Research On The Influence Of Social Medical Insurance On The Allocation Of Risk Financial Assets Of Elderly Families In China

With the economic growth and the emergence of aging population,the status of the elderly group in China’s population structure is gradually improving,the demand for "silver economy" is increasing,China’s elderly families are experiencing a transformation from buying general goods to pursuing financial participation.Due to the characteristics of elderly families,they need to take double consideration when allocating risky financial assets.On the one hand,the risk tolerance of elderly families is generally low due to their lack of working ability,low income and vulnerability to health shocks.On the other hand,elderly families have certain investable funds,and in order to cope with uncertain factors such as longevity risk and health shock,elderly families have certain demands for asset preservation and asset appreciation.However,the problems of high expected medical consumption,high risk aversion and high savings rate often limit the risky financial asset allocation behavior of elderly families.How to protect the risky financial asset allocation of elderly families has become an important point to deal with the aging population.Studies have found that social security is an important factor affecting the allocation of risky financial assets of elderly families,but its specific impact and action path are not clear.Research in social security accounts for the important position of social medical insurance as the breakthrough point and comb in the life cycle theory,anticipated savings theory,behavioral finance such as existing related on the basis of family financial asset allocation theory,found social medical insurance through the wealth effect,substitution effect and income effect influence on the elderly family financial asset allocation in China,However,the specific impact results can not be accurately obtained only by relevant theories and mechanism analysis.Therefore,it is necessary to continue to explore the impact of social medical insurance on the allocation of risk financial assets of elderly families in China on the basis of theoretical analysis and empirical analysis.The study then sorted out the relevant data of CHFS2019,selected social medical insurance participation and social medical insurance security level as explanatory variables,and selected risk financial asset allocation probability and proportion of household risk financial asset allocation as explained variables.Probit model and Tobit model were used to analyze the impact of social medical insurance on the risk financial assets of elderly families in China.In order to overcome the endogeneity problem,the study selected the social medical insurance participation of the province where the sample family registered as a tool variable,and used IVProbit model and IVTobit model to modify the baseline regression results.Study further discusses the urban-rural heterogeneity,liability heterogeneity and the action path of the impact of social medical insurance on the risk financial assets of elderly families in China.Empirical analysis shows that,first,after considering endogeneity,the regression results of IVProbit model and IVTobit model show that social medical insurance has a significant positive impact on the allocation of risk financial assets of elderly families in China.Second,after considering urban-rural heterogeneity,the empirical results show that the impact of social medical insurance on the allocation of risk financial assets of elderly families in China is different in rural and urban elderly families.Thirdly,after considering the heterogeneity of debt,the empirical results show that the impact of social medical insurance on the allocation of risk financial assets of the elderly families in China is different between the elderly families with debt and the elderly families without debt.Fourthly,through the mechanism test,it is found that social medical insurance mainly affects the allocation of risk financial assets of elderly families in China through the wealth effect.Fifth,among the control variables,gender,education level,health status,risk attitude,family size,per capita income,number of housing,rural household registration and other variables have a significant impact on the allocation of risk financial assets of elderly families in China.Based on the research conclusions,in order to appropriately promote the allocation of risk financial assets of elderly families in China,local governments should improve the social medical insurance model,improve the financing method of medical insurance fund,and narrow the urban-rural differences of social medical insurance.Financial institutions should strengthen risk education for investors,speed up innovation of financial instruments,and deepen cooperation between commercial medical insurance and social medical insurance.Elderly families should pay attention to physical health,improve their own level of education,and correctly view the risk.