摘要
家庭住房资产占比会影响家庭资产流动性和金融资产配置,进而影响房地产与金融市场波动。通过运用Heckman样本选择模型检验我国城市家庭的住房拥有与金融资产配置之间的关系,研究发现:既定家庭净财富水平,较高的住房价值降低了家庭参与风险金融市场的概率与风险资产投资比重。拥有1套房家庭的房产价值挤出效应超过拥有多套房的家庭;年轻家庭和老年家庭的房产价值挤出效应超过中年家庭;净财富较低家庭的房产价值挤出效应超过净财富较高的家庭。未来应继续保持房地产市场健康平稳发展、稳步提高家庭的可支配收入和财富积累水平、完善社会保障体系并提高社会保障水平。
The proportion of households housing assets will affect households asset liquidity and financial asset allocation,and then affect the volatility of real estate and financial market.The Heckman sample selection model is used to test the relationship between China’s urban households housing ownership and financial asset allocation.The study found that,at a given level of net wealth,the higher home value reduces the probability of participation in the risk financial market and the investment proportion of risky assets.The crowding out effect of home value of households with one home is higher than that of households with multiple homes;The crowding out effect of home value of young and old households is higher than that of middle-aged households;The crowding out effect of home value in lower net wealth households is greater than that of higher ones.In the future,we should continue to maintain the healthy and steady development of the real estate market,steadily increase the disposable income and wealth accumulation of families,and improve the social security system and the level of social security.
出处
《价格理论与实践》
北大核心
2021年第3期100-104,共5页
Price:Theory & Practice
基金
国家社会科学基金面上项目(18BJY065)
教育部人文社科研究一般项目(15YJA790011)
福建省自然科学基金面上项目(2018J01581)的资助
