Health Level,Medical Expenditure And Private Lending

With the continuous development of China's financial market and the significant increase in the total amount of household assets in China,the proportion of financial assets in the family's overall assets is also growing.Therefore,the research topics of household finance have become more complex and diversified.Looking at domestic and foreign scholars' research on household finance,most of them focus on optimizing the allocation of household assets.There are also many scholars who are committed to studying the factors that affect household lending behavior,including social networks,financial literacy,and family structure.Few scholars use the health status and medical expenditure as the core explanatory variables to study their influence on household private lending behavior.The health status of family members directly affects the family's medical expenditures.The amount of medical expenditure directly affects the family's asset allocation and private lending behavior.Therefore,the study of the impact of health level and medical expenditure on family lending behavior is an influencing factor for household private lending.The useful supplement of research is of great significance to the development and deepening of household financial research.This article firstly reviews the theoretical literature on household asset allocation,household private lending,and health economics by consulting relevant literature,and analyzes the current development of household asset allocation as well as the various influencing factors affecting household private lending.This article focuses on the study of the impact of health conditions on household asset allocation and private lending and describes and evaluates various studies.Secondly,using the relevant data of China Family Tracking Survey(CFPS)from 2010 to 2016,this paper conducts panel regression and empirical analysis of group regression under different conditions,and comprehensively studies the impact of health level and medical expenditure on family private lending behavior.Finally,draw conclusions based on empirical results and propose policy recommendations.Based on the empirical results,this paper draws the following conclusions:(1)The health level has a significant negative impact on the total amount of household borrowing.The medical expenditure has a significant positive impact on the total amount of private borrowing.The worse the health of family members,the more family health care expenditures,the more total household borrowings;The health level significantly positively affects the total amount of private loans from households.The better the health status of family members,the more total household loans are borrowed.(2)Through the stratification of different household net assets,the health level and medical expenditure only have a significant positive effect on the private borrowing behavior of the lower and moderate household net assets and have no significant impact on the higher household net assets.And the effect on lower household net assets is more pronounced;similarly,health status only has a significant positive effect on private lending behavior of lower household net assets,and the effect on lower household net assets is more pronounced.(3)By examining whether the family is covered by commercial insurance,this paper finds that the medical expenditure only has a significant positive effect on the private borrowing participation and the total borrowed amount of families that do not have commercial insurance.Similarly,medical expenditure have a significant positive impact on the total amount of private lending and lending to households that do not have commercial insurance coverage.(4)Through a group inspection of urban families and rural families,this paper finds that the impact of medical expenditure on rural families has a greater impact on private loans.The impact of behaviors is even greater;the impact of medical expenditure on private lending by urban families and rural households is not much different.The private lending behavior of rural households is mainly due to the human relationship between social networks,while the urban households are lending out More depends on the family economy.(5)Through the group return of age,the level of health has a significant relationship with family private borrowing participation(amount),except for families >60 years old;In terms of medical expenses,except for families aged >60 years,there is a significant relationship with respect to lending participation(amount).Through the combination of theoretical analysis and empirical test,this paper deeply studies the impact of health status and medical expenditure on family private lending behavior and proposes policy recommendations to help promote the development of China's social security system,especially the medical security system.It provides effective suggestions for the healthy development of China's private lending market and capital market.