Research on the Influence of Housing Wealth on Commercial Personal Insurance Participation—Analysis of Two Mechanisms Based on Liquidity Constraints and Financial Market Participation
To explore the degree of influence of owning a house on commercial personal insurance participa-tion,the fixed effect model and mediating effect model were used.The China Household Finance Survey in 2013,2015,and 2017 were combined to empirically test the impact and mechanism of housing wealth on household commercial personal insurance participation.The results show that housing wealth reduces the probability of households participating in commercial personal insurance.The mechanism analysis shows that housing wealth reduces the likelihood of households participating in commercial personal insurance by increasing the liquidity constraint of homes,reducing their participation in the financial market.The ex-pansion analysis shows that housing wealth reduces the depth of households participating in commercial personal insurance,and the crowding-out effect can affect different types of commercial personal insur-ance.Heterogeneity analysis shows that the crowding-out effect of housing wealth on commercial personal insurance is significant in non-agricultural household registration,low-income,and middle-aged groups.
housing wealthcommercial personal insuranceliquidity constraintfinancial market participation
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