住房投资对家庭金融资产配置影响研究  

The Impact of Housing Investment on Household Allocation

作　　者：周楠 吴飞 田慧敏 ZHOU Nan;WU Fei;TIAN Huimin(Anhui University,Hefei Anhui 230000;Anhui University of Finance and Economics,Bengbu Anhui 233000;Soochow University,Suzhou Jiangsu 215000)

机构地区：[1]安徽大学经济学院,安徽合肥230000 [2]安徽财经大学,安徽蚌埠233000 [3]苏州大学,江苏苏州215000

出　　处：《浙江万里学院学报》2023年第2期16-24,32,共10页Journal of Zhejiang Wanli University

摘　　要：文章使用北京大学中国社会科学调查中心2018年“中国家庭追踪调查”的数据,选取7097个家庭样本数据,采用Probit和Tobit计量方法,并分东中西部三个子样本分别进行回归,考察了房产投资对家庭金融资产配置情况的影响。研究发现,参与住房投资和住房投资金额都对家庭金融资产中风险资产的参与可能、持有比例产生了极其显著的正向影响;随后进行影响机制分析,最后在稳健性检验中更换变量,将房产投资数量作为关键解释变量,进行回归,回归结果同样显著,证实了房产投资在家庭金融资产配置中的稳健性。研究结果表明适当发展房地产产业不仅不会抑制反而会有利于释放金融市场活力。政府应合理调控房价,发挥房产对家庭金融资产的优化配置作用。This article used the Chinese family tracking data released in 2018 by Chinese Academy of Social Sciences of Peking University research center.After screening,it selected sample data of 7097 families using Probit and Tobit two measurement methods,and pointed eastern,central and western regions three subsample respectively through regression,inspected the property investment's impact on household financial asset allocation.The results showed that the participation in housing investment and the amount of housing investment had extremely significant positive effects on the participation possibility and holding ratio of risky assets in household financial assets.Then,the influence mechanism was analyzed.Finally,the variable was changed in the robustness test,and the number of real estate investment was taken as the key explanatory variable to conduct the regression.The regression results were also significant,which confirmed the robustness of the impact of real estate investment on household financial asset allocation.The results of this paper showed that the proper development of real estate industry would not restrain but help to release the vitality of the financial market.The government should reasonably regulate the housing price and give full play to the role of real estate in optimizing the allocation of household financial assets.

关 键 词：住房投资 风险金融资产 家庭金融资产配置 

分 类 号：F832.48[经济管理—金融学] F299.23