房产持有视角下家庭风险金融资产投资影响因素分析——基于CHFS数据的实证研究  

The Factors Influencing Household Risk Financial Asset Investment from the Perspective of House Holdings——Evidence From CHFS

作　　者：叶德珠[1] 魏乐乐[2] 周丽燕[2] 

机构地区：[1]暨南大学经济学院 [2]暨南大学经济学院金融系

出　　处：《产经评论》2015年第2期137-147,共11页Industrial Economic Review

摘　　要：相比发达国家,我国资本市场一直受"有限参与"的困扰。与此同时,我国房地产市场却发展迅速,居民对房产的投资是否制约了资本市场的发展?采用2011年中国居民家庭金融调查与研究中心(CHFS)的数据,侧重于从房产持有角度对家庭风险金融资产投资的影响因素进行实证分析。实证结果表明:房产持有对家庭风险金融资产投资的影响存在一个5%的临界值,即房产持有对5%以下的风险金融资产投资有促进作用,而对5%以上的风险金融资产投资的影响呈显著的负效应,这个结论即使在控制了许多传统解释变量之后依然成立。Compared with the developed countries,the“limited participation”exists in Chinese capital market. With the real estate market developing rapidly in recent years,does the residents’ investment in the real estate restrict the development of capital market？Based on 2011 CHFS survey data,we do an empirical research focusing on the house holdings perspective to study the influencing factors of risk financial asset in-vestment. We find that,in the aspect of house holdings’ influence on household risk financial asset invest-ment,risk financial asset share has a 5% critical point,and below which,there is a positive correlation be-tween them,while on the contrary,the relation turns negative. This conclusion is valid and steady even after we control most of the traditional explanatory variables.

关 键 词：房产持有 家庭金融 风险金融资产投资 非线性关系 临界值 

分 类 号：F202[经济管理—国民经济]