Research Article
Economic Effects of Financial Investment for Traditional Chinese Medicine using Data Analysis
@INPROCEEDINGS{10.4108/eai.24-5-2024.2350193, author={Yixuan Wen and Pengcheng Wen}, title={Economic Effects of Financial Investment for Traditional Chinese Medicine using Data Analysis }, proceedings={Proceedings of the 3rd International Conference on Mathematical Statistics and Economic Analysis, MSEA 2024, May 24--26, 2024, Jinan, China}, publisher={EAI}, proceedings_a={MSEA}, year={2024}, month={10}, keywords={tcm finance investment aging population medical insurance expenditure}, doi={10.4108/eai.24-5-2024.2350193} }- Yixuan Wen
Pengcheng Wen
Year: 2024
Economic Effects of Financial Investment for Traditional Chinese Medicine using Data Analysis
MSEA
EAI
DOI: 10.4108/eai.24-5-2024.2350193
Abstract
Traditional Chinese Medicine (TCM) has gone through thousands of years of inheritance and development, but it lacks the data-based analysis for policy formulation. This article quantitatively analyzes the economic effects of financial investment for TCM from the perspective of medical insurance expenditure. Currently there is no similar research. Based on data from 2001 to 2021, lots of regression models are used to analyze the relationship between TCM investment and medical insurance expenditure, while robustness tests are also conducted using lasso, Ridge, the parallel hypothesis, and the placebo test. Results show that the relationship is negative. This not only quantitatively characterizes the economic effects of TCM investment, but also proves the therapeutic effect, as which can reduce the medical expenditure. It is recommended that the financial investment should be increased for TCM, aiming to leverage the advantages of TCM and reduce the medical insurance expenditure.