Health Risks, Medical Insurance And Household Financial Asset Allocatio

In recent years,China’s economic strength has achieved a historic leap,and household wealth has accumulated rapidly.Financial asset investment has become an important channel for households to increase their property income.However,at present,there are still problems with limited participation and a single structure in the allocation of household risk financial assets in China.Meanwhile,since the implementation of the "Healthy China" strategy,the Party and the state have put forward a series of new requirements for the reform and development of health and medical care.The report of the 19 th National Congress of the Communist Party of China clearly states that "putting the protection of people’s health in a prominent position and improving policies to promote people’s health".In order to support the construction of a healthy China,the reform of national medical insurance has been continuously deepened and the level of medical security has been continuously improved.The gradual implementation of a series of medical security measures and policy suggestions has a profound impact on the improvement of the national health level.Against the background of insufficient allocation of risky financial assets by residents,comprehensive promotion of the Healthy China strategy,and continuous deepening of the medical insurance system reform,this paper includes health risks,medical insurance,and family risky financial asset allocation into the same framework for research.Firstly,based on the micro-panel data of CFPS from 2010 to2018 and using an entropy weight method,a health risk index is constructed which includes self-evaluation of health,catastrophic medical expenses,and changes in health status.This paper empirically tests the impact of health risks and medical insurance on the allocation of risky financial assets by residents.Secondly,the paper explores the mechanism of the impact of health risks and medical insurance.Based on the moderating effect model,the paper analyzes the moderating role of medical insurance in health risks.Based on the mediating effect model,the paper analyzes the transmission channels of health risks and medical insurance.Thirdly,the paper places families in their social network and investigates whether there is a spillover effect of health risks and medical insurance on the allocation of risky financial assets by families.Finally,the paper carries out heterogeneity analysis based on differences in medical insurance types,age,and education.The research results show that: first,higher health risks reduce the probability of family participation in risky financial investments and reduce the holding scale.Participating in medical insurance increases the probability of family participation in risky financial investments and increases the holding scale.After a series of robustness tests such as replacement models,adjusting research samples,replacement of core explanatory variables,and consideration of endogeneity,the conclusion still holds.Second,the moderation effect analysis shows that participating in medical insurance can alleviate the negative impact of health risks on the probability and scale of holding risky financial assets by families.The mediation effect analysis shows that health risks can reduce the probability and scale of holding risky financial assets by increasing the proportion of medical expenses and reducing family income,while medical insurance can increase the probability and scale of holding risky financial assets by reducing cash savings and lowering the self-payment ratio.Third,spillover effect analysis shows that both health risks and medical insurance have spillover effects in the process of influencing the allocation of family risky financial assets.The average health risk of the village where the family is located has a significant negative impact on the allocation of risky financial assets by the family,while the higher participation rate of medical insurance in the village has a promoting effect on the family’s participation in medical insurance,thereby improving the family’s allocation of risky financial assets.Fourth,the heterogeneity analysis of health risks shows that health risks have a greater negative impact on the allocation of risky financial assets by the elderly and highly educated groups.The heterogeneity analysis of medical insurance shows that medical insurance has no significant impact on the probability and scale of risky financial asset allocation by the elderly,and has a stronger promoting effect on the allocation of risky financial assets by highly educated families.The marginal effect of supplementary medical insurance is larger than that of basic medical insurance,and compared with the medical insurance of urban and rural residents,the positive effect of medical insurance for urban employees is greater.Based on the above research conclusions,policy recommendations are proposed,including strengthening the popularization and coverage of medical insurance,promoting the improvement of residents’ health literacy through demonstration effects,improving medical security treatment for vulnerable groups such as the elderly,and encouraging the development of commercial medical insurance.These recommendations aim to provide theoretical references and empirical guidance for the promotion of the Healthy China strategy,the improvement of the medical security system,and the optimization of family financial asset allocation.