Abstract: This paper uses the 2012 and 2014 China Family Tracking Survey to construct two balanced panel data. Based on the perspective of subjective welfare research, the PSM-DID estimation method is used to systematically influence the impact of the subsistence allowance system on the subjective well-being, acquisition and security of the poor. The study found that: the subsistence allowance system can improve the life satisfaction of poor groups and enhance their subjective well-being; the subsistence allowance system can enhance the subjective sense of poverty among the poor in terms of basic living, medical care, education security, and the gap between the rich and the poor,however, the impact on education security is not significant; the subsistence allowance system reduces the confidence of the poor in the future and the trust of relatives and friends, and fails to improve the subjective security of the poor;between urban and rural areas,the effect of the subsistence allowance system on the subjective well-being and security of the poor groups is relatively balanced, but there are significant differences in the effects of subjective perception.According to the research conclusion of this paper, the content, mode and level of China′s urban and rural minimum living security system should be expanded and improved with the development of economy and society. In the new era, we should pay more attention to meet the spiritual needs of urban and rural poor groups, and strive to solve the problem of unbalanced development of the system in urban and rural areas and among regions.

Key words: subsistence allowance system, poverty, subjective well-being, subjective acquisition, subjective security