户主健康水平、社会资本与家庭风险资产配置

Householder s Health Status,Social Capital and Household Portfolio Choice

本文利用2015年CHFS数据探讨了户主健康水平对家庭风险资产配置的影响。实证分析表明,户主健康水平每下降一个单位,家庭风险资产投资概率降低2.06个百分比,占比下降3.50个百分比。在替换健康水平度量方式进行检验后,上述结论仍旧稳健。进一步机制探讨发现,健康水平能够通过“收入效应”渠道对家庭风险资产配置产生影响。同时,本文发现社会资本并不能有效缓解健康水平下降对家庭风险资产投资行为所导致的负向冲击。最后,异质性检验发现,健康水平对家庭风险资产配置的影响存在城乡和年龄差异。一方面,健康水平下降的负向影响仅存在于农村家庭,而对城镇家庭的影响则不显著;另一方面,健康水平下降会抑制50~60岁、60岁及以上年龄段家庭风险资产投资概率,但对40~50岁年龄段家庭并无显著影响。

This paper adopts the micro data from the China Household Finance Survey in 2015 to explore the impact of householder s health status on household portfolio choice.The empirical result shows that when the health is worse,the probability of participating in risk asset markets decreases by 2.06 percentage points and the ratio of risk asset reduces by 3.50 percentage points.After replacing the householder s health status indicator,the result is still steady.Furthermore,this paper explores the channel of householder s health status affecting household portfolio choice.The finding is that the householder s health status has a significant and positive“income effect”.Meanwhile,the social capital can not mitigate the negative impact of the terrible health status on the household portfolio choice.Finally,the heterogeneity test shows that the impact of householder s health status on the household portfolio choice is different in rural and income.On the one hand,the terrible health status has a significantly negative impact on the households in rural rather than urban;on the other hand,the poor health status will inhibit 50~60 years old and 60 years old above households from participating in risk assets investments,but has no obvious influence on 40~50 years old households.