住房金融化能否影响风险金融投资?——来自中国家庭的微观证据

Can Housing Financialization Affect the Household Risky Financial Investment?Micro Evidences Derived from China

笔者利用中国家庭金融调查(CHFS)2019年调查数据构建家庭住房金融化指数,考察了住房金融化对风险金融投资的影响。研究发现,住房金融化程度加深会降低家庭持有风险金融资产的意愿和比重,挤出作用显著,该影响在考虑可能存在的内生性及进行一系列稳健性检验后依然成立。机制检验结果显示,住房金融化通过改变家庭流动性预算影响风险金融投资,金融化程度加深,家庭流动性预算收紧,风险金融投资减少。异质性分析结果表明,这一挤出效应在仅拥有一套住房家庭、三线及以下城市家庭和对房地产市场持有乐观预期的家庭中表现更为明显。此外,风险偏好对投资的正向促进作用会随着住房金融化程度的加深而削弱。要坚持“房住不炒”定位,推动住房回归居住属性;灵活运用政策“工具箱”,因城施策、分类调控;持续健全资本市场功能,提升风险金融投资吸引力。

Based on the data of CHFS 2019,this paper constructs the housing financialization index and investigates the influence of housing financialization on the household risky financial investment.The result demonstrates that deepening of housing financialization has negative effects on the probability and proportion of household investment in risky financial assets.In terms of mechanism,housing financialization reduces household risky financial investment by strengthening the liquidity constrains.According to the heterogeneity analysis,this impact is more pronounced for households with barely one house,households in the third-tier and above cities and households with optimistic expectations for the housing market.In addition,housing financialization weakens the role of risk preference in promoting risky financial investment.Therefore,improving household participation in risky financial investment requires adhere to the principle that houses are for living in,but not for speculation,implement city-specific and categorical policies to regulate the real estate market,and enhance the investment attraction of capital market.