住房财富变动与家庭资产选择——来自微观家庭调查数据的分析

Housing Wealth Change and Household Portfolio Choice:Analysis on Household Survey Data

我国城市房价的快速增长对社会经济产生了重要影响。家庭住房财富变化如何影响家庭的金融资产选择,事关我国金融市场的稳定繁荣。本文利用中国家庭金融调查(CHFS)微观数据探讨住房财富变动对家庭金融资产选择的影响。研究结果发现,住房财富上涨显著提高了家庭对股票市场的参与及风险性金融资产的持有比例。以地区房价结构性突变作为住房财富变动的工具变量缓解内生性问题后,实证结论依然稳健。住房财富效应对男性、中青年人以及低于本科学历的人群影响更加明显。

The fast housing price increase in urban China has affected many aspects of social economy.To what extent household housing wealth change affects household portfolio choice has important implications for the stability and prosperity of financial market in China.Based on 2013-2015 China Household Finance Survey(CHFS),this paper discusses the influence of housing wealth change on household portfolio choice.We find that increase in housing wealth significantly lifted the stock participation and the holding rate of risky financial assets.Empirical results remain robust after resolving endogenous problem with adopting structural break in regional housing price as instrumental variable of housing wealth change.The housing wealth effect is stronger for male,middle and young aged,and households with education less than university degree.