20101 中国金融国际年会投稿论文.pdfVIP

2010 中国金融国际年会投稿论文 住房投资与家庭金融资产选择：基于中国居民家庭调查的实证分析1 摘要： 本文采用中国家庭调查数据, 运用赫克曼样本选择修正模型，从实证的角度研究产 权性住房对家庭资产选择的影响。研究结果表明: 控制其他变量的影响之后, 拥有住房会增 加参与股市的可能性，并且住房投资占净财富比例越高, 股票投资比例越低。本文同样发现， 当投资住房后，年轻和净财富较低的家庭由于流动性约束，会降低风险资产的投资。最后本 文将风险资产投资比例概念由狭义的股票转变为广义的风险资产, 得到的结论都和前面的 研究一致。 关键词：家庭资产选择 住房 股票投资 JEL 分类号： G11 D91 D14 Household Portfolio Choice in the Presence of Real Estate: Evidence from the Survey of Chinese Household Portfolio Abstract：This paper uses a unique data of Chinese household and a sample selection model similar to Heckman (1979), to examine the portfolio choice of households in the presence of real estate. This paper shows that investment in housing plays a crucial role in explaining the composition of wealth and the level of stockholdings observed in portfolio composition data. This study finds that after controlling for wealth, income, and other possible unobserved household characteristics, homeowners are more likely to participate in the stock market, and owning real estate reduces relative holdings of stocks and other risky financial assets. W also find that due to investment in housing, younger and poorer investors have limited financial wealth to invest in stocks, which reduces the benefits of equity market participation. Keywords：Household Portfolio Choice, Real Estate, Stock Allocation JEL Classification： G11 D91 D14 1作者信息：吴卫星，教授，博士生导师，对外经济贸易大学金融学院副院长，应用金融研究中心重点研究 基地主任。联系方式：北京朝阳区惠新东街 10 号对外经济贸易大学金融学院， 100029 ， email: wxwu@ ，主要研究领域：资产定价、金融计量、金融数学。电话 钱锦晔，对外经济贸易大学金融学院，100029， email: jinyeq@ , 主要研究领域：资产定价、金融 计量。 1 一、引言 近年来，随着我国经济发展和金融市场的逐渐开放，我国收入分配主体不断变化, 居民 家庭金融资产的种类不断增加, 居民的资产选择行为变得越来越复杂。从20世