会养老保障体系面临的压力不断加大，人们对养老问题愈发关注。商业养老保险作为第三支柱却严重缺位，本文从客观因素如经济、个人、家庭和社会四个方面分析，构建了影响我国居民商业养老保险参与的logit回归模型，并对全国、东、中、西部地区回归结果进行对比，发现家庭年总收入、受教育程度、身体健康状况、参保社会基本养老保险等具有显著的正向影响；子女数量的增加、参保社会基本医疗保险等具有显著的负向影响。同时，发现影响因素确实存在地区差异，尤其是西部地区的城乡差异。进一步，本文从主观因素的角度通过问卷调研，进一步印证和补充了上述分析结果。基于客观和主观因素的分析，提出制定商业养老保险购买惠民政策、提高居民金融保险素养、加强保险业正面形象建设、协调政府、子女、自身三方养老责任等建议。

As China's population ageing continues to deepen, the pressure on the social pension system is increasing, and people are increasingly concerned about the issue of pension. As the third pillar of commercial endowment insurance, it is seriously absent. This paper analyzes objective factors such as economy, personal, family and society to construct a logit regression model that affects the participation of Chinese commercial endowment insurance. Regression results (national, eastern, central and western) were compared, and it was found that the family ’s total annual income, education level, health status, and social basic pension insurance have significant positive effects; the increase in the number of children and the participation in social basic medical insurance have a significant negative impact. At the same time, it is found that there are indeed regional differences in influencing factors, especially the urban-rural differences in the western region. Further, this article confirms and supplements the above analysis results through questionnaire survey from the perspective of subjective factors. Based on the analysis of objective and subjective factors, it puts forward suggestions on formulating a policy to purchase benefits for the public endowment insurance, improving residents' financial insurance literacy, strengthening the positive image of the insurance industry, coordinating the government, children, and their own three-party pension responsibility.