Influence Of Medical Insurance On The Allocation Of Family Risk Financial Assets

China’s economy is developing rapidly,the types of products in the risk financial market are increasing,and the income level of households continue to improve.Therefore,more families have more choices to allocate financial assets rationally.However,as shown by the statistical data,compared with foreign countries,the degree of Chinese households participation in risk financial market is still very limited.Therefore,more and more researches focus on the reasons that affect the allocation of household risk financial assets.The existing studies have been analyzed from the perspective of household wealth level,population structure,financial literacy,insurance and so on.This paper further studies the impact of holding social medical insurance and commercial medical insurance on it.Since these two types of medical insurance are very different in nature,coverage,and level of security,this paper takes these two kinds of insurance as the core explanatory variables when considering medical insurance,uses the data from 2017 China Household Finance Survey,first describes the current situation of domestic assets allocation,then uses the Probit and the Tobit model in order to analyze the impact of these two kinds of medical insurance on household financial asset allocation behavior and study whether this effect is heterogeneous between different income levels,urban and rural areas.Finally,in order to solve the existence of missing variables or causality,this paper will add tool variable method to analyze robustness.In addition,because commercial medical insurance is voluntary insurance,in order to avoid the problem of self-selection deviation and reverse causality in the study of commercial medical insurance,the paper also uses the PSM method to analyze the influence of commercial medical insurance on the allocation of household risk financial assetsThe empirical results show that the holding of social medical insurance or commercial medical insurance will significantly increase the probability and proportion of investment in risky assets,but the marginal impact of commercial medical insurance is greater.Holding one type of the insurance will weaken the promotion of the other type of insurance on households’ risky financial assets.With the improvement of the level of insurance protection,the role of insurance in promoting household investment in risky financial assets shows the characteristics of first increasing and then decreasing.With the increase in household income,the role of commercial medical insurance in promoting the increase in the probability of households holding risk assets is gradually increasing,while the promotion of social medical insurance has increased first and then decreased;The promotion effect of commercial medical insurance on the proportion of household holding risky financial assets increases first and then decreases,while the promotion effect of social medical insurance increases first and then is not significant beyond a certain income level There are significant differences in the effects of two types of the medical insurance on the investment of risky financial assets in urban and rural households.In general,its role in promoting urban residents is more obvious.It holds that the government should implement targeted policies to standardize and guide the more comprehensive development of commercial medical insurance,speed up the construction of a multi-level and comprehensive medical security system,and implement livelihood policies to accelerate the narrowing of the gap between urban and rural areas and income levels.At the same time,the government should promotes the development of risk financial market and provides more kinds of differentiated risk financial products to meet the needs of different families.