【摘要】 多层次医疗保障作为一种有效的风险分担机制，不仅具有提供经济支持的作用，更是提升人力资本水平的重要抓手。基于2017、2019年中国家庭金融调查(CHFS)数据，系统考察多层次医疗保障对家庭人力资本投资的影响及其作用机制。研究结果表明，多层次医疗保障能够显著促进家庭人力资本投资。机制检验发现，多层次医疗保障主要通过降低医疗负担和减少预防性储蓄作用于家庭人力资本投资。异质性分析显示，对高医疗负担家庭、高收入家庭及正规就业家庭而言，多层次医疗保障对人力资本投资的促进作用更为显著。研究对推动更多资金资源“投资于人”、服务于民生有重要意义。更多还原

【Abstract】 As an effective risk-sharing mechanism, multi-tiered medical security not only provides economic support but also enhances human capital investment.Based on data from the 2017 and 2019 waves of the China Household Finance Survey, this study systematically examines the impact of multi-tiered medical security on household human capital investment and its underlying mechanisms.The results show that multi-tiered medical security significantly promotes household human capital investment.Mechanism analysis indicates that this effect operates mainly through reducing medical burdens and precautionary savings. Heterogeneityanalysis reveals that the promoting effects are more pronounced among households with highmedical burdens, higher incomes, and formal employment. This study is of significance forencouraging greater financial resources to be “invested in people” and for serving the public′swell-being.更多还原