住房价格水平变化对中国家庭金融资产配置影响研究

The Influence of the Change of Housing Price on Chinese Households' Allocation of Financial Assets

住房市场和家庭金融近年来成为学术界关注越来越多的领域。从理论层面分析,住房价格水平变化对家庭金融资产配置的影响机理主要包括财富效应、资产多样化配置效应、住房价格风险效应、住房流动性风险效应和住房贷款效应。在实证层面,从家庭是否参与金融市场和参与金融市场程度两个方面分析住房价格水平变化对中国家庭总体,以及对没有住房、拥有一套住房和拥有两套以上住房家庭金融资产配置的影响,研究结果显示:住房价格水平的上涨对我国家庭总体和拥有一套住房家庭配置风险性金融资产具有正向影响,配置无风险金融资产具有负向影响;对没有住房的家庭配置无风险金融资产具有正向影响;对拥有两套及以上住房家庭配置风险性金融资产具有正向影响。以上研究在住房价格水平不断变化的情形下,对优化我国家庭资产配置,提高人民生活质量以及防范系统性金融风险具有重要的理论和现实意义。

The housing market and household finance have attracted more and more academic attention in recent years. It is important to investigate the influence of housing price on Chinese households’ financial asset allocation.Theoretically, the influence of housing price change on household financial asset allocation mainly includes wealth effect, asset diversification allocation effect, housing price risk effect, housing liquidity risk effect and housing loan effect.At the empirical level, this research analyzes the influence of housing price change on Chinese households(all households, households with no housing,households with one house and households with two and more houses) financial asset allocation from two aspects: whether or not they participate in financial markets and their degree of participation. First, the rise in housing price will lead to more allocation of risky financial assets and less allocation of risk-free financial assets for overall households and households with one house. Second, the rise in housing price will lead to more allocation of risk-free financial assets for households with no house. Third,the rise in housing price will lead to more allocation of risky financial assets for households with two and more houses.This research has theoretical and practical significance in optimizing the allocation of household assets, improving people’s quality of life and preventing systemic financial risks in the current situation of constantly changing housing price.