A Study on the Redistribution Effect of Commercial Insurance under the Background of Common Prosperity
Using CFPS 2014,2016 and 2018 panel data,this paper empirically analyzes the static and dynamic effects of holding commercial insurance on household income.The empirical test shows that commercial insurance can increase the probability of family entrepreneurship by 7.56％,among which,the probability of family entrepreneurship for wage income families increases by 7.16％,and that for non-wage income families increases by 15.25％,as a result,the total income of the family will increase by 11.17％.Quantile regression shows that the income-increasing effect of commercial insurance on low-income families is 39.99％,and the effects for lower-middle-income families,middle-income families,upper-middle-income families and high-income families is 25.44％,20.89％,19.82％,and 17.74％respectively,indicating that commercial insurance has an income redistribution effect.Heterogeneity analysis shows that the income-increasing effect and the redistribution effect of commercial insurance play a greater role in non-wage income families,rural areas and southern regions.The robustness test further finds that commercial insur-ance has a good inhibitory effect on the relative income gap and absolute income gap between households.Based on this,it is up-held that commercial insurance should be further developed so that the insurance industry can play a greater role in promoting household income growth and narrowing the gap between the rich and the poor.
common prosperitycommercial insurancefamily entrepreneurshipredistribution effect
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