Table 4.
Intermediary effect regression (risk-free assets).
| Explanatory variable | Risk-free assets | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | ||
| Impact on rats | Intermediate effect | Direct effect | Intermediate effect | Direct effect | ||
| The impact of rat on hdrfa | Fixed rat depends on hdrfa | The influence of rat on the proprfa | Fixed rat to look at the proprfa | |||
| Part 1: Medical insurance for urban and rural residents | ||||||
| hdins | 0.0217 (0.0195) | 0.0170 (0.0298) | −0.0349*** (0.0033) | |||
| Rat | −0.0106 (0.0328) | −0.0107 (0.0328) | 0.0065* (0.0035) | 0.0067* (0.0035) | ||
| Pri-hi | −0.0937** (0.0470) | 0.0616 (0.0830) | 0.0619 (0.0830) | 0.0223*** (0.0057) | 0.0222*** (0.0057) | |
| Bro-sis | 0.0131*** (0.0045) | −0.0133* (0.0074) | −0.0134* (0.0074) | 0.0003 (0.0009) | 0.0004 (0.0009) | |
| gender | −0.1260*** (0.0230) | 0.0536 (0.0354) | 0.0529 (0.0353) | −0.0087** (0.0036) | −0.0075** (0.0036) | |
| age | 0.0041*** (0.0013) | −0.0048*** (0.0017) | −0.00480*** (0.0017) | 0.0009*** (0.0002) | 0.0008*** (0.0002) | |
| Pri-jun edu | 0.0001 (0.0572) | −0.0193 (0.0753) | −0.0222 (0.0754) | −0.0802*** (0.0098) | −0.0735*** (0.0098) | |
| Hi-co edu | −0.1010 (0.0818) | −0.1340 (0.1160) | −0.1350 (0.1160) | −0.0614*** (0.0137) | −0.0579*** (0.0137) | |
| Ba edu | −0.0999 (0.1060) | −0.3710** (0.1610) | −0.3700** (0.1610) | −0.0424** (0.0175) | −0.0406** (0.0175) | |
| Y-edu | 0.0097 (0.0069) | 0.0258*** (0.0100) | 0.0261*** (0.0100) | 0.0013 (0.0011) | 0.0004 (0.0011) | |
| La | −0.0162 (0.0209) | −0.1280*** (0.0301) | −0.1300*** (0.0303) | 0.0087*** (0.0031) | 0.0126*** (0.0032) | |
| M | 0.1550*** (0.0417) | 0.1020 (0.0708) | 0.1000 (0.0708) | −0.0163* (0.0084) | −0.0158* (0.0084) | |
| D-w | 0.0781 (0.0501) | 0.0781 (0.0791) | 0.0769 (0.0791) | −0.0315*** (0.0098) | −0.0312*** (0.0097) | |
| Wco | 0.0070 (0.0307) | 0.0061 (0.0349) | 0.0049 (0.0351) | −0.0171*** (0.0040) | −0.0149*** (0.0040) | |
| Hs | 0.0314*** (0.0077) | −0.0193* (0.0117) | −0.0196* (0.0117) | −0.0083*** (0.0013) | −0.0080*** (0.0013) | |
| Me-log | 0.0015 (0.0027) | 0.0094** (0.0039) | 0.0095** (0.0039) | −0.0019*** (0.0004) | −0.0020*** (0.0004) | |
| Me | −0.0001 (0.0001) | −0.0001*** (0.0001) | −0.0001*** (0.0001) | 0.0001*** (0.0001) | 0.0001*** (0.0001) | |
