The Influence Of Medical Insurance On The Household Financial Asset Allocation In China

At present,the household risky financial asset holdings in China is not high,and there is a single allocation structure and a low proportion of household risky financial asset.When families are faced with the threat of future risks,they are likely to increase precautionary savings,thus reducing the possibility of risky financial asset allocation.In view of the social medical insurance is one of the most important social protection in our country’s social security system,this paper is likely to hold the basic medical insurance as an explanatory variables,and take 9 parts as the controlling variables: the age,marital status,education level of the household head,whether the family has its own house property,its own cars,has debt or not,its annual household income,the health status of the family and its risk attitude are included.What’s more,from the national,urban and rural dimensions,this paper establishes Probit model,Tobit model and Heckman model with the 2015 Chinese families financial investigation(China Household Finance Survey,CHFS)data to checkout:(1)the influence of medical insurance on the possibility of family participation in the risky financial market;(2)the impact of medical insurance on the proportion of household risky financial asset.In addition,in order to solve the endogenous problem,this paper adopted the insurance participation rate at the regional level as the instrumental variable of medical insurance ownership,and made heterogeneity analysis from three aspects:household wealth distribution,risk preference and regional differences.The results show that the basic medical insurance can significantly increase the possibility and proportion of families to hold the risky financial asset.