Study On The Impact Of Family Participation In Commercial Health Insurance On Portfolio Effectiveness

With the continuous penetration of reform and opening up in all walks of life,the family life of the residents has undergone earth-shaking changes.The income level of Chinese families has been significantly improved,and families have more assets to participate in financial market investment.At the same time,the structure of household asset allocation has also changed,and the family has gradually been freed from the state of high savings rate constraints,and has begun to decentralize in various fields such as stocks,funds,and bonds.The development of social welfare undertakings and the continuous improvement of financial markets have also contributed to the improvement of investment efficiency of households.However,there are still many problems in the choice of Chinese household portfolios.Many households participate in financial markets but fail to achieve the expected results.In return,the wealth level of households has not improved because of financial market participation.Therefore,studying the effectiveness of the portfolio of Chinese households will be very helpful in understanding the impact of family members' health risks on investment decisions,thereby rationally guiding family investment behaviors and improving the well-being of households.This article will focus on the impact of the introduction of commercial health insurance on the effectiveness of household investment,because the health factors and family wealth of residents' family members affect people's happy life.With the reform of the medical and health system,the health of Chinese people is Great improvement,life expectancy is also increasing,and is family participation in commercial health insurance beneficial to the effectiveness of household portfolio? This article will explore this aspect.Firstly,this paper analyzes the literature on the effectiveness of previous family portfolios,and analyzes the factors affecting the effectiveness of family portfolios studied by previous scholars,especially from the perspective of commercial health insurance and its impact mechanism,as an empirical hypothesis.The proposal seeks theoretical support.Subsequently,this paper briefly introduces and discusses the current status of commercial health insurance and family asset portfolio in China,and illustrates that the Sharpe ratio is used as an indicator to measure the effectiveness of portfolios.According to the analysis,commercial health insurance is the theoretical basis for influencing factors.In the sample selection,this paper uses the data from the China Family Finance Survey(CHFS)in 2013 as a sample to influence the effectiveness of households' participation in commercial health insurance on the effectiveness of their family portfolios.The asset portfolio constructed in this paper includes stocks,funds,bonds and As a research object,the Tobit model was used to explore the impact of family participation in commercial health insurance on the effectiveness of portfolios.The empirical results show that the impact of family participation in commercial health insurance on the effectiveness of family portfolios is significant and positive,while commercial life insurance and commercial pension insurance also have a positive and significant impact on the effectiveness of family portfolios,in addition to marital status,The size of the family and whether the family participates in the business activities have a significant positive effect on the Sharpe ratio,a measure of the effectiveness of the portfolio.At the same time,in order to verify the regression results,the empirical part is added to other commercial insurance variables for robustness,and at the same time,the Sharpe ratio of the interpreted variables is segmented and tested separately.After introducing the PSM model and using the propensity score matching method to control the feature variables,the control group and the control group are established.After matching by certain methods,the endogeneity problem of the model is solved,and the regression result after matching is still significant.Finally,through the hypothesis testing of heterogeneity of household health insurance behaviors of different age groups,education levels,income levels,and different risk preferences,the results are still significant at the 1% level,and the direction is positive.Finally,combined with the empirical conclusions of the article,this paper provides relevant suggestions for improving the effectiveness of the portfolio of households.Participating in commercial health insurance for residents can help improve the effectiveness of family portfolios.Households should pay more attention to insurance when making asset allocations.The role of behavior,which also requires the joint efforts of the family,the government,and the insurer,in addition to the commercial health insurance protection function,but also to achieve the function of the effectiveness of the family asset portfolio.