The Impact Of Health Capital On Household Venture Capital Investment

Since the reform and opening up,China’s economic level has improved rapidly,social wealth has been increasing,the income level of families has been greatly improved,and the participation and activity in the financial market are also getting higher and higher.However,compared with European and American countries,China’s household financial asset investment is still mainly concentrated in deposits,real estate and other assets.According to the classical portfolio theory,a single investment structure is not only disadvantageous to diversify risks,but also difficult to maximize returns under a certain risk level.For this phenomenon,many scholars explain its causes from the perspective of background risk and financial literacy,which is reasonable.Some studies also show that "coping with emergencies and medical expenditure" has become one of the factors that can not be ignored.It can be seen that the worries about health and medical events make families form the motivation of preventive money demand and restrict the investment behavior of family financial assets.Therefore,from the perspective of human capital,this paper studies whether health capital will affect the investment behavior of family risk financial assets,in order to explain the phenomenon of "limited participation" and put forward relevant suggestions to improve the structure of family asset allocation.Firstly,this paper uses human capital theory,portfolio theory and life cycle theory to explain the theory,and uses relevant data to analyze the relationship between health capital and family risk financial investment;Secondly,in the part of empirical test,this paper puts forward the mechanism and hypothesis of the impact of health capital on household risk financial assets,and makes empirical research by establishing probit and tobit models,and finally makes a robustness test.The specific research contents and conclusions are as follows:First,the impact of health capital on household venture capital investment.The results show that both subjective and objective health capital have a positive and significant impact on the probability and proportion of household risk financial assets.The higher the level of household health capital,the greater the probability and proportion of investment in risk financial products.Second,the heterogeneity analysis of the impact of health capital on household venture capital investment.There is a significant difference between urban and rural areas in the impact of health capital on household venture capital investment.In urban families,the increase of health capital will increase the probability and proportion of family investment in venture financial assets,but in rural families,only subjective health capital has an impact on the probability and proportion of investment,while objective health capital does not have a significant impact,indicating that the process of investment decision-making in rural families is more easily affected by their own health judgment.According to the conclusion of empirical analysis,this paper puts forward the corresponding suggestions: first,promote the construction of medical security system,improve the health level of urban and rural families;Second,innovate financial products and guide families to participate in financial market rationally;Third,standardize the private lending market and broaden investment and financing channels.