Research On The Impact Of Social Medical Insurance On The Allocation Of Family Risky Financial Assets

In December 2020,the Central Economic Work Conference was held in Beijing.The meeting made it clear that my country’s economic development has made significant progress,and the people’s wealth level and happiness index have reached a record high.With the continuous improvement of my country’s economic level,the role of households in the financial market has become more and more significant.Since entering the "13th Five-Year Plan",the proportion of Chinese households investing in financial markets has continued to increase,but compared with Europe and the United States,the proportion of Chinese households investing in financial assets still has a large gap.The orderly allocation of household risk financial assets is not only an effective means of increasing people’s wealth,but also a catalyst for the development of my country’s capital market.Therefore,the inadequacy of household risk financial asset allocation will not only further increase the wealth gap of Chinese residents,and cause the problem of wealth polarization to persist,but also will not be conducive to the effective development of my country’s capital market.Aiming at the problem of insufficient allocation of family risk financial assets,this article speculates that my country’s social medical insurance system is not sufficiently balanced.When residents face the risks of future medical expenditures,they will increase preventive savings and increase the family savings rate to reduce risks.Investment in financial assets.However,the social medical insurance system of various regions is different,which leads to the heterogeneity of the degree of influence in each region.In order to verify this hypothesis,based on the perspective of location heterogeneity,this paper divides the country into four sub-samples of the eastern region,central region,western region,and northeastern region.The data of CHFS in2017 are selected,and the Probit and Tobit are selected.As well as the intermediary effect and other econometric models,empirically test the influence of social medical insurance on the allocation of household risk financial assets to the country’s total effect and the effect of location heterogeneity.After passing empirical tests,this article draws the following conclusions:(1)In terms of total effect,social medical insurance participation positively affects the allocation probability and depth of risky financial assets;the degree of protection is positively related to the depth of allocation of risky financial assets,but not Allocation probability is not significant;(2)In terms of location heterogeneity,social medical insurance participation positively affects the allocation probability of household risk financial assets,and there is an inverted "U" relationship with the local economic development level;social medical insurance participation has no significant impact on the allocation depth of risk financial assets.(3)The impact of the degree of social medical insurance on the depth of risk financial asset allocation lags behind the level of local economic development(4)Society The mechanism by which medical insurance participation affects the allocation probability of risky financial assets also presents regional differences.The eastern and central regions use preventive savings as a complete intermediary effect,which in turn affects the allocation probability of risky financial assets;while the Northeast has no obvious intermediary effect.