健康、异质性家庭投资者与资产配置

家庭金融理论认为家庭成员健康状况对家庭金融资产配置有着重要影响，但基于微观数据的经验研究并没有获得支持这一观点的广泛证据.此类经验研究的一大困难也是争议之处在于健康具有的主观和客观的双重特征，如何合理度量健康程度成为关键性问题.另一方面，投资者的异质性也没有得到足够的重视，文献中经常使用以老年人为主的有偏数据，实际上不同年龄段、不同财富人群的健康冲击对资产配置的影响并不一致.使用医疗费用占人均财富的比例作为家庭健康状况的代理变量，用具有代表性的中国居民家庭微观调查数据，研究发现不同年龄阶段的健康冲击对家庭资产配置的影响是不同的，健康冲击的影响在不同财富群体之间也不一样.因此，应该继续加强医疗保障体系的深度，并且有针对性的对待不同群体的健康问题.

Healthy,heterogeneous family investors and asset allocation

Household finance theory suggests that the health status of family members plays a great role in their financial asset allocation decisions. However,this has not been justified by empirical results based on micro data. The difficulty as well as controversy lies in that health status can be measured both subjectively and objectively,so the key is how it is measured. Besides,data used formerly primarily focused on the elderly so that the results are less representative since the effect of health shock on asset allocation is assumed to be different across different ages and wealth groups. This paper uses the proportion of medical costs in wealth per capital as the indicator for health. Using representative micro survey data of Chinese households,the paper finds that the effect of health shock on asset allocation is different across different ages and wealth groups. So,China should continue to improve and deepen the medical care insurance system,and treat the health problems of different of populations properly.