Long-term Care Insurance and Elderly Care Service Supply:From the Perspective of New Market Entities
As China undergoes continuous aging,the expansion of elderly care services has become imperative for the development of the elderly care industry,addressing the urgent needs and concerns of the general public,and aligning with the goals of providing"care and support for the elderly"and ensuring their well-being.Long-term care insurance(LTCI)policy plays a significant role in providing home-based or institutional elderly care services for disabled people.It not only meets the realistic and potential demands of the public for socialized elderly care services to a certain extent,but also contributes to strengthening the admission,management,and service quality assessment ofdesignated care institutions.This study uses data from 22,469 elderly care service institutions released by the National Enterprise Credit Information Publicity System(NECIPS)between 2010 and 2020.It uses"the annual growth of elderly care service institutions"to measure the supply of elderly care services.Employing staggered difference-in-differences(DID)approach within the framework of two-way fixed effects model,this study empirically examines the impact of China's long-term care insurance pilot program on the supply of elderly care services.The results indicate that LTCI significantly expands the supply of elderly care services.Compared with the non-pilot cities,the annual growth of elderly care service institutions in pilot cities has increased by approximately 13.This positive impact becomes evident in the second year after the pilot initiation,gradually expanding over time and showing a degree of sustainability.Heterogeneity analysis reveals that LTCI has a more pronounced effect on urban areas and centralized residential care institutions.A mechanism analysis,using the Baidu index for"disabled elderly"and"elderly care services"as mediating variables,indicates that LTCI stimulates the demand for socialized elderly care,consequently leading to an increase in the supply of elderly care services.Moreover,this study finds that LTCI reduces the risk of existing elderly care service institutions exiting the market,thereby contributing to the continuity and development of such institutions.This study provides several policy implications.Firstly,it recommends continued utilization of the driving force provided by LTCI in the elderly care service industry,ensuring full realization of the principle of"care and support for the elderly".Secondly,we should guide elderly care service resources toward expanding into rural areas,promoting the construction and development of elderly care service institutions in these regions.Thirdly,we should also consider the development of both new and existing institutions,extending the lifecycle of current institutions to ensure their longevity,and contributing to the healthy,stable,and sustainable development of the industry.This study contributes to existing literature in the following aspects.Firstly,it focuses on the impact of LTCI on the supply of elderly care services from the perspective of the annual growth of elderly care service institutions.This extends research on the implementation effects of LTCI.Secondly,with public attention as a channel,this study examines how LTCI affects the supply of elderly care services through the demand for socialized elderly care services,providing new insights for advancing the construction and development of elderly care service institutions.Thirdly,this study extends research to the role of LTCI in ensuring the continuity of elderly care service institutions.This empirical examination offers valuable evidence regarding both opportunities and challenges in the development of the elderly care service industry.
Long-term Care InsuranceElderly Care Service SupplyElderly Care Service InstitutionsStaggered DID
万方数据
