1 论文标题：预防性储蓄与医疗保险：投资组合选择视角

2 作者信息：邱嘉平，麦克马斯特大学
3 出处和链接：http://journal.hep.com.cn/fec/EN/10.3868/s060-005-016-0015-0      OR      http://journal.hep.com.cn/fec/EN/Y2016/V11/I2/232

4 摘要：

本文分析了医疗保险对家庭投资组合选择的影响。使用美国消费金融和健康退休调查数据库的调查信息，本文发现：相比没有医保的家庭而言，有医保的家庭更有可能持有股票或较大比例的股市金融资产。即便在控制家庭特征和反向因果关系时这一结果依然强劲。此外，在不同调查年度，使用不同数据来源，结果仍然稳健。这表明，在做出家庭投资组合选择决定时，预防性动机较强。

Precautionary Saving and Health Insurance:

A Portfolio ChoicePerspective

Jiaping Qiu

McMaster University

Abstract

Thispaper analyzes the impact of health insurance on household portfolio choice.Using the U.S. Survey of Consumer Finance and Health Retirement Surveydatabases, it finds that insured households are more likely to own stocks andinvest a larger proportion of financial assets in stocks than uninsuredhouseholds do. The results remain strong even after controlling for householdcharacteristics and reverse causality. Further, the results are robust acrossdifferent survey years and data sources. It suggests that a precautionarymotive is strong in household portfolio choice decisions.