房产挤出了家庭配置的风险金融资产吗？--基于微观调查数据的实证分析  

Do Real Estate Assets Crowd out Household's Risky Assets Allocation?——An Empirical Analysis Based on Micro-survey Data

作　　者：吴卫星[1] 沈涛[2,3] 蒋涛 

机构地区：[1]对外经济贸易大学 [2]对外经济贸易大学金融学院 [3]中国华融资产管理股份有限公司

出　　处：《科学决策》2014年第11期52-69,共18页Scientific Decision Making

基　　金：国家自然科学基金(项目编号:71373043,71331006);国家社会科学基金(项目编号:14AZD121);北京奥尔多中心(www.aordo.org)《中国居民风险与风险管理》研究项目

摘　　要：家庭金融理论一般认为拥有房产会对风险资产的持有产生挤出效应和资产配置效应。以往的研究发现以挤出效应为主,即拥有房产会挤出以股票为代表的风险金融资产的投资。论文使用国家统计局2009年"中国城镇居民经济状况与心态调查"数据,用logit回归等计量方法研究了房产的拥有对股票参与的影响。研究发现家庭购买首套住房会挤出风险资产的持有,但随着持有房产数量的上升,家庭反而会提高以股票为代表的风险资产持有。房产对风险金融资产并非一定以挤出效应为主,随着房产拥有数量的提高,资产配置效应可能会占主导地位。研究还发现,房产贷款有可能会为年轻人投资金融市场提供融资,大产权房产的拥有也可能提高家庭风险资产参与的可能。In household finance theory, the main impacts of real estate on risky assets are crowd- out effect and asset-allocation effect. The former one, which means real estate assets will crowd out investments in risky financial assets represented by stocks,plays an important role in the im- pacts. Using the data coming from ＂China＇s urban residents＇ economic status and attitude investi- gation＂ of National Bureau of Statistics in 2009, this paper finds that buying the first housing will crowd out the holding of risky assets. However, with the number of housing increasing, house- holds will enhance the holding of risky assets represented by stocks; the crowd-out effect is not necessarily the major impact, and the asset-allocation effect may become the dominant one. In addition,young people＇s mortgage loans will supply themselves funds to invest in financial mar- kets,holding housing with legal property rights may also improve the possibility that households increase their participation of risky assets.

关 键 词：房产 挤出效应 资产配置 

分 类 号：F832[经济管理—金融学]