The Impact Of Commercial Medical Insurance On Family Financial Asset Allocation

With the continuous development and improvement of China’s financial market,residents’ investment awareness has been enhanced,and families are gradually playing an important role in the financial market.In the current market environment,families can access more financial products and optimize the allocation of financial assets through prudent decision-making.In order to avoid risks in the financial market,families will increase preventive savings,which will inhibit consumption and investment.China’s medical security system is still in the stage of development and improvement,with social medical insurance as the main body and commercial medical insurance as the supplement.Participating in commercial medical insurance can help families spread risks,reduce uncertainty,reduce Preventive Savings and adjust asset allocation structure.Therefore,studying the impact of commercial medical insurance on family financial asset allocation can help families rationalize investment decisions,optimize asset allocation and achieve good wealth growth.It also has certain practical significance for the improvement of China’s financial market and social security system.This paper uses a variety of methods to study,including literature research method,qualitative and quantitative analysis method and comparative analysis method.The research content of this paper mainly includes seven parts: the first part is the introduction,which expounds the research background,significance,ideas,contents,methods and innovations of this paper;The second part is the literature review and theoretical basis.It combs the research literature on the influencing factors of family financial asset allocation and the impact of medical insurance on family financial asset allocation,and then briefly introduces the economic theory involved in this paper;The third part is the current situation of commercial medical insurance and family financial asset allocation in China;The fourth part is the impact mechanism and theoretical analysis of commercial medical insurance on family financial asset allocation.It expounds the impact mechanism of commercial medical insurance on family financial asset allocation from direct and indirect aspects,and makes a theoretical analysis from the perspective of economics;The fifth part is the research design,which puts forward the research hypothesis of empirical analysis,determines the sample data,variable setting and the empirical model used;The sixth part is empirical analysis.Based on the empirical model,regression analysis and mediation analysis are conducted,and robustness tests are conducted.Finally,the results of empirical analysis are obtained by analyzing different registered residence types.The seventh part is the conclusion and policy suggestions,which summarizes the research conclusions of this paper and puts forward policy suggestions.Based on the data of China’s household financial Survey(CHFS)in 2017 and2019,this paper uses the panel double fixed effect model to analyze the impact of registered residence on the family financial assets allocation and the mediating effect of health capital.Analyze the heterogeneous effect of commercial medical insurance on the allocation of family risk financial assets.Through the research,this paper draws the following conclusions: whether the family holds commercial medical insurance has a significant promoting effect on the family’s financial asset allocation behavior,which refers to the family’s tendency to allocate risky assets;The promotion effect of commercial medical insurance on family financial assets allocation is different from registered residence in rural areas.Compared with rural household,commercial insurance has a more significant effect on urban household investment risk and financial assets.It can be seen from the empirical analysis results of whether commercial medical insurance plays an intermediary role through the level of health capital,which affects the allocation of family financial assets.Firstly,on the whole,medical insurance and self-rated health status can promote the investment behavior of risky financial assets of Chinese households.Secondly,in the total effect of medical insurance on the probability of families holding risky financial assets,the level of health capital plays an intermediary role,but the intermediary role is not complete,but partial.