Research On The Impact Of Personality Traits On Health Investment

With the rise of knowledge economy,the specialization of social specialization is becoming more and more meticulous.The main factors of economic growth have transformed from capital,land and labor into the core of knowledge.The market competition facing enterprises will not only be the competition of tangible capital,such as equipment and technology,but also the talent.Human capital is the element which has added value in enterprise productivity.Health human capital is an important part of human capital.The current health investment situation in China,in general,is increasing year by year,but the proportion of health investment in GDP once declined.In 2008,with the implementation of the new medical reform scheme,the proportion of health investment began to rise year by year.The health investment in employees is a problem that enterprises need to pay attention to.However,from the point of view of enterlprises,most enterprises have insufficient understanding of the importance of employees' health human capital.The health investment of the employees is an economic decision where each individual need to weigh the advantages and disadvantages.In reality,when the rational economic man makes economic decisions,it seeks the maximization of the interests and will rationally analyze the risks and benefits of the decision,but this process is influenced by the personality traits and cognitive abilities,and the influence of personality traits on the economic behavior is rational.Research at home and abroad has shown that the individual's health investment is affected by many factors,from the general characteristics of indi-viduals to personality traits.As a factor representing the individual characteristics of the labor force,personality traits have more impact on health investment,which is the basis for the effective development of all other factors.From the research object,the current research is based on the social survey,and the subjects are rural or urban residents,college students and other groups.According to the data used by the Research Institute,there is a lack of large sample data of the"Big Five" personality survey.However,due to the inconsistency of subjects,the effect of personality traits on health investment did not reach a consistent conclusion.Therefore,based on the theory of loss avoidance,this paper uses the data of China Employer Employee Survey(CEES)in 2016 to study the impact of personality traits on health investment and to measure whether there is a causal effect between them.The empirical part of this paper explores the impact of employees' personality traits on health investment.In the study,whether or not the employees exercised is used as a measure of health investment,the "Big Five" personality scale is used to measure employees' personality traits,and other employee factors and enterprise factors are controlled.First,the OLS regression method is used to explore whether the different dimensions of "Big Five" personality have a significant shadow on health investment.Then,the propensity score matching(PSM)method was used to test whether the effect of "Big Five" personality on health investment has a causal effect.The results are as follows:(1)the employees' health investment behavior is affected by three aspects of personality traits,personal characteristics and enterprise factors,of which personality traits play a major role.(2)the dimensions of "Big Five"personality have different effects on health investment,in which the positive personality traits are open,responsible and extroverted.(3)open personality is the most important choice for people to choose healthy investment.The limitations of this study are as follows:firstly,the variables used in the study have limitations.The research only uses physical exercise as the variable of health investment,and does not use the index of health investment,which leads to the limitations of the research conclusion.Secondly,the data used in the Institute are limited,the short panel data is not sufficient to measure the long effect of this mechanism.