住房对家庭金融资产配置的影响

The Effect of Housing on the Household Financial Assets Allocation

通过建立一个包含住房的家庭跨期资产决策模型并进行参数赋值,从理论层面分析了住房资产对家庭金融资产配置的影响,且在此基础上使用西南财经大学中国家庭金融调查(CHFS)2013年全国调查数据进行了实证检验,研究表明住房资产对家庭金融市场参与和风险金融资产配置存在挤出效应,而当家庭财富水平或分布区域不同时,挤出效应存在明显的异质性。本文的研究结论从微观上说明了完善家庭资产结构、分散家庭投资风险的必要性,从宏观上解释了住房市场过度繁荣对金融市场的资源挤占问题。据此,本文提出合理配置住房资产、缓解中低收入家庭住房压力、合理引导发达地区房地产市场发展,实现房价平稳回归等政策建议。

Through developing a stylized two period model of portfolio choice in the presence of housing and assigning parameters,the paper analyses the effect of housing assets on the financial assets allocation from the theoretical level.On this basis,an empirical test is carried out by using the data of 2013 China Household Finance Survey(CHFS)of Southwest University of Finance and Economics.The study shows that housing assets have a crowding-out effect on household financial market participation and risky financial assets allocation,and there is obvious heterogeneity in crowding-out effect when the level of household wealth or distribution area is different.The study illustrates the necessity of perfecting the structure of household assets and dispersing the risk of household investment from the microcosmic point of view.From the macroscopic point of view,the paper also explains the problem of resource crowding in the financial market caused by the excessive prosperity of the housing market.Based on this,the paper puts forward some policy suggestions such as rationalizing housing assets allocation,relieving the housing pressure of middle and low-income households,and promoting housing price stability in developed areas.