健康支出对居民资产选择行为的影响——基于同质性与异质性争论的探讨

The Impact of Expenditure on Health to the Assets Choice Behavior of Residence—Based on Debate on the Homogeneity and Heterogeneity

本文将健康因素作为内生变量纳入生命周期的资产选择模型,发现当中老年群体的健康受到冲击,其将面对更多的不确定性,从而减少消费、增加谨慎性储蓄及减少风险金融资产的持有。随后,使用健康与养老的微观调查数据,并利用健康自评与健康支出两个指标衡量个体的综合健康程度,通过Probit与Tobit回归模型研究老年群体的健康因素对家庭资产选择行为的影响。结果表明:健康冲击是影响家庭资产选择行为的直接因素。通过健康自评指标,城市居民健康因素对资产选择行为的影响显著,而农村居民的自评健康指标并没有统计显著性。研究还发现,通过内生变量健康支出指标的测量,健康支出在一定程度上体现了"奢侈品"的特性,即健康支出越多的城市家庭持有更多的风险资产。

This paper endogenized the healthy factor into portfolio selection model ot the tlte cycte. When the older people face healthy shock, they will face more uncertainties, so as to reduce consumption, increase the holding precautionary savings and reduce the risk of financial assets. Moreover, this paper research the impact of health factors of city residence to family asset choice behavior used two indexes which is health assessment and health expenditure through Probit and Tobit Regression Model based on investigate statistics on older people＇s health. The research tells us that health factors impact on assets choice behavior very much compared to people lived in the country. Also, expenditure reflect ＂luxury＂ feature at some contents through the endogenous variables method measure expenditure on health.