摘要
房产作为家庭资产配置的重要组成部分,其货币化趋势对家庭金融资产配置将产生重要的影响。本文利用Chetty和Szeidl(2017)的两期跨期资产决策模型和2017年CHFS调查数据研究了城乡居民房产货币化对家庭金融资产配置的影响。研究发现,房产货币化对城市和农村地区家庭金融资产配置均产生正向影响,不仅会提高家庭参与金融资产投资的比例,而且还会提升风险资产的参与率,即房产货币化的财富效应大于挤出效应,但房产货币化的财富效应会随着房产数量的增加而逐渐减小。相比农村地区而言,房产货币化对城市家庭风险金融资产配置参与率的正向影响更大,房产数量增加对城市房产货币化财富效应的影响作用也更高。
As an important part of household asset allocation,real estate's monetization trend will have an important impact on household financial asset allocation.This paper uses the two-phase inter-term asset decision model of Chetty and Szeidl(2017)and the 2017 CHFS survey data to study the impact of real estate monetization of urban and rural residents on household financial asset allocation.The study found that the housing monetization of urban and rural areas of family financial asset allocation are a positive impact,not only will improve the family to participate in the proportion of financial assets investment,but also will enhance the participation rate of risky assets,namely the wealth effect of housing monetization is greater than the crowding out,but the wealth effect of housing monetization would decrease gradually with the increase of the number.Compared with rural areas,real estate monetization has a greater positive impact on the participation rate of urban households in risky financial asset allocation,and the increase in the number of real estate also has a higher impact on the wealth effect of urban real estate monetization.
作者
张林
张雯卿
ZHANG Lin;ZHANG Wen-qing(College of Economics and Management,Southwest University)
出处
《当代金融研究》
2020年第5期32-41,共10页
Journal of Contemporary Financial Research
基金
重庆社会科学规划一般项目“数字普惠金融缓解相对贫困的长效机制研究”(2020YBJJ57)
教育部人文社会科学研究青年项目“农村产业融合发展的金融服务创新与政策协同研究”(18YJC790218)
中央高校基本科研业务费专项资金重点项目“农村产业融合发展的投融资创新与风险控制研究”(SWU2009215)。
关键词
房产货币化
金融资产配置
财富效应
挤出效应
Real Estate Monetization
Allocation of Financial Assets
Wealth Effect
Crowding out Effect
