The impact of housing prices on household commercial insurance participation——Empirical research based on CFPS
Based on the data of China Family Panel Studies(CFPS)in 2016 and 2018,this paper empirically studies the impact of house price fluctuations on household commercial insurance participation by using Probit and Tobit models.The results show that the changes in housing prices significantly increase the probability of households purchasing commercial insurance,and promote household insurance participation mainly through the wealth effect brought by the changes in housing prices.After controlling endogeneity through propensity score matching(PSM),the research results remained significant.Robustness tests were conducted using replacement estimation methods and sample expansion,the results were still robust.Heterogeneity analysis shows that the pro-motion effect of housing price changes on household commercial insurance participation is more obvious in the family groups with high-income,urban areas and higher education level.Finally,this paper puts forward some specific countermeasures and suggestions.
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