Social Insurances and Risky Financial Market Participation: Evidence from China
Social Insurances and Risky Financial Market Participation: Evidence from China
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DOI：
10.1080/1540496x.2021.2019011
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发表时间：
2022-01
影响因子：
4
通讯作者：
Xinxin Ma
中科院分区：
文献类型：
--
作者：
Xinxin Ma
本文利用四波全国纵向调查数据，估计了养老保险和医疗保险对中国45岁以上个人风险金融市场参与的影响。有三个关键发现。首先，养老金和医疗保险都对持有风险金融资产及其股份的概率产生正向影响。然而，在解决异质性问题时，这两种保险的影响几乎是微不足道的。其次，养老金对低风险金融资产（债券）的积极作用大于对高风险金融资产（股票）的积极作用，但对医疗保险的结果则相反。第三，社会保险的影响因年龄和户口群体而异，也因养老金和医疗保险的类型而异。
ABSTRACT Using four-wave national longitudinal survey data, this study estimates the influence of pension and medical insurance on risky financial market participation for individuals aged ≥ 45 years in China. Three key findings emerge. First, both pension and medical insurance positively affect the probability of holding risky financial assets and their shares. However, both insurances’ influences are almost insignificant when addressing the heterogeneity problem. Second, pension’s positive effect is greater for lower-risk financial assets (bonds) than for higher-risk financial assets (stocks), but the results are reversed for medical insurance. Third, the influences of social insurance differ by age and the hukou group, as well as by the type of pension and medical insurance.