个人早期经历与家庭商业保险参与

The Individual Experience and Household Commercial Insurance Purchases

人生早期经历对个人经济行为具有深远的影响,本文利用2010年中国家庭追踪调查数据(CFPS),通过知识青年上山下乡这一历史事件考察这段经历对其家庭商业保险参与行为的影响。结果表明,上山下乡经历对家庭商业保险参与具有显著的正向促进作用,而且随着知青上山下乡参与时长的增加,家庭参与商业保险的可能性和支出占比也会增加。本文还进一步发现,个人的风险规避倾向和对家人重视程度是知青经历影响其家庭商业保险购买的主要渠道;而且知青经历对商业保险参与的促进作用在女性、兄弟姐妹数量较多以及下乡艰苦程度更高的群体中影响更强烈。同时,本文通过工具变量和模糊断点回归的方法进行稳健性检验,研究结果依然稳健。

Individuals’ early life experience is of profound significance for their financial behaviors. To gain an insight into one of the largest labor force migration events in China, namely, China’s 1956 program to mobilize the urban educated youth to work in the countryside, this paper empirically studies the effect of the urban educated youth’s rural working experience on household commercial insurance purchases, using the data of the 2010 China Family Panel Studies(CFPS). The results show that such experience significantly encourages the household commercial insurance purchases. In addition, the experience duration has a significantly positive impact on household insurance purchases. Furthermore, mechanism analysis shows that the inclination of risk aversion and family attention are influence channels. According to the heterogeneity analysis, the urban educated youth’s rural working experience has a more obvious impact on commercial insurance purchases among women, those with more siblings and those with harder working experience. This conclusion remains valid after robustness tests with instrumental variables and Fuzzy regression discontinuity methods are performed.