Study On The Development Of Medical Insurance Affecting Resident Consumption Based On Digital Inclusive Finance

Since the establishment of National Healthcare Security Administration in 2018,the process of deepening medical insurance reform in China has exceedingly accelerated.And our residents have enjoyed more and more dividends brought by health insurance reform.Plus,the rapid development of Digital Inclusive Finance has allowed residents to enjoy more convenient and better financial services.It has promoted the "Happiness" of Chinese residents’ life.However,in recent years,the per capita medical expenses of our residents have been rising year after year,and the final consumption rate of our residents has not increased significantly.So,with the momentum of rapid development of medical insurance and Digital Inclusive Finance in China,why has our residents’ consumption still not achieved significant growth? This is a question which is worth exploring.The distribution of medical resources has an important role in the development of medical insurance in China,but the existing studies in China have rarely considered the impact of this role on the empirical results when using spatial econometric models to conduct research on medical insurance and residential consumption.Currently,there is no consensus in the academic community that insurance is the mechanism of Digital Inclusive Finance on residents’ consumption.However,the emergence of "Huimin Insurance" in recent years indicates that basic medical insurance in our country is forcing Digital Inclusive Finance to accelerate product innovation to meet the diversified financial and insurance needs of people.This may affect residents’ consumption behavior.Based on this,on a macro level,the thesis firstly takes balanced panel data of 31 provincial administrative regions in Chinese mainland from 2011-2021 as a sample data,improves the existing spatial adjacency matrix based on the distribution of medical resources in each provincial administrative regions,and uses the spatial Durbin model to analyze the spatial effects of the development of medical insurance on residents’ consumption and to analyze the spatial effects of Digital Inclusive Finance on residents’ consumption.Secondly,the mediating effect model is used to analyze the channels.Finally,with reference to the previous studies,a threshold panel model is used to analyze whether health insurance is an inner mechanism of the effect of Digital Inclusive Finance on residents’ consumption.In addition,"Huimin Insurance" is one of the importantly practical achievements of Digital Inclusive Finance to promote the development of medical insurance in China.Therefore,this thesis empirically analyzes the impact of " Huimin Insurance " on residents’ consumption based on the panel data of CHFS in 2017 and 2019 to reflect the micro impact of insurance elements in Digital Inclusive Finance on residents’ consumption.Compared with the existing research results,the innovations of this thesis are as follows: firstly,the index of changes in health insurance drug catalogs is constructed by compiling the changes in the past years to extend the existing indicators of the development of health insurance;secondly,the spatial econometric analysis is conducted based on the improved spatial adjacency matrix based on the distribution of medical resources in each province and city;thirdly,the threshold panel model is used to test the mechanism of the effect of Digital Inclusive Finance on residents’ consumption;fourthly,the PSMDID method is used to solve the problem of insured self-selection in micro-analysis.The findings of this thesis are as follows: at the macro level,both the development of medical insurance and Digital Inclusive Finance have significant spatial effects on residential consumption and there is regional heterogeneity.The mechanism analysis shows that health insurance increases residents’ consumption expenditure mainly through two channel of life: expectancy and per capita savings.Health insurance is a mechanism which not only Digital Inclusive Finance but also Digital Inclusive Insurance have an impact on residents’ consumption and it is not a simple linear relation.At the micro level,taking out Digital Inclusive Finance products such as "Huimin Insurance" can increase household consumption and promote residents’ consumption upgrading.And there is significant consumption structure heterogeneity among different types of "Huimin Insurance" insured groups.Based on findings metioned above,the thesis puts forward targeted policy recommendations and prospects for subsequent research work.