社会医疗保险对家庭金融资产配置的影响机制

Influence Mechanism of Social Medical Insurance on Household Financial Asset Allocation

党的十九大报告提出,要深化社会医疗保险体制改革,不断拓宽居民财产性收入渠道。而居民家庭金融资产的增长和结构变化受收入水平、教育状况等多种因素影响,其中社会医疗保险是家庭资产配置的重要影响因素。运用理论和实证的方法分析社会医疗保险对家庭金融资产配置的影响,研究结果显示:家庭风险金融资产配置的最优社会医疗保障程度在60%左右,参保家庭持有风险金融资产的概率较未参保家庭显著高了3.5%,社会医疗保险保障水平的提升对家庭风险金融资产配置概率、规模和比重均有显著的正向影响。社会医疗保险对家庭金融资产配置的主要影响机制是替代效应,即随着社会医疗保险保障水平的提高,家庭将安全资产转移到风险资产,从而提高家庭参与风险金融市场的深度和收益水平。

The report of the 19th national congress of the communist party of China calls for deepening the reform of the social medical insurance system and expanding the channels of residents'property income.The growth and structural change of household financial assets are affected by various factors such as income level and education status,among which social medical insurance is an important factor affecting household asset allocation.This article applies the method to study theoretical and empirical analysis to study the influence of social medical insurance on family financial asset allocation.The results show that:to promote household risk financial asset,the optimal social medical security level is about 60%.Households participating in social medical insurance were significantly 3.5%more likely to hold risky financial assets.The improvement of social medical insurance security level has a significant positive impact on the probability,size and proportion of household risk financial asset allocation.At the same time,the research also finds that the main influencing mechanism of social medical insurance on the allocation of family financial assets is substitution effect,that is,with the improvement of social medical insurance security level,families transfer safe assets to risky assets,thus improving the depth and income level of family participation in the risk financial market.