住房对家庭风险金融资产参与的影响研究

发布时间：2018-01-15 10:01

本文关键词：住房对家庭风险金融资产参与的影响研究　出处：《集美大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着全球资本市场日益发展,投资者参与股票市场的积极性在不断提高,但在世界范围内,家庭资产配置方面都存在住房资产比重过高、股票市场参与不足的现象,全球资本市场普遍存在“有限参与”的难题,而我国这一现象尤其明显。这与我国近年来迅速发展的房地产市场是否有关?居民过度依赖住房投资必然会对其他资产的配置造成影响,例如风险金融资产的配置。住房作为家庭最重要的实物资产,资产价值较大、兼具投资和消费属性,对家庭资产配置的影响不容忽视。随着我国资本市场的发展,越来越多的家庭参与到股票市场投资中,但与发达国家相比,我国股票市场的参与程度明显还偏低。对此,本文从住房角度来分析其对股票市场即风险金融市场参与的影响。从家庭微观角度出发,考察住房所有权、住房资产和住房贷款对我国居民股票参与的影响。选取2015年中国家庭金融调查的调研数据,并综合以往研究中对家庭资产配置产生影响的因素如家庭收入、年龄、风险态度、地区差异等,作为控制变量,分别建立Probit模型、Tobit模型,从住房所有权、住房资产、住房贷款及其他控制变量对家庭风险金融资产参与的影响进行实证研究。实证结果表明:拥有住房所有权的家庭由于抵抗不确定性风险的能力较强,因而参与资本市场投资的可能性及参与程度都更高。住房资产占家庭总资产的比率与风险金融市场参与呈负相关关系,在家庭财富总量一定的条件下,住房资产对风险金融市场的参与,即股票市场的投资具有一定的“挤出效应”。在住房贷款的信贷约束下,家庭会减少风险金融市场的参与,从而减少风险资产的配置。住房负债占家庭总资产的比重越大即负债程度越高,风险金融资产就越少,家庭会为了清偿债务而减少风险金融市场的参与。最后根据研究结论及当前存在的问题,从政府、金融机构和家庭三个方面提出建议,调节我国过高的房价,鼓励金融产品的创新,从而引导居民理性参与股票市场投资,合理配置家庭资产。
[Abstract]:With the development of the global capital market, the enthusiasm of investors to participate in the stock market is increasing, but in the world, there is a high proportion of housing assets in the allocation of household assets. The problem of "limited participation" exists in the global capital market, especially in China. Is this related to the rapid development of the real estate market in China in recent years? Overdependence on housing investment will inevitably affect the allocation of other assets, such as the allocation of risky financial assets. Housing as the most important real assets of households, the value of assets is large, both investment and consumption attributes. With the development of China's capital market, more and more families participate in the stock market investment, but compared with the developed countries. The degree of participation in the stock market in China is obviously low. In view of this, this paper analyzes its impact on the participation of the stock market, that is, the risk financial market, from the perspective of housing, and examines the ownership of housing from the micro perspective of households. The impact of housing assets and housing loans on the participation of Chinese residents in stock market. The Probit model is established by synthesizing the factors that affect household asset allocation such as household income, age, risk attitude, regional differences and so on. From home ownership, housing assets. The impact of housing loans and other control variables on the participation of household risk financial assets is empirically studied. The empirical results show that the households with housing ownership have strong ability to resist the uncertain risks. Therefore, the possibility and degree of participation in capital market investment are higher. The ratio of housing assets to total household assets is negatively related to risk financial market participation, under the condition of a certain amount of household wealth. The participation of housing assets in the risk financial market, that is, the investment in the stock market has a certain "crowding out effect". Under the credit constraint of the housing loan, households will reduce the participation of the risk financial market. Thus reducing the allocation of risk assets. The greater the proportion of housing liabilities to the total assets of households, that is, the higher the level of liabilities, the less risky financial assets. Households will reduce the risk of financial market participation in order to pay off debts. Finally, according to the conclusions of the study and the current problems, from the government, financial institutions and families three aspects of the recommendations to regulate the excessive housing prices in China. Encourage innovation of financial products and guide residents to participate in stock market investment rationally and allocate household assets rationally.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.23;F832

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