住房、负债与家庭股市参与——基于CHFS的实证研究

房产是家庭总资产的重要组成部分,近些年中国家庭在房产上的过度追逐必然影响到家庭的股票投资行为。不同于以往的研究思路,文章运用中国家庭金融调查数据,不仅研究了住房对家庭股市和风险资本市场参与的影响,验证了已有学者得出的住房对家庭参与金融市场的挤出效应;又进一步研究了不同类型的住房负债对该挤出效应的影响程度。首先,文章研究发现,住房对家庭参与股市和风险资本市场有显著的挤出效应,住房不仅降低了家庭进入股票和风险资本市场的概率,也降低了家庭参与股票和风险资本市场的深度。其次,文章研究发现,房屋负债抑制了住房对家庭股市参与的挤出效应,但房屋正规贷款和房屋民间借款对股市参与的影响相反,房屋正规贷款能够促进家庭参与股市,降低住房对股市参与的抑制作用;但房屋民间借款的存在增加了住房对家庭股市参与的挤出效应。文章认为,严控住房市场,抑制家庭多套房的投资行为,使多余的资金合理的流向金融市场,深化金融市场,才能促进金融市场健康有序的发展。

The Impact of Housing and Housing Liabilities on Stock Market Participation

Real estate is an important part of the household's total assets. Excessive pursuit of Chinese families in real estate in recent years will inevitably affect the household's stock investment behavior. Different from previous research ideas, this paper uses the data from China's household financial survey to study not only the impact of housing on household stock market and venture capital market participation, but also verified the crowded-out effect of housing on household participation in financial markets. Further study of the impact of different types of housing debt on the crowding effect. First, the study found that housing has a significant crowding-out effect on household participation in the stock market and venture capital market. Housing not only reduces the probability of households entering the stock market and venture capital market, but also reduces the depth of household participation in the stock and venture capital markets. Second, the study finds that housing debt inhibits the crowding out effect of housing on the household's stock market, but the effect of formal housing loans and private housing loans on stock market participation is the opposite. Regular housing loans can promote family participation in the stock market and reduce housing participation in the stock market. Inhibition; but the existence of private housing loans increases the squeeze effect of housing on the family's stock market. This article believes that the strict control of the housing market, the suppression of family multi-suite investment behavior, the flow of surplus funds to the financial market, deepening the financial market, can promote the healthy and orderly development of the financial market.