Research On The Influence Of Health Conditions Of Family Risk Assets

With the continuous advancement of financial reforms,the investment patterns of Chinese households are constantly changing.Family assets are gradually relieved from the state of "excessive bondage" in bank deposits,and are instead distributed to real estate,bonds,funds,and stocks.Such a shift in the allocation of China's household assets will stimulate the enrichment of financial products and the soundness of the financial system.At the same time,it will promote the efficiency of resource allocation in the financial market and will undoubtedly optimize the social welfare distribution system.Therefore,studying the behavior of asset allocation in Chinese households,that is,studying how families allocate assets and the influencing factors of these allocation behaviors will be very helpful in understanding,guiding,and promoting such changes and development.This article will focus on the impact of the health status of family investors on their asset allocation behavior.Health and wealth are two factors that affect the happiness index of the household.Effective medical and health reforms have profoundly affected the health status of Chinese families.Will health conditions affect the family's investment behavior? This is the issue that this article cares about.In terms of specific work,this article begins with the combing of existing research results and summarizes the influencing factors of household asset allocation behavior,especially the impact of health conditions and its possible impact mechanisms.At the same time,based on the theory of classical utility,the theory of the influence mechanism of health factors on family assets allocation was formulated,and the conclusions were made accordingly,which laid the theoretical foundation for empirical analysis.In the empirical analysis,the 2011 China Household Finance Survey(CHFS)of Southwestern University of Finance and Economics was selected as the sample,and the impact of household health on its stock assets and risk financial asset allocation was selected as the study object.The probit model and the Tobit model were selected respectively to explore the market's participation probability and degree of participation.Empirical results show that demographic variables such as age and education level and economic variables such as wealth level have a significant impact on the allocation of household risk assets;health status plays a significant and consistent role in the allocation of household risk assets: the state of health Poor families show significant conservative tendencies in the participation rate and participation of the two asset markets.In terms of impact mechanism,health status influences the proportion of households' risk asset allocation by affecting risk attitudes.As risk aversion increases,the proportion of risk asset allocation decreases.Health care participation is not one of the mechanisms that affect the health status,and this variable has different ways of affecting stock allocation and other risk asset allocation.In addition,household investors are more sensitive to subjective health conditions than the objective health status of health expenditure indicators.Finally,combined with the empirical findings of the article,this paper provides suggestions from three aspects: Improve the ability of families to resist health risks,broaden their investment and financing channels,and raise their wealth level.