The Research On Commercial Medical Insurance And Risk Investment Of Household Financial Assets In China

With the development of China’s economy and the increase of per capita disposable income,the demand for household asset allocation is increasingly prominent.Family finance has become a hot issue.The research on family financial asset selection is of great significance from both macro and micro perspectives.From a macro perspective,it is of guiding significance for the country to make macro policy and system.From the micro perspective,it is of guiding significance for financial institutions to strengthen financial services and product research and development,and of great help for households to rationalize asset allocation.The influencing factors of household risk financial asset selection are complex.There are few literatures on background risk in China.Based on the lack of domestic research literature on background risk,especially from the perspective of family security,this paper chose the commercial medical insurance in the social security system as the core explanatory variable,and the relationship between commercial medical insurance and family financial assets investment is empirically analyzed from two dimensions of participation breadth and depth.This paper sorts out the core financial theory of household asset allocation,builds the Probit and Tobit models,and makes use of the latest statistics of Chinese household finance survey in 2017.Control variables were selected based on references.The results were obtained by regression analysis.The robustness of the model was verified by tool variable method.The results show that the effect of commercial medical insurance on household risky financial assets is positive and significant.The empirical results show that increasing residents’ enthusiasm in participating in commercial medical insurance can improve the participation in risky financial assets investment,and also increase the proportion of risky financial assets such as stocks.This is of great theoretical and practical significance to the government departments,the strategic development of financial institutions and the growth of household wealth.At the same time,it is the further consummation and supplement to explain the family financial asset choice from the perspective of social security.