The Influence Of Commercial Health Insurance On Household Financial Asset Allocation

Since reform and opening,as the rapid development of economy and financial market,there are more and more financial products,and more and more families are willing to participate in the financial market.But,the radio of financial market participation is low.So the research results can offer financial institution pertinent suggestions of financial innovation,as well as optimizing the structure of household financial assets.Using China Household Finance Survey(CHFS)data,this paper analyzes the structure of household financial assets.From the perspective of commercial health insurance,this paper analyzes its influence on family financial market participation and financial asset selection and its influencing mechanism.Is there any difference in the effect of commercial health insurance on family financial asset allocation,under different levels of protection? Does the impact of commercial health insurance on household financial asset allocation have a life cycle? In order to eliminate the influence of endogenous,the paper control the family characteristics variables and regional GDP as control variable and uses IV-Probit or IV-Tobit models.Finally,this paper uses “the number of families have commercial health insurance” as the explanatory variable to do the robustness test.The main conclusions are as follow.Firstly,the rate of cash and savings of Chinese households is highest,and the rate and proportion of risky assets and non-risky assets are quite different.In all kinds of risky assets,stock participation rate is highest,but the proportion of the financial products is highest.Secondly,the number of families that hold the commercial health insurance is low,and the radio of holding commercial insurance in urban is 2.61%.The possibility of holding risky assets and the ratio of risky assets show significant differences in whether or not the commercial health insurance is held.Thirdly,the financial assets of Chinese family have life cycle characteristics.With the increase of householder age,the possibility of holding risky assets and the ratio of risky assets have inverted "U" type.Between 30 and 39 years old,the possibility of holding risky assets and the ratio of risky assets are highest.But,the possibility of holding bond and the ratio of bond increase,as the age of the head of the household increases.Fourthly,the holding of commercial health insurance significantly increases the possibility of holding risky assets and the ratio of risky assets,the marginal effects are 3.9496 and 1.9043.And with the improvement of commercial health insurance,the promoting impact of commercial health insurance on financial market participation has inverted "U" type,and the impact of commercial health insurance on the ratio of risk assets is highest when the level of protection is highest.Fifthly,the impact of commercial health insurance on family financial asset allocation depends on the family risky attitude.Sixthly,with the increase of age of the head of the household,the impact of commercial health insurance on financial market participation reduces.And the impact of commercial health insurance on the ratio of risk assets decreases and then increases.