受过去三年疫情的影响，我国经济增长的速度有所放缓。为了稳定和促进经济高质量地增长，当务之急就是要提振国内的有效需求，稳定和扩大消费这个基本盘。因此，中央在多份文件中都提到要提高家庭的收入，尤其是家庭的财产性收入，让家庭在资产配置时更加合理。另外，随着社会的发展，人们的健康意识越来越高，对高质量医疗服务的需求日益强烈。为了应对可能出现的高额医疗支出，许多家庭会调整其金融资产的配置策略。鉴于医疗水平对家庭金融资产配置的潜在影响，因此，深入研究这一问题具有重要的学术价值和政策含义。

采用CFPS2020年的数据为基础，并运用Probit模型和Tobit模型作为分析工具，本文估计了医疗水平对家庭金融资产配置的影响程度。首先，根据数据的特征，采用基本回归模型进行回归。然后，考虑到模型中可能存在的内生性问题，本文选用受访者所在地区医疗机构的数量作为工具变量，搭建相关模型来对这一问题进行处理。其三，用机制分析方法分析了医疗水平影响家庭资产配置的路径。其四，采用了剔除相关职业群体、截尾处理和更换解释变量的方法进行了稳健性检验。最后，针对不同地区以及城乡之间可能存在的医疗水平的差距进行了异质性分析。

本文研究发现：1、医疗水平对家庭是否进行风险性金融产品的投资及其投资的深度都会有显著的影响。提高医疗水平对家庭风险金融产品的投资有显著的促进作用，且稳健性检验和内生检验都得出了一致性的结论。2、医疗水平通过影响居民的健康状况、家庭医疗保险参与和预期信心等几条路径影响家庭金融资产配置；具体而言，提高医疗水平改善了居民健康状况、提高了家庭参与医疗保险的意愿和增强了居民对未来的预期，这三个因素均对家庭金融资产配置有显著的影响。3、由于医疗水平在城乡和不同区域之间存在差距，因此，其对风险金融资产的影响也不同；医疗水平对金融投资参与的促进作用，东部地区要大于中西部地区，城市要大于农村；医疗水平对金融产品投资占比的促进作用也是东部地区大于中西部地区，城市大于乡村。

本文的研究启示为：1、鉴于医疗水平对家庭在金融产品投资领域的促进作用，应努力提高我国的医疗服务水平，加大在医疗卫生领域的投入，以提高居民在资产配置时的合理性。2、鉴于医疗水平在不同地区和城乡之间存在不同的影响，政府应促进医疗卫生资源的均衡配置，努力缩小城乡和区域之间的卫生医疗差距。3、我国目前的医疗保障体系尚不完善，而这既影响了医疗水平对家庭金融资产配置的影响，也提高了家庭的预防性储蓄。所以需要完善我国的医疗保障体系，扩大医疗保险覆盖范围，降低家庭居民的医疗负担。4、针对我国居民在金融投资方面的不合理行为，政府应继续加强对广大居民群众的金融知识普及教育，努力提高居民资产配置的有效性。

Affected by the pandemic over the past three years, China's economic growth has slowed down. In order to stabilize and promote high-quality economic growth, the top priority is to boost domestic effective demand and stabilize and expand consumption as the foundation. The central government has mentioned in multiple documents the need to increase household income, especially property income, and to make household asset allocation more rational. Additionally, with the development of society, people's health awareness is increasing, and the demand for high-quality medical services is growing. To cope with potential high medical expenses, many households adjust their financial asset allocation strategies. Given the potential impact of medical service level on household financial asset allocation, an in-depth study of this issue is of great academic value and policy implications.

Based on the data from CFPS 2020 and using Probit and Tobit models as analytical tools, this paper estimates the impact of medical service level on household financial asset allocation. First, according to the characteristics of the data, a basic regression model is used for regression. Then, considering the potential endogeneity problem in the model, this paper selects the number of medical institutions in the respondent's region as an instrumental variable and constructs relevant models to address this issue. Third, the mechanism analysis method was employed to analyze the pathways through which medical care level influences household asset allocation. Fourth, robustness tests are conducted by excluding relevant occupational groups, truncating data, and replacing explanatory variables. Finally, heterogeneity analysis is performed on the potential differences in medical service levels between different regions and urban and rural areas.

The findings of this study are as follows: 1. Medical service level has a significant impact on whether households invest in risky financial products and the depth of their investment. Improving medical service level has a significant promoting effect on household investment in risky financial products, and both robustness tests and endogeneity tests yield consistent conclusions. 2. Medical service level impact household financial asset allocation through several pathways, including influencing residents' health status, household participation in medical insurance, and future expectations. Specifically, improving medical standards enhances residents' health, increases households' willingness to participate in medical insurance, and boosts residents' confidence in the future. These three factors significantly affect household financial asset allocation. 3. Due to the differences in medical service levels between urban and rural areas and different regions, their impact on risky financial assets also varies. The promoting effect of medical service level on financial investment participation is greater in the eastern region than in the central and western regions, and greater in cities than in rural areas. The promotion effect of medical level on the proportion of financial product investment is greater in the eastern region than in the central and western regions, and in urban areas than in rural areas.

The research implications of this paper are as follows: 1. Given the promoting effect of medical service level on household investment in financial products, efforts should be made to improve China's medical service level, increase investment in the medical and health field, and enhance the rationality of residents' asset allocation. 2. Given the different impact of medical standards in various regions and between urban and rural areas, the government should promote the balanced allocation of medical resources and strive to narrow the gap in healthcare between urban and rural areas and regions. 3. China's current medical security system is not yet perfect, which not only affects the impact of medical service level on household financial asset allocation but also increases household precautionary savings. Therefore, it is necessary to improve China's medical security system, expand the coverage of medical insurance, and reduce the medical burden on household residents. 4. In view of the irrational behavior of Chinese residents in financial investment, the government should continue to strengthen financial knowledge education for the general public and strive to improve the effectiveness of residents' asset allocation.