住房资产对中国家庭风险金融资产配置的影响研究

随着时代的发展,住房资产与金融资产的联系越来越紧密,逐渐向住房资产金融产品化发展,成为一种新型金融产品,呈现出货币化和金融化的趋势。本文使用probit模型、普通最小二乘法(OLS)、中介效应以及调节效应,采用2015年中国家庭金融问卷调查微观数据(CHFS)对住房资产价值细化,从住房增值、住房贷款和住房总值三个方面对居民家庭风险金融市场进入和风险金融资产配置的影响进行研究。研究发现:(1)住房总值和住房增值对居民家庭是否参与金融市场呈现显著的负向影响,住房贷款对其具有正向影响。(2)住房贷款对居民家庭风险金融资产投资有负向影响,住房增值和住房总值对其有正向影响。(3)幸福感在居民家庭是否参与金融市场和住房增值中存在部分中介效应,安全感在居民家庭风险金融投资和住房贷款之间存在部分中介效应,未来预期在居民家庭是否参与金融市场与居民家庭是否拥有住房贷款中存在调节效应。最后,根据实证结果提出完善金融市场和优化居民金融资产结构的政策建议。

Study on the Impact of Housing Assets on Household Risk Financial Asset Allocation in China

With the development of the times,the relationship between housing assets and financial assets is more and more closely,and gradually to the housing assets financial product development,become a new type of financial products,showing a monetization and financial trend.This paper uses the probit model,the ordinary least squares(OLS),the mediating effect and the moderating effect,uses the micro data of the 2015 China Household Finance Survey(CHFS)to refine the value of housing assets,and studies the impact of household risk financial market entry and risk financial asset allocation from three aspects of housing value added,housing loans and total housing value.The conclusions are as follows:(1)The total housing value and housing value added have a significant negative impact on the participation of households in financial markets,and there is a crowding-out effect.(2)Housing loans have a negative impact on household investment in risky financial assets,housing appreciation and total housing value have a positive impact on household risk financial assets investment.(3)Happiness has a partial mediating effect on whether households participate in financial markets and housing appreciation.There is a partial mediating effect of security in household risk financial investment and housing loan.The future is expected to have a moderating effect on whether households participate in financial markets and whether households have housing loans.Finally,according to the empirical results,policy recommendations are put forward to improve the financial market and optimize the financial asset structure of residents.