住房财富效应、信贷约束与城镇家庭股市参与——基于CHFS数据的实证研究

Housing Wealth Effect,Credit Constraints and Urban Household Stock Market Participation:Evidences from CHFS Data

本文基于中国家庭金融调查(CHFS)2011—2017年数据,检验了住房价值对中国城镇家庭股市参与的财富效应,特别研究了信贷约束的调节作用。研究发现:家庭住房现值能够促进城镇家庭股市参与,财富效应明显。但住房财富效应主要存在于没有信贷约束的城镇家庭中,尤其是当家庭存在供给型信贷约束时,财富效应消失。利用工具变量和PSM等进行稳健分析,结果依然成立。进一步研究发现,信贷约束主要通过影响家庭风险偏好和流动性约束来抑制住房财富效应。此外,住房财富效应在家庭住房资产占比低和互联网金融参与度高时更明显,但这一增强效应仍主要存在于没有信贷约束的家庭中。

Based on data from the 2011,2013,2015,and 2017 waves of the China Household Finance Survey(CHFS),this paper examines the effect of housing wealth on urban household stock market participation,and specifically investigates the moderating effects of credit constraints.Empirical results show that self-owned housing values significantly promote household stock market participation,which implies that the housing wealth effect is substantial.The wealth effect mainly exists for households without credit constraints,while disappears for those with supply constraints of credit.These re-sults still hold when using the instrument and the propensity score matching method as robustness analyses.Further analyses show that risk preference and liquidity constraint are two channels through which credit constraints weaken the housing wealth effect.In addition,the housing wealth effect is more pronounced for households with lower(higher)levels of housing asset to total asset ratio(participation in internet finance),which mainly exists among households without credit constraints.