商业保险、流动性约束与家庭风险金融资产选择

Commercial Insurance, Liquidity Constraints and Household Risky Financial Asset Selection

金融市场正日益广泛的为中国家庭居民所知,本文运用中国家庭金融调查2017年的横截面数据,利用工具变量法,对比分析了不同强度流动性约束下商业保险对家庭风险金融资产的选择差异。本文研究发现:商业保险作为社会保障体系中的重要支柱,可通过缓解家庭未来不确定性、改善预期消费能力来提高家庭风险金融资产配置水平;流动性约束会使商业保险的促进作用对不同家庭产生差异性影响,强流动性约束家庭对于商业保险的刺激作用反应更强。本文结论为保险分人群投放提供了依据,同时给出要聚焦保险适用对象,提高我国居民尤其是农村地区居民的金融素养等相关对策。

The financial market is becoming more and more widely known to Chinese family residents. Using the cross-sectional data of China family finance survey in 2017, this paper compares and analyzes the differences in the choice of family risk financial assets by commercial insurance under different intensity liquidity constraints. This paper finds that as an important pillar of the social security system, commercial insurance can improve the allocation level of family risk financial assets by alleviating family future uncertainty and improving expected consumption ability;Liquidity constraints will make the promotion of commercial insurance have different effects on different families. Strong liquidity constraints have a stronger response to the stimulation of commercial insurance. The conclusion of this paper provides a basis for the investment of insurance by population, and gives relevant countermeasures to focus on the applicable objects of insurance and improve the financial literacy of Chinese residents,especially those in rural areas.