家庭持有住房、金融负债和金融市场参与——基于CFPS(2018)的实证检验

Family Owned Housing,Financial Liabilities and Financial Market Participation--Empirical Test Based on CFPS(2018)

房产具有投资和必需品的双重属性,家庭无论是出于投资需要还是出于生活需要而配置房产,都会占用家庭大量资产与负债,这无疑会对金融市场参与产生挤出效应。基于2018年中国家庭追踪调查(CFPS)的相关数据,本文利用工具变量法,实证检验了家庭持有住房对金融市场参与的影响。实证结果表明,家庭持有住房显著降低家庭金融市场参与,异质性检验显示该效应在非农业户口家庭以及购房成本较低的居民家庭中更为显著。同时,中介效应检验表明,家庭持有住房会通过减少家庭的金融负债降低金融市场参与。因此,政府应更加关注居民住房问题,缓解居民住房贷款压力,从而促进金融市场繁荣,增强经济活力。

Real estate has the dual attributes of investment and necessities.Whether the family allocates real estate for investment or living needs,it will occupy a large number of assets and liabilities,which will undoubtedly crowd out the financial market participation.Based on the relevant data of China family tracking survey(CFPS)in 2018,this paper uses the instrumental variable method to empirically test the impact of family owned housing on financial market participation.The empirical results show that family holding housing significantly reduces family financial market participation,and the heterogeneity test shows that the effect is more significant in non-agricultural households and households with low purchase cost.At the same time,the mediating effect test shows that family holding housing will reduce financial market participation by reducing family financial liabilities.Therefore,the government should pay more attention to the housing problem of residents and ease the pressure of housing loans,so as to achieve the prosperity of financial market and enhance economic vitality.