健康状况影响家庭风险金融投资参与了吗?——传导机制检验及异质性探索

Does Health Status Affect the Household Investment in Risky Financial Assets?The Mechanism Test and Heterogeneity Exploration

利用中国家庭追踪调查2014、2016、2018年三期数据,考察了健康状况对家庭风险金融投资参与的影响。研究发现,健康状况显著影响家庭风险金融投资行为,健康恶化,家庭持有风险金融资产的概率和比重均显著降低,且该结果具有稳健性。机制检验结果表明,健康状况主要通过医疗负担这一渠道影响家庭风险金融投资参与,健康恶化加重家庭所承受医疗负担,进而促使家庭减少风险金融投资。异质性分析结果表明,这一影响在农村家庭和有负债家庭中更为显著,具有城乡异质性和负债异质性,即相较于城市家庭和无负债家庭,农村家庭和有负债家庭更易因健康状况恶化而减少风险金融资产持有甚至退出风险金融市场。提高家庭风险金融投资参与度,要大力推动“健康中国”建设,提升全民健康水平;持续深化医药卫生体制改革,减轻家庭医疗负担;不断完善资本市场环境,增强投资吸引力。

Based on the data of CFPS 2014,2016 and 2018,this paper investigates the influence of health status on the household risky financial assets investment.The results show that the healh status has significant impacts on household investment.If the health status deteriorate,probability and proportion of households investment in risky financial assets will both reduce.The medical burden has amediating effect on above relationship.The results of heterogeneity analysis show that this impact mainly exists in rural households and indebted households.Therefore,improving household participation in risky financial investment needs to promote the“Healthy China strategy”,deepen reform of the medicine and healthcare system and enhance the investment attraction of capital market.