《保险研究》20200806-《流动性约束、商业健康保险与家庭消费》（郑莉莉、范文轩）

［摘   要］基于中国家庭金融调查(CHFS)的数据,从微观决策层面出发,采用基准模型和处理效应模型,实证分析流动性约束下商业健康保险对家庭消费的影响机制。研究发现:流动性约束和商业健康保险显著影响家庭消费,流动性约束降低促进家庭消费,购买商业健康保险也促进家庭消费。稳健性检验发现，非流动性约束组较流动性约束组的消费均有增长,非流动性约束下商业健康保险对家庭消费的影响更大,流动性约束降低和购买商业健康保险会显著增加必需品和非必需品消费,而且流动性约束和商业健康保险参保率对非必需品消费的影响高于对必需品消费的影响。

［关键词］流动性约束；商业健康保险；家庭消费

［基金项目］感谢国家自然科学基金“健康人力资本的宏微观经济效应研究:基于健康投资的视角”(项目编号:71903209)、中央高校基本科研业务费专项资金(QL18008)资助。

［作者简介］郑莉莉,中央财经大学保险学院副教授、博士；范文轩,中央财经大学保险学院研究生。

Liquidity Constraints,Commercial Health Insurance and Household Consumption

ZHENG Li-li,FAN Wen-xuan

Abstract：Based on the data of the Chinese Family Finance Survey (CHFS),this paper analyzed the effect of commercial health insurance on household consumption under liquidity constraints from the micro decision-making level with the help of the general benchmark model and treatment effect model.The results show that liquidity constraints and commercial health insurance have significant impact on household consumption;the decrease of liquidity constraint promotes the growth of household consumption,and the purchase of commercial health insurance also promotes household consumption.The results of robustness test show that the consumption of non-liquidity constraint group is higher than that of liquidity constraint group;commercial health insurance has a greater impact on household consumption in for non-liquidity constraint group;the decrease of liquidity constraint and purchase of commercial health insurance will significantly increase the consumption of necessities and non-necessities;moreover,the effect of liquidity constraints and the purchase of commercial health insurance on the consumption of non-necessities is stronger than that on necessities.This study provides strong evidence for the development of commercial health insurance.

Key words：liquidity constrains;commercial health insurance;household consumption