| In-log | −0.0087** (0.0044) | 0.0376*** (0.0057) | 0.0378*** (0.0057) | 0.0036*** (0.0009) | 0.0027*** (0.0009) | |
| As-log | −0.0137*** (0.0031) | 0.1750*** (0.0050) | 0.1750*** (0.0050) | −0.1390*** (0.0011) | −0.1400*** (0.0011) | |
| Fn | 0.0048 (0.0052) | −0.0249*** (0.0071) | −0.0253*** (0.0072) | −0.0005 (0.0009) | 0.0007 (0.0009) | |
| Fa-ag | 0.0055*** (0.0012) | −0.0007 (0.0015) | −0.0007 (0.0015) | −0.0001 (0.0002) | −0.0001 (0.0002) | |
| Fpropm | −0.1600*** (0.0439) | −0.1400** (0.0638) | −0.1410** (0.0638) | 0.0115 (0.0074) | 0.0130* (0.0074) | |
| Fpropp | 0.0137 (0.0294) | 0.0673 (0.0420) | 0.0674 (0.0420) | −0.0168*** (0.0052) | −0.0190*** (0.0052) | |
| Fpropw | −0.0794** (0.0361) | 0.0020 (0.0479) | −0.0008 (0.0481) | −0.0110** (0.0053) | −0.0049 (0.0054) | |
| Fpropr | 0.0331 (0.0332) | 0.0733 (0.0446) | 0.0741* (0.0447) | 0.0135** (0.0053) | 0.0117** (0.0053) | |
| Fay-edu | −0.0082** (0.0042) | 0.0209*** (0.0059) | 0.0212*** (0.0059) | 0.0021*** (0.0007) | 0.0014** (0.0007) | |
| De-log | −0.0024 (0.0016) | −0.0293*** (0.0025) | −0.0293*** (0.0025) | −0.0011*** (0.0003) | −0.0011*** (0.0003) | |
| Part 2: Medical insurance for urban residents | ||||||
| hdins-urban | −0.0459 (0.0300) | −0.0189 (0.0421) | 0.0019 (0.0041) | |||
| Rat | 0.0514 (0.0442) | 0.0511 (0.0442) | −0.0072* (0.0041) | −0.0072* (0.0041) | ||
| Pri-hi | −0.0753 (0.0514) | 0.00189 (0.0907) | 0.00152 (0.0907) | 0.0260*** (0.00614) | 0.0261*** (0.00615) | |
| Bro-sis | 0.0231*** (0.0059) | −0.0125 (0.0107) | −0.0125 (0.0107) | 0.0002 (0.0010) | 0.0002 (0.0010) | |
| gender | −0.159*** (0.0266) | 0.0590 (0.0433) | 0.0582 (0.0434) | −0.0082** (0.0040) | −0.0082** (0.0040) | |
| age | 0.0043*** (0.0016) | −0.0042 (0.0026) | −0.0042 (0.0026) | 0.0013*** (0.0002) | 0.0013*** (0.0002) | |
| Pri-jun edu | 0.0271 (0.0837) | 0.0549 (0.1150) | 0.0568 (0.1150) | −0.1100*** (0.0140) | −0.1110*** (0.0141) | |
| Hi-co edu | −0.0673 (0.1120) | −0.0806 (0.1660) | −0.0792 (0.1660) | −0.0777*** (0.0181) | −0.0781*** (0.0181) | |
| Ba edu | −0.0439 (0.1410) | −0.3060 (0.2230) | −0.3060 (0.2230) | −0.0401* (0.0223) | −0.0403* (0.0223) | |
| Y-edu | 0.0071 (0.0090) | 0.0268* (0.0144) | 0.0265* (0.0143) | −0.0010 (0.0014) | −0.0009 (0.0014) | |
| La | −0.0169 (0.0240) | −0.0987*** (0.0373) | −0.0946** (0.0384) | 0.0135*** (0.0037) | 0.0132*** (0.0038) | |
| M | 0.1480*** (0.0485) | 0.0807 (0.0946) | 0.0813 (0.0946) | −0.0098 (0.0091) | −0.0098 (0.0091) | |
