居民资产配置中房地产资产与金融资产的互动关系

发布时间：2018-03-23 02:02

本文选题：居民资产配置　切入点：房地产资产　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：近几年来，房地产市场发展迅速，金融资产的投资加剧，在这样的背景下，家庭资产配置的问题受到人们越来越多的关注。本文主要研究在家庭资产中，房地产资产和金融资产分配的问题，通过实证研究并找出关键要素，研究其相互关系。首先，本文界定了家庭资产的研究范围，，并且对我国居民所持有的家庭资产进行分类，即分为实物资产和金融资产，其中实物资产的代表为住宅，金融资产的代表则为股票和债券。本文对我国居民资产的数据进行了分析，发现我国居民资产不断增加，其中金融资产所占的比例较少，而房地产资产所占的比例较大，其分配的组合受到居民的偏好等内生变量，和经济环境、政策等外生变量的影响。其次，从我国居民房地产资产的情况出发，先介绍了我国政策变化对居民房地产资产配置的影响，接下来分析了我国居民目前房地产资产现状。虽然我国居民对房地产资产的需求依然强烈，但是因为我国房地产政策的宏观调控，居民的资产流入房地产资产的难度加大，因而近几年会更加多的流入金融资产。接着，由资产配置模型的基础上，结合国内外学者的研究成果，找出影响我国居民股票投资比例、债券投资比例、消费、住房面积的主要因素。最后，在实证模型中，通过格兰杰检验和多元回归模型得出结论：（1）在我国，房地产资产占总资产比重较大，房地产资产影响居民总资产的变化，而居民总资产对房地产资产的影响较小。（2）在家庭资产配置中，房地产资产影响金融资产的配置，而金融资产的配置并不影响房地产资产。（3）以股票资产作为金融资产的代表，股票的投资比例与人均住房面积呈反比，与房屋销售价格呈正比。（4）居民资产配置中，消费、收入和各资产的价格，都会影响各资产的配置。
[Abstract]:In recent years, with the rapid development of real estate market and the increasing investment of financial assets, people pay more and more attention to the problem of household asset allocation. The distribution of real estate assets and financial assets, through empirical research and find out the key elements, to study the relationship between the real estate assets and financial assets. First of all, this paper defines the research scope of household assets, and classifies the household assets held by Chinese residents, that is, real assets and financial assets, in which real assets are represented by housing. The representative of financial assets is stocks and bonds. This paper analyzes the data of Chinese residents' assets, and finds that the proportion of financial assets is small, and the proportion of real estate assets is larger. The combination of distribution is affected by endogenous variables, such as preference of residents, and exogenous variables such as economic environment and policy. Secondly, starting from the situation of the real estate assets of the residents in our country, this paper first introduces the influence of the policy changes on the allocation of the real estate assets of the residents. Then it analyzes the present situation of real estate assets of Chinese residents. Although the demand for real estate assets is still strong, but because of the macro-control of real estate policies, it is more difficult for residents' assets to flow into real estate assets. As a result, financial assets will flow more and more in recent years. Then, on the basis of asset allocation model, combined with the research results of domestic and foreign scholars, we find out the main factors that affect the proportion of stock investment, bond investment, consumption and housing area. Finally, in the empirical model, through Granger test and multiple regression model, we draw a conclusion that: in China, real estate assets account for a large proportion of total assets, real estate assets affect the changes of total assets of residents. In the allocation of household assets, real estate assets affect the allocation of financial assets, while the allocation of financial assets does not affect real estate assets. The proportion of stock investment is inversely proportional to the per capita housing area, and is directly proportional to the housing sales price.) in the allocation of residential assets, consumption, income and the price of each asset will affect the allocation of each asset.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.5;F224

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