住房预期收益与家庭风险金融资产配置

Expected Return on Housing and Allocation of Household Risk Financial Assets

本文基于CHFS数据构建面板数据模型实证检验住房预期收益对风险金融资产配置的影响,并建立两期模型考察其影响机制。研究发现:较高的住房预期收益提高家庭的房产比重,进而对风险资产配置产生挤出效果。较高的房产比重和风险偏好会放大高住房预期收益对风险资产配置的挤出效果,而较高的金融可得性则缓解这种挤出效应。住房预期收益对无房家庭、一套房家庭和无房贷家庭风险资产参与的挤出效应超过有房家庭、多套房家庭和有房贷家庭。

This paper constructs a panel data model based on CHFS data to empirically test the impact of expected return on housing on the allocation of risky financial assets,and establishes a two-stage model to examine its impact mechanism.It is found that higher expected returns on housing increase the proportion of households'real estate,which in turn has a crowding out effect on the allocation of risk assets.A higher proportion of real estate and risk preference will amplify this crowding out effect,while a higher level of the financial availability will alleviate this effect.Compared to households with houses,households with multiple houses and households with mortgage,the expected housing return has a more significant crowding out effect on the risky assets participation of households without houses,households with one house and households without mortgage.