| Since the reform and opening up,the total national economy has been larger and of higher quality,achieving significant breakthroughs in various aspects,continuously improving household income levels,and significantly improving the quality of life.In sync with the expansion of household wealth,the structure of household financial assets in China is developing towards diversification,and the level and depth of participation in the financial market are constantly increasing.However,it is still in a situation of unreasonable allocation.Domestic and foreign scholars have explored the influencing factors of household financial asset allocation from multiple perspectives and shifted their perspective to the health problems faced by households.They have found that households with health problems tend to avoid participating in risky financial markets.However,whether the impact of health issues on household financial asset allocation is widespread,and how much impact it can have,as well as through what channels,remains a question that needs to be clarified.Firstly,this article reviews and summarizes relevant literature,defines relevant concepts,clarifies the current research status in this field,and identifies parts that can be improved and further analyzed.Next,explain the relevant basic theories and propose research hypotheses.Then,based on the data of China Household Finance Survey from 2015 to 2019,control the household head characteristic variables,household characteristic variables and regional characteristic variables,use the panel probit model and panel Tobit model to analyze the impact of health concern on the allocation of household financial assets,observe the impact intensity on elderly families,and further analyze the heterogeneity of the impact of sub samples divided according to different perspectives.In order to ensure the robustness of the results,this part also tests the robustness of the empirical results by means of instrumental variable method,adding 2013 samples,adding rural samples,and changing the definition of explanatory variables.Finally,from the perspective of risk aversion and self funded medical expenditure,the mechanism of impact is analyzed.Through empirical analysis,this article can draw the following conclusions:(1)There is a significant negative correlation between health concern and stock market participation,and a significant positive correlation with the proportion of risk-free asset holdings;(2)After categorizing families according to their characteristics,there is heterogeneity in the impact of health concern;(3)To analyze the impact mechanism of health concern on household financial asset allocation,risk aversion and self funded medical expenditure play a guiding role.By studying the impact on household financial asset allocation from a health perspective,this article has certain theoretical and practical significance.From a theoretical perspective,it can not only expand and deepen research in the field of household finance,but also enrich research on household financial asset allocation decisions.From a practical perspective,firstly,it can optimize the structure of household financial assets and enhance the ability of households to cope with health issues;Secondly,it can provide decision-making basis for elderly families to choose their financial asset structure and increase their property income;Thirdly,financial institutions can be guided to innovate their products in response to health and elderly care needs,and improve the product categories in the financial market.At the same time,this paper also has some innovations: from the research perspective,taking health issues as the core of the research is more consistent with the general background of aging and COVID-19 epidemic,and the use of the latest survey data also has a certain timeliness;from the perspective of research content,the mechanism analysis is discussed from the perspectives of risk aversion and self funded medical expenditure,which is different from the existing literature. |
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