购房行为与家庭金融资产--来自CHFS的准实验证据  

House Buying Behavior and Household Financial Assets:A Quasi-Experimental Evidence from the CHFS

作　　者：马梓洲 龚万堃 俞铮 Ma Zizhou;Gong Wankun;Yu Zheng

机构地区：[1]北京师范大学政府管理学院 [2]美国康奈尔大学城市与区域规划系

出　　处：《宏观经济研究》2024年第7期112-127,共16页Macroeconomics

摘　　要：购房行为促使家庭资产发生重大调整,对家庭金融资产具有重要影响。本文采用PSM-DID模型对中国家庭金融调查(CHFS)2017年和2019年的微观数据进行准实验研究,结果显示,购房行为会促进家庭金融资产的增加。机制分析显示,购房行为通过带来财富效应,从而促进家庭金融资产的增加,其中风险金融资产增加,无风险金融资产减少。异质性分析显示,相较于内陆地区,购房行为对沿海地区的家庭金融资产的影响更大。购房行为对增加家庭金融资产的增加有正面作用,是因为房价粘性、主观幸福感等大大削弱了以房价风险为主的背景风险,从而抑制了挤出效应,最终由财富效应主导购房行为对家庭金融资产的影响。这意味着家庭购房行为在更好满足居民刚性和改善性住房需求的同时,对活跃资本市场也有积极影响。House buying behavior contributes to significant adjustments in household assets and has an important impact on household financial assets.In this article,we conduct a quasi-experimental study using the PSM-DID model on microdata from the China Household Finance Survey(CHFS)for 2017 and 2019,and the results show that house buying behavior promotes the increase of household financial assets.The mechanism analysis shows that house buying behavior promotes the increase of household financial assets by bringing wealth effect,in which risky financial assets increase and non-risky financial assets decrease.Heterogeneity analysis reveals that house buying behavior has a greater impact on household financial assets in coastal areas compared to inland areas.The positive effect of house buying behavior on increasing household financial assets is because the sticky house prices and subjetive well-being greatly weaken the background risk dominated by house price risk,thus suppressing the crowding-out effect,and ultimately the wealth effect dominates the impact of house buying behavior on household financial assets.This implies that household house buying behavior has a positive impact on active capital markets while better satisfying residents'rigid and improved housing needs.

关 键 词：购房行为 家庭金融资产 财富效应 挤出效应 PSM-DID模型 

分 类 号：F299.2[经济管理—国民经济] F832