家庭财务脆弱性、资产组合与人寿保险需求:指标改进和两部回归分析  

Household Financial Vulnerability,Asset Portfolio,and Life Insurance Demand: Index Reconstruction and Two-part Regression Analysis

作　　者：孙祁祥[1] 王向楠[1] 

机构地区：[1]北京大学经济学院,北京100871

出　　处：《保险研究》2013年第6期23-34,共12页Insurance Studies

摘　　要：先改进一个衡量家庭财务脆弱程度的指标,使其更具逻辑一致性和直观性,并讨论如何对指标构成元素赋值。进而利用微观数据采用两部模型研究中国家庭的寿险需求行为。研究发现,家庭是否持有寿险受到家庭财务相对脆弱程度的影响,但家庭财务风险绝对程度却没有显著影响已持有家庭的寿险持有水平。资产越多的家庭越会购买寿险,但是所持有寿险占家庭总资产的比重越低。家庭资产组合中,股票与寿险呈互补品,房产则挤出了家庭持有寿险。家庭户主及其配偶的平均年龄、教育程度对寿险占家庭总资产比重的影响并不显著。最后,讨论经验结果的产生机理并提出政策含义。This paper improved the index measuring household financial vulnerability, making it more logically consistent and intuitive, and then discussed how to assign values to the ingredients. It also studied Chinese households＇ life insurance demands using the two-part model based on micro data. The results included：the relative level of household financial vulnerability impacted households＇ life insurance asset holdings, however, the absolute level of household financial vulnerability didn＇t impact the level of life insurance holdings significantly. Households with more total assets were more likely to purchase life insurance, however the proportion of life insurance in households＇ total assets was lower for them. In households＇ asset portfolio, stock and life insurance were complementary, and the housing estate investment crowded out life insurance holdings. Neither the average age of husband and wife nor the level of their education had significant influence on the proportion of life insurance in total assets. Finally, it ex- plained the empirical results and proposed the policy implications.

关 键 词：家庭财务脆弱指标 资产组合 寿险需求 两部模型 规模效应 替代效应 门槛效应 

分 类 号：F063.4[经济管理—政治经济学]