| D–w | 0.0428 (0.0597) | 0.0631 (0.1060) | 0.0637 (0.1060) | −0.0283*** (0.0108) | −0.0284*** (0.0108) | |
| Wco | −0.0043 (0.0380) | 0.0874* (0.0515) | 0.0876* (0.0514) | −0.0305*** (0.0050) | −0.0305*** (0.0050) | |
| Hs | 0.0408*** (0.0097) | −0.0176 (0.0167) | −0.0175 (0.0167) | −0.0043*** (0.0016) | −0.0044*** (0.0016) | |
| Me–log | 0.0019 (0.0034) | 0.0092* (0.0055) | 0.0092* (0.0055) | −0.0022*** (0.0005) | −0.0022*** (0.0005) | |
| Me | 0.0001 (0.0001) | −0.0001 (0.0001) | −0.0001 (0.0001) | 0.0001*** (0.0001) | 0.0001*** (0.0001) | |
| In-log | −0.0061 (0.0053) | 0.0272*** (0.0077) | 0.0270*** (0.0078) | 0.0028*** (0.0010) | 0.0028*** (0.0010) | |
| As-log | −0.0170*** (0.0041) | 0.1530*** (0.0071) | 0.1530*** (0.0071) | −0.1560*** (0.0014) | −0.1560*** (0.0014) | |
| Fn | 0.0183** (0.0074) | −0.0226** (0.0113) | −0.0226** (0.0113) | 0.0018 (0.0012) | 0.0018 (0.0012) | |
| Fa-ag | 0.0060*** (0.0015) | −0.0024 (0.0021) | −0.0024 (0.0021) | 0.0006*** (0.0002) | 0.0006*** (0.0002) | |
| Fpropm | −0.1420*** (0.0526) | −0.1370 (0.0847) | −0.1370 (0.0848) | 0.0219** (0.0086) | 0.0219** (0.0086) | |
| Fpropp | 0.0222 (0.0378) | 0.1150* (0.0595) | 0.1140* (0.0595) | −0.0448*** (0.0063) | −0.0447*** (0.0063) | |
| Fpropw | −0.0744 (0.0463) | 0.0015 (0.0698) | 0.0003 (0.0699) | 0.0066 (0.0063) | 0.0067 (0.0063) | |
| Fpropr | 0.0653 (0.0425) | 0.0948 (0.0633) | 0.0947 (0.0634) | 0.0094 (0.0064) | 0.0094 (0.0064) | |
| Fay-edu | −0.0088 (0.0054) | 0.0144* (0.0086) | 0.0144* (0.0086) | 0.0006 (0.0008) | 0.0006 (0.0008) | |
| De-log | −0.0024 (0.0020) | −0.0233*** (0.0036) | −0.0233*** (0.0036) | −0.0012*** (0.0003) | −0.0012*** (0.0003) | |
| Part 3: New rural cooperative medical | ||||||
| hdins-rural | 0.0506 (0.0418) | 0.1400*** (0.0522) | −0.0458*** (0.0077) | |||
| Rat | −0.0763 (0.0473) | −0.0777 (0.0473) | 0.0200*** (0.0068) | 0.0202*** (0.0068) | ||
| Pri-hi | −0.1980 (0.1280) | 0.2110 (0.172) | 0.2120 (0.1720) | 0.0361** (0.0157) | 0.0362** (0.0157) | |
| Bro-sis | −0.0048 (0.0069) | −0.0121 (0.0103) | −0.0120 (0.0103) | 0.0012 (0.0015) | 0.0012 (0.0016) | |
| Gender | −0.0027 (0.0492) | 0.0813 (0.0596) | 0.0762 (0.0595) | −0.0048 (0.0086) | −0.00344 (0.0086) | |
| age | 0.0027 (0.0019) | −0.0046** (0.0023) | −0.0046** (0.0023) | 0.0009*** (0.0003) | 0.0008*** (0.0003) | |
