健康风险、养老保险对家庭风险金融资产配置的影响研究——基于CHFS数据的实证分析

Research on the Influence of Health Risk and Pension Insurance on the Allocation of Household Risk Financial Assets--Empirical Analysis Based on CHFS Data

家庭普遍面临的健康风险和广泛参与的养老保险,是冲击和保障家庭持有风险金融资产的重要因素。本文基于中国家庭金融调查数据,研究两者对家庭风险金融资产配置行为的影响。结果表明:健康风险和养老保险分别会显著降低和提高家庭风险金融资产配置的概率和比例,且两者存在正向交互作用;健康风险对家庭风险金融资产配置的负向效应在农村地区、中西部地区更明显,养老保险的正向效应和调节效应在城镇地区、东中部地区更明显;健康风险和养老保险均能通过家庭可支配收入和风险态度影响家庭风险金融资产配置的决策。因此,政府应进一步加强公共卫生体系建设,不断完善社会养老保险体系,加快发展商业养老保险。

The health risks that families generally face and the extensive participation in endowment insurance are important factors that impact and protect families holding risky financial assets.Based on the data of the China Household Finance Survey,this paper studies the impact of the two on the household risk financial asset allocation behavior.The results show that:health risk and endowment insurance will significantly reduce and increase the probability and proportion of family risk financial asset allocation respectively,and there is a positive interaction between them;The negative effect of health risk on the allocation of household risk financial assets is more obvious in rural areas and central and western regions,and the positive and regulating effect of pension insurance is more obvious in urban areas and eastern and central regions;Both health risk and endowment insurance can affect the decision-making of household risk financial asset allocation through household disposable income and risk attitude.Therefore,the government should further strengthen the construction of the public health system,continuously improve the social endowment insurance system,and accelerate the development of commercial endowment insurance.