住房负债与家庭风险资产选择  

The Effect of Housing Debt on Household Risky Asset Choice

作　　者：杨洁[1] 尹志超[2] 刘泰星 Yang Jie;Yin Zhichao;Liu Taixing(Postdoctoral Research Station,Agricultural Development Bank of China;School of Finance,Capital University ofEconomics and Business)

机构地区：[1]中国农业发展银行博士后科研工作站 [2]首都经济贸易大学金融学院

出　　处：《国际金融研究》2022年第12期14-24,共11页Studies of International Finance

基　　金：国家社会科学基金重大项目“中国家庭经济风险测度、成因及外溢性研究”(21&ZD087)资助。

摘　　要：家庭住房负债水平的提升可能会对家庭风险资产配置行为产生影响。本文从理论和实证两个方面研究了正规住房负债与非正规住房负债对家庭风险资产选择的影响。本文利用2013—2017年中国家庭金融调查(CHFS)数据进行实证检验,研究发现:正规住房负债显著促进家庭对风险资产的选择,非正规住房负债显著抑制家庭对风险资产的选择。其中,有息借贷家庭受到的抑制作用更大。机制分析表明:财富水平是住房负债影响家庭风险资产选择的作用渠道。异质性分析显示:正规住房负债对经济发达地区家庭、多套房家庭风险资产选择的促进作用更加显著;非正规住房负债对经济欠发达地区家庭、一套房家庭风险资产选择的抑制作用更加显著。本文从住房视角为非正规金融领域研究提供了文献补充,为规范资本市场、防范债务风险、突破家庭财富约束等方面政策的制定提供参考。The increase of household debt level may have an impact on household risky asset allocation behavior.This paper theoretically discusses the influence of housing debt with different interest rates on household risky assets choice,and then makes an empirical test by using the data of China Household Finance Survey(CHFS) from 2013-2017.The study finds that the formal housing debt significantly promotes the households’ choice of risky asset,while the informal housing debt significantly inhibits the households’ choice of risky asset,with the households having interest-bearing debts more inhibited.The mechanism analysis shows that wealth level is the channel through which housing debt affects household risky asset choice.Heterogeneity analysis shows that formal housing debt plays a more significant role in promoting the risky assets choice in developed areas and among multi-suite households,while informal housing debt has a more significant inhibitory effect on the choice of risky assets in underdeveloped areas and among one-suite families.This study provides a literature supplement to the research of informal finance from the perspective of housing,and provides reference for the policy formulation of standardizing the capital market,guarding debt risks and breaking through household wealth constraints.

关 键 词：正规住房负债 非正规住房负债 风险资产选择 家庭金融 

分 类 号：F832[经济管理—金融学]