Research On The Influence Of The Participating Behavior Of Commercial Medical Insurance On The Allocation Of Household Risky Financial Assets

As the main component of society,family plays an important role in economic activities.Household asset allocation behavior not only determines the living standard of the family,but also has a certain impact on the national macroeconomic development.Since reform and opening up,our economy has been developing rapidly,the income of residents has been increasing,the family wealth has been accumulating,and it is very important how to rationally allocate the family assets.At present,the proportion of risky financial assets in Chinese household assets is generally low and most families mainly concentrate on financial assets with no risk or low risk such as deposit savings.The report to the 20 th National Congress of the CPC clearly stated that we should explore various channels to increase people’s income and improve the living standards of people’s families.From the perspective of micro finance and insurance,the issue of household financial asset allocation essentially refers to how households can participate in the financial market by purchasing financial products and other means to realize the purpose of asset appreciation under a certain level of security.In 2019,under the impact of COVID-19,people gradually realized the importance of insurance.Commercial medical insurance is an important part of the health security system,so it is necessary to study the influence of the insured behavior of commercial medical insurance on the allocation of household risky financial assets.Based on the 2019 China Household Finance Survey data(CHFS)of Southwestern University of Finance and Economics,this paper uses Probit model and Tobit model for analysis to study the impact of commercial medical insurance on household risk financial asset allocation.By grouping the household registration,region,income and health status of the empirical samples,the heterogeneity of the impact of commercial medical insurance on household financial asset allocation was analyzed.Finally,the mediation effect model is used to deeply explore the mechanism of the influence of the insured behavior of commercial medical insurance on the allocation of risky financial assets.The results show that: first,the participation of commercial medical insurance has a significant positive impact on the allocation of household risky financial assets.Secondly,compared with rural households,the participation of commercial medical insurance in urban households has a more significant promoting effect on the allocation of household risky financial assets.Compared with the central and western regions,the promoting effect of households in the eastern region is larger and more significant.The significance of the effect of insurance participation on household holdings of risky financial assets decreases with the increase of income level,and the significance of the effect of insurance participation on the proportion of risky financial assets increases with the increase of income level.Compared with families with poor health,commercial medical insurance for families with good health can significantly promote investment in risky financial assets.Third,the insured behavior of commercial medical insurance affects the allocation of household risky financial assets through savings effect and health effect.Based on the conclusions of this paper,policy suggestions are put forward for government departments,financial institutions,insurance companies and resident families.