Study On The Influence Of Commercial Health Insurance On Household Risky Financial Asset Selection

Along with the increasing of family wealth,our economic system and financial market are improving constantly.Financial products continue to be innovated,various derivative instruments emerge in an endless stream,and service methods are increasingly diversified.However,the proportion of Chinese household civil participation in risky financial asset investment compared with other countries is still low level.As an important tool in social medical security,commercial health insurance can effectively alleviate the economic problems caused by the poor physical condition of the insured,greatly reduce the future uncertain risks faced by residents,so that residents do not have to worry about the huge cost of future medical treatment.As a result,households’ preparedness for precautionary savings assets is effectively reduced,which will lead to households having more disposable cash at present,which may encourage households to use the excess idle funds to carry out some risky financial assets to balance the household asset structure.Therefore,based on the above background,this paper will analyze the impact of commercial health insurance on the choice of household risky financial assets.Firstly,this paper reviews the literature and summarizes the influencing factors of household risky financial asset selection.Secondly,it describes the status quo of commercial health insurance and household risk financial assets selection through data.Then,the empirical model is constructed to deeply analyze the impact of commercial health insurance on the participation and depth of household participation in the risk financial market.The robustness test is carried out using propensity score matching method and sampling test method,and the heterogeneity analysis is carried out from the perspectives of income and region.The results show that:(1)Chinese household financial asset investment tends to be stable investment,the household financial asset structure is relatively simple,the risk-free financial asset holding is relatively high,which is not conducive to creating wealth for the family,the household financial asset allocation appears systemic imbalance,there are many problems to be solved.(2)The holding of commercial health insurance can significantly promote the probability of households participating in risky financial markets and increase the proportion of risky financial assets in household financial assets,and there are regional differences,income differences and age differences in this promotion effect.(3)At present,the original premium income of Chinese commercial health insurance keeps growing,but the growth rate slows down.The participation rate of commercial health insurance was only 3.5% on average during 2017-2019.With the gradual improvement of Chinese people’s insurance awareness and the vigorous promotion of national policies,its future market development prospect is broad.It will also further improve the breadth and depth of Chinese households’ participation in risk financial markets and optimize the structure of household assets allocation.(4)Age,gender,marital status,risk attitude,debt,urban and rural factors will affect the selection and decision of family risky financial assets.Finally,this paper wants to give the following suggestions: for government agencies,they should vigorously support the development of commercial health insurance industry;For financial institutions,they need to accelerate the innovation of financial products,strengthen cooperation with public health institutions,and improve their own service level.For resident families,they should constantly learn more knowledge and enhance their financial literacy,so as to reasonably allocate the family asset structure and achieve the goal of maximizing family wealth.