股票市場波動對國民身體健康的衝擊

The Impact of Stock Market Volatility on Physical Health

財務領域中大部分的論文都著眼於投資人的心理因素如何影響股票價格，本研究反過來探討股票市場波動對醫療支出的影響。研究結果顯示，股票報酬率增加時醫療支出會減少，當成交量大時，醫療支出減少的幅度會更大|若當月之內的股票日報酬率呈現遞減趨勢時，股票月報酬率增加將導致該月份對醫療需求增加的幅度大過原本減少的幅度。股票波動度與醫療支出也呈現反向的關係，若當月之內的股票日報酬率呈現遞減趨勢時，會更進一步強化波動度與醫療支出之間的反向關係。此外，股票報酬率和波動度對醫療支出都具有領先與延遲的效果，而二月份和六月份的醫療支出則會顯著減少。
Numerous papers in the finance literature have investigated how the psychological factors of investors influence stock prices. This research hence discusses the impact of stock market volatility on medical expenditures, showing that these expenditures decrease as stock returns increase, and decrease much more when the trading volume is larger. If the daily stock return in the current month exhibits a decreasing trend, then an increase in the monthly stock return results in a rise in monthly medical expenditures greater than the original reduction. The relationship between stock volatility and medical expenditures is also negative, and if the daily stock return in the current month has a decreasing trend, then it strengthens the inverse relationship between stock volatility and medical expenditures. Furthermore, stock return and volatility have leading and lagging effects on medical expenditures, and medical expenditures in February and June are significantly lower than those in other months.