| Pri-jun edu | −0.0539 (0.0823) | −0.0138 (0.1030) | −0.0197 (0.1030) | −0.0690*** (0.0148) | −0.0668*** (0.0148) | |
| Hi-co edu | −0.1300 (0.1280) | −0.0845 (0.1680) | −0.0839 (0.1680) | −0.0804*** (0.0227) | −0.0810*** (0.0227) | |
| Ba edu | −0.3960 (0.2920) | −0.1110 (0.4080) | −0.0668 (0.4040) | −0.0924* (0.0480) | −0.1100** (0.0481) | |
| Y-edu | 0.0113 (0.0110) | 0.0176 (0.0139) | 0.0182 (0.0139) | 0.0055*** (0.0019) | 0.0053*** (0.0019) | |
| La | −0.0670 (0.0517) | −0.2000*** (0.0708) | −0.2090*** (0.0697) | 0.0248*** (0.0093) | 0.0280*** (0.0093) | |
| M | 0.0507 (0.0939) | 0.1190 (0.1080) | 0.1030 (0.1080) | −0.0360* (0.0200) | −0.0317 (0.0200) | |
| D-w | 0.0667 (0.104) | 0.0716 (0.119) | 0.0571 (0.119) | −0.0401* (0.0218) | −0.0359* (0.0218) | |
| Wco | 0.0607 (0.0529) | −0.0671 (0.0494) | −0.0717 (0.0495) | −0.0034 (0.0073) | −0.0013 (0.0073) | |
| Hs | 0.0196 (0.0126) | −0.0140 (0.0163) | −0.0153 (0.0163) | −0.0119*** (0.0023) | −0.0116*** (0.0023) | |
| Me-log | −0.0005 (0.0044) | 0.0108* (0.0057) | 0.0107* (0.0057) | −0.0021** (0.0009) | −0.0021** (0.0007) | |
| Me | −0.0002** (0.0001) | −0.0001** (0.0001) | −0.0001** (0.0001) | 0.0001** (0.0001) | 0.0001** (0.0001) | |
| In-log | −0.0214*** (0.0081) | 0.0509*** (0.0089) | 0.0506*** (0.0089) | 0.0032** (0.0016) | 0.0032** (0.0016) | |
| As-log | −0.0121** (0.0049) | 0.1980*** (0.0073) | 0.1980*** (0.0073) | −0.1170*** (0.0022) | −0.1170*** (0.0022) | |
| Fn | −0.0091 (0.0072) | −0.0180* (0.0096) | −0.0185* (0.0096) | −0.0019 (0.0014) | −0.0017 (0.0014) | |
| Fa-ag | 0.0032* (0.0018) | 0.0022 (0.0020) | 0.0023 (0.0020) | −0.0005 (0.0003) | −0.0005 (0.0003) | |
| Fpropm | −0.2410*** (0.0831) | −0.1220 (0.0970) | −0.1180 (0.0969) | −0.0035 (0.0141) | −0.0038 (0.0141) | |
| Fpropp | 0.0267 (0.0493) | 0.0308 (0.0603) | 0.0243 (0.0603) | 0.0097 (0.0096) | 0.0111 (0.0095) | |
| Fpropw | −0.0057 (0.0615) | 0.1000 (0.0705) | 0.0912 (0.0705) | 0.0026 (0.0108) | 0.0054 (0.0108) | |
| Fpropr | −0.0021 (0.0548) | 0.0553 (0.0632) | 0.0578 (0.0632) | −0.0003 (0.0094) | −0.0014 (0.0094) | |
| Fay-edu | −0.0078 (0.0070) | 0.0209** (0.0085) | 0.0211** (0.0085) | 0.0003 (0.0012) | 0.0002 (0.0012) | |
| De-log | −0.00174 (0.0028) | −0.0348*** (0.0036) | −0.0348*** (0.0036) | −0.000454 (0.0005) | −0.000525 (0.0005) | |
Standard errors in parentheses. *p < 0.1, **p < 0.05, ***p < 0.01.