健康与家庭资产选择

Health Status and Household Portfolio Choice

本文采用中国居民家庭微观调查数据,运用资产参与和资产分配模型,分别讨论健康状况对居民家庭资产配置行为的影响。研究结果表明:投资者的健康状况不显著影响其参与股票市场和风险资产市场的决定,但影响家庭的股票或风险资产在总财富中的比重,健康状况不佳会导致这两个比重较低,在控制了参保情况或时间展望期后这一影响仍然显著;而投资者风险态度和遗赠动机能够一定程度上解释健康风险的影响。

This paper uses household survey micro-data and 'assets involved' model (probit model) and 'assets ratio' (Tobit model) model to discuss the relationship of health status and household asset allocation behavior. The results show that investors' health status does not significantly affect his decision about participation in the stock and risk asset markets after we control for wealth,income and other factors in the model. However,it does affect how much his family invests in the stocks or the risk assets. After controlling insurance condition or planning horizon,the influence of investors' health status is still significant. The investors' attitudes toward risk and their bequest motive can partly explain why unhealthy investors allocate less wealth in stocks or the risk assets.