商业健康保险、预防性储蓄动机与居民消费支出——理论与经验证据  

Commercial Health Insurance,Precautionary Motives,and Household Consumption:Theoretical Analysis and Empirical Evidence

作　　者：易行健 张凌霜[1,2,3,4] 徐舒 周聪 YI Xingjian;ZHANG Lingshuang;XU Shu;ZHOU Cong(School of Finance and Investment,Guangdong University of Finance;School of Insurance,Guangdong University of Finance;School of Economics,Southwestern University of Finance and Economics;School of Economics,Fudan University)

机构地区：[1]广东金融学院金融与投资学院/保险学院,广东广州510521 [2]广东外语外贸大学金融学院,广东广州510420 [3]西南财经大学经济学院,四川成都611130 [4]复旦大学经济学院,上海200433

出　　处：《金融研究》2023年第4期130-148,共19页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72273036);国家社科基金项目(22VRC002);教育部人文社科规划项目(22YJA790072);广东省自然科学基金面上项目(2023A515011909);国家社会科学基金重大项目(21&ZD113);广东省哲学社会科学规划项目(GD22CYJ01);广东省自然科学基金面上项目(2021A1515012641)的资助。

摘　　要：本文基于2015年、2017年和2019年中国家庭金融调查数据(CHFS)对商业健康保险促进居民消费支出及其作用机制的影响效应进行分析。结论表明:(1)家庭商业健康保险保费支出能够显著促进居民家庭总消费支出的提高,且对不同类别消费支出的影响存在明显差异,通过系列内生性处理与相关稳健性检验后该结论仍然成立;(2)机制分析表明,商业健康保险配置主要通过降低家庭预防性储蓄水平,缓解由支出不确定性、主观健康不确定性和客观健康不确定性引发的预防性储蓄动机进而促进居民消费支出;(3)异质性分析发现,商业健康保险配置对居民消费支出的促进作用在不同特征样本家庭中存在明显异质性,在抗风险能力较弱、面临背景风险较高以及所在城市金融可得性较低且受到金融排斥程度较高的家庭中影响更为显著。The construction of a social security system with Chinese characteristics must meet the requirements of China's new stage,concept,and paradigm of development.As a socioeconomic stabilizer and booster,the development of an insurance system plays an important role in the construction of a multilevel pension security system,in addition to the strategies of rural revitalization and“Healthy China.”The constructed system is a key aspect of China's accelerated construction of a new development paradigm featuring“dual circulation,”in which the domestic and overseas markets can reinforce each other,with the domestic market as the mainstay.Accelerating the development of commercial health insurance in China,deepening the supply-side structural reform of the insurance industry,and constantly developing new insurance tools to meet households'diversified health insurance needs will help to alleviate the precautionary savings motive and allow household consumption to continue expanding.Hence,it is of great practical significance to explore the effects of commercial health insurance on households'precautionary savings and consumption expenditure in detail,as well as the mechanisms of these effects.Based on 2015,2017,and 2019 panel data from the China Household Finance Survey(CHFS),this paper empirically analyzes the role of commercial health insurance allocations in promoting household consumption expenditure by reducing precautionary savings.The main conclusions are as follows.First,commercial health insurance premium expenditure has a clear role in increasing the level of household consumption expenditure,but there are differences in its effects on different consumption categories.Considering the possible endogeneity problem,this paper uses the instrumental variable method to estimate the benchmark model and discusses the possible estimation biases caused by omitted variables,reverse causality,and self-selection in detail,and then deals with these biases.The results are consistent with those of the benchmark regressio

关 键 词：居民消费 商业健康保险 预防性储蓄动机 家庭金融 

分 类 号：F842.6[经济管理—保险] F832F126.1