风险偏好与新农保缴费档次选择

Risk Preference and Choice of Payment Grades of New Rural Endowment Insurance

假定参保者手中有足够缴纳新农保高档次费用的资金,选择新农保缴费档次时,其考虑的是新农保与其他资产组成的投资组合的效用。根据广东省新农保参保者的问卷调查和有序logit模型研究发现,越偏好风险的农民越情愿选择新农保较低缴费档次和按年分期缴费,而将剩余资金投资于别的风险较高的资产,寻求投资组合的效用最大化。另外,家庭资产规模越大的农民,越倾向于选择较高缴费档次和一次性缴清费用。

Assume that rural residents have enough money in hand to pay the fees of the highest grade of new rural endowment insurance, the insured persons mainly focus on the utility of investment portfolio consisting of new rural endowment insurance and other assets when they choose the pay grades of new rural endowment insurance. Based on the questionnaires for the insured in Guangdong Province, using ordinal logistic model for the empirical research, we find that the insured who are more willing to take risks are more likely to choose the lower grades and pay annually. They would use the surplus funding to buy other riskier assets to pursue for utility maximization of the investment portfolio. Besides, the insured with larger assets would tend to choose the higher grades and choose one-off payment.