Study On The Impact Of Health Insurance On Household Asset Allocation

Based on the needs of maintaining and increasing the value of family assets,the allocation of family assets is a process of optimizing the investment decision by matching risks and benefits according to the actual family asset.With the rapid growth of national income and the improvement of the level of family wealth,the asset allocation behavior of the family not only affects the level of family wealth and social income distribution,but also has a profound impact on the stability of the financial system and the implementation of macroeconomic policies.The report of the 19 th national congress of the communist party of China(CPC)calls for expanding the channels of residents' property income and fulfilling the regulatory function of government redistribution.The effective allocation of household assets can not only effectively improve residents' property income,but also adjust the gap between the rich and the poor caused by uneven primary distribution and improve the overall social welfare level.However,there are still some problems in the actual situation of asset allocation in China,such as extremely low market participation rate of risky financial assets,excessively high proportion of real estate,single asset structure and unbalanced proportion,and serious "limited participation" problem.In the process of asset allocation,families are faced with economic shocks from housing,employment and other aspects,among which health shock is one of the main uncertain factors for Chinese residents.In 2016,the third plenary session of the 18 th central committee of the communist party of China put forward the "healthy China" strategy,and the concept of the development of the medical and health system was transformed from "disease treatment as the center" to "health promotion as the center",which set clear requirements for the reform of China's medical security system.At the present stage,China has basically built a multi-level health security system with basic medical insurance for urban workers,basic medical insurance for urban residents and new rural cooperative medical care as the main body,supplemented by commercial health insurance.Then,whether the current health insurance system has effectively reduced the family's medical economic risk,and what is the impact on residents' asset allocation behavior? If so,what are the mechanisms that ultimately improve or reduce the efficiency of household asset allocation? From the perspective of health insurance,this paper will systematically study the asset allocation of Chinese families,so as to better understand the economic risk status and decision-making behavior of Chinese families,and at the same time,provide some targeted suggestions for the establishment of the health insurance system in the next step.Based on the logical thinking of theoretical analysis and model building,empirical test,impact mechanism analysis and efficiency evaluation,this paper studies the impact of health insurance on the allocation of household assets in China.Firstly,in the part of theoretical analysis,the theoretical basis related to household asset allocation is sorted out,including consumption and savings theory and modern portfolio selection theory.There is a big difference between the standard asset portfolio theory and the real economic situation,and the problem of "limited participation" is serious.Different scholars add various factors that may affect the allocation of household assets into the classical theory,in order to make a reasonable explanation of the real situation.In the process of theoretical derivation,this paper added the health insurance factor into the classic asset allocation model to analyze its impact on household asset allocation,laying a theoretical foundation for later empirical research.Secondly,in the part of empirical research,the effects of health insurance on household financial assets and fixed assets are studied respectively.Based on the data of China's household financial survey in 2013,Probit and Tobit models were established to empirically analyze the impact of health insurance on the probability,scale and proportion of asset allocation from the two aspects of health insurance participation and security level.Then the endogeneity of health insurance participation and security level was dealt with by using propensity score matching and generalized propensity score.The empirical study shows that health insurance is an important factor affecting the allocation of household financial assets and fixed assets.Compared with the uninsured households,the probability of participating in the risk financial market and productive asset allocation is significantly increased.The impact of the level of health insurance guarantee on the allocation of household assets is more stable.The improvement of the level of guarantee can significantly increase the probability scale and proportion of household holding risky financial assets,and correspondingly reduce the holding of productive assets and real estate.After endogenous treatment,it was found that the health insurance with low security level did not promote the risk assets,but had a certain crowding out effect.The positive effect began to be significant after the actual security level exceeded 0.3.In order to promote the allocation of risk financial assets,the optimal social security level is around 0.6.It is concluded that health insurance may transfer family assets from safe assets to risky assets by reducing family medical expenditure risk.Thirdly,in the mechanism analysis part,the role of wealth effect and substitution effect in the impact of social medical insurance on asset allocation is analyzed by establishing a simple mediating effect model with unique mediating variables and multiple mediating effects model with multiple mediating variables.Study found that the wealth effect and the savings as intermediary variable substitution effect is not significant,the influence of three kinds of mediation effect in the main channel is through the property of the substitution effect and the substitution effect in the social insurance level affect the amount and proportion of risk probability of financial asset allocation,accounted for 11%,28% and 24.2% respectively.Finally,on the basis of the significant impact of health insurance on household asset allocation,asset allocation efficiency is taken as the standard for evaluation.The improvement of health insurance participation and security level has a significant positive impact on the efficiency of household asset allocation.Social medical insurance participation can improve the efficiency of household asset allocation to a certain extent,but the significance level is low.At the same time,supplementary medical insurance can significantly improve the efficiency of asset allocation.The improvement of medical insurance guarantee level firstly decreases and then increases the efficiency of family asset allocation.The low point appears around 0.3,and the existing average security level is only 0.28,indicating that the improvement of security level can improve the effectiveness of family asset allocation.Compared with existing researches,this paper is innovative in that :(1)it enriches the research perspective of household asset allocation.Existing literature on the influence factors of family asset allocation most from the life cycle,the level of wealth and background risk point of view,the study will be less social security as a research perspective of the literature,most of which type of social security on a distinction,or will the endowment insurance as a core variable,from a health insurance research literature less family asset allocation behavior.In this paper,health insurance factors are added into the classical framework of asset allocation model,which provides a theoretical basis for future research and a new perspective for the interpretation of limited participation.(2)based on the actual security level is added in indicators of health insurance,a more comprehensive study of its impact on family asset allocation process,and through the general tendency of endogenous score processing,it is concluded that the influence of different security levels for family asset allocation and risk can promote family financial asset allocation of the optimal security level(3)the introduction of mediation effect model to the analysis of the effect of health insurance for family asset allocation mechanism,the quantitative analysis of the effect of different intermediary effect results.The influencing mechanism of health insurance on household asset allocation is divided into two mediating effects and three mediating variables,which are mainly the wealth effect of reducing the actual medical expenditure and the substitution effect of reducing the expected medical expenditure risk and making the family transfer from non-risky assets to safe assets.(4)the effect of health insurance on the allocation of family assets was evaluated based on the efficiency of family assets.This paper not only studies how health insurance affects the behavior of household asset allocation,but also evaluates the adjustment from the two aspects of financial asset efficiency and overall asset efficiency by introducing sharpe ratio as the efficiency index.