School of Insurance, Central University of Finance and Economics, Beijing, China.
Front Public Health. 2021 Aug 12;9:725608. doi: 10.3389/fpubh.2021.725608. eCollection 2021.
This paper empirically examined whether participation in the Basic Medical Insurance for Urban and Rural Residents impacted families' allocation to risk assets and risk-free assets using the Heckman two-step method, which is based on the China Household Finance Survey micro data of 2013, 2015, and 2017. The results showed that participation in the Basic Medical Insurance for Urban and Rural Residents can promote families' reasonable choice between risk assets and risk-free assets to a certain extent. To be specific, the risk asset investments are squeezed out for the originally risk-seeking families, while the risk-free asset investments are squeezed out for the originally risk-adverse families. We tested the robustness of the benchmark model and the mediating effect model with different definitions of risk assets and risk-free assets. Also, the analysis of the mechanism showed that this increases families' risk perception-turning their risk attitude more cautious and their investment attitude more rational. To further consolidate the social security attributes of the Basic Medical Insurance for Urban and Rural Residents, behind its high coverage, we should also pay attention to its influence on the investment preferences of families with different social and economic statuses, thereby giving full play to its role in promoting the development of China's financial market. In future research, we can also try to use measurement models such as PSM-DID models, and find the connections and progressive relations between different models, in order to obtain the inquiry results of different dimensions. For the direction of further research in the future, we believe that can be used to test whether the conclusion whose data configuration of the basic medical insurance for family financial assets choice influence is a universal in developing countries, to explore the developing countries to promote the health security system for the influence of its national household financial asset allocation and the corresponding policy recommendations. D14, G11, H55, I18.
本文利用 2013、2015 和 2017 年中国家庭金融调查微观数据，采用 Heckman 两步法实证检验了城乡居民基本医疗保险参与对家庭风险资产和无风险资产配置的影响。结果表明，城乡居民基本医疗保险参与在一定程度上促进了家庭对风险资产和无风险资产的合理选择。具体来说，对于原本风险偏好的家庭，会挤出风险资产投资；对于原本风险厌恶的家庭，会挤出无风险资产投资。我们用不同定义的风险资产和无风险资产对基准模型和中介效应模型进行了稳健性检验。机制分析表明，这会增加家庭的风险感知，使其风险态度更加谨慎，投资态度更加理性。为了进一步巩固城乡居民基本医疗保险的社会保障属性，在高覆盖率的背后，我们还应关注其对不同社会经济地位家庭投资偏好的影响，从而充分发挥其在促进中国金融市场发展方面的作用。在未来的研究中，我们还可以尝试使用 PSM-DID 模型等计量模型，找到不同模型之间的联系和递进关系，以获得不同维度的查询结果。对于未来的研究方向，我们认为可以用来检验家庭金融资产选择影响基本医疗保险数据配置的结论是否具有普遍性，探索发展中国家促进健康保障体系对其国家家庭金融资产配置的影响及其相应的政策建议。 D14、G11、H55、I18。
