| 其他摘要 | As an important part of modern financial system, insurance plays an important role in risk management in market economy. Compared with the developed countries, our insurance industry started late, and there is still a great rise in insurance depth and density. Commercial insurance purchase behavior is an important individual economic behavior, closely related to individual risk tolerance, risk preference and other factors. However, there is a lot of controversy in existing research on the relationship between risk preference and commercial insurance purchase behavior. Through literature review, we found that a possible reason for conflicting relationship between risk preference and commercial insurance purchase behavior is that the measurement methods of risk preference are different. Some studies use individual risk preference measured by self-report or behavioral experiment, which find that risk preference positively predicts commercial insurance purchase behavior; the other studies estimate individual risk preference based on theoretical modeling, which find that risk preference negatively predicts commercial insurance purchase intentions. In this study, we distinguished between purchase intentions and purchase behavior of commercial insurance, and explored how risk preference, purchase demand affect purchase behavior of commercial insurance. The subjective and objective measures of risk preference were also adopted, and explored how total family income moderating effects.
This study consists of two empirical studies. Study 1 we use the published data of China Household Finance Survey (CHFS2017) (N--127012). The logistic regression analysis is conducted with risk preference as the independent variable, gender, age, education level and total family income as the control variables, and purchase behavior of commercial insurance as the dependent variable. The results of study 1 indicated that risk preference positively predicted purchase behavior of commercial insurance and risk-seeking individuals were more likely to buy commercial insurance.
Study 2 further explored how risk preference affects purchase behavior of commercial insurance based on questionnaire survey (N--373). Risk preference was taken as the independent variable, purchase intentions and purchase demand as the intermediary variable, uncertainty tolerance, gender, age, education level, family disposable annual income as the control variable, purchase behavior of commercial insurance and annual premium as the dependent variable. The results of study 2 indicated that risk preference positively predicted purchase behavior of commercial insurance and had no significant prediction of annual premium. Purchase demand plays an intermediary role between risk preference and commercial insurance purchase behavior. Risk preference individuals exhibited higher level of purchase demand, who are more likely to buy commercial life insurance. Purchase intentions has no significant mediating effect between risk preference and commercial insurance purchase behavior. Purchase intentions and purchase demand has no significant mediating effect between risk preference and annual premium. In addition, study 2 found that household disposable annual income moderating effects between risk preference and commercial insurance purchase behavior. For low-income individuals, risk preference can significantly predict commercial insurance purchase behavior, but has no significant effect on high-income individuals.
The results of study 2 and study 1 were basically the same, that is, risk preference can positively predict commercial insurance purchase behavior, and purchase demand played an intermediary role between risk preference and commercial insurance purchase behavior. The main contribution of this study is to enrich the methodology for how risk preference affect purchase behavior of commercial insurance and provide another empirical case in the field of behavioral insurance. |
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