中国居民住房与金融资产选择研究

发布时间：2018-03-26 03:35

本文选题：资产选择　切入点：财富效应　出处：《南京大学》2014年硕士论文

【摘要】：在过去的三十几年中,中国的金融市场发生了巨大的变化,股票、基金、债券以及新出现的互联网金融产品等迅速发展。市场上可供选择的资产产品日渐丰富,居民的资产结构也引起许多学者的关注。值得一提的是,自1998年我国逐渐开始暂停福利分房之后,住宅市场化引起的住房市场的火爆使得居民的资产选择和资产结构越加复杂化。因此,研究居民资产选择的影响因素及其资产间的相互关系有非常重要的意义。本文对与居民资产选择有关的文献进行梳理归纳,从消费-储蓄理论、资产选择理论和行为金融理论等方面分析对居民的资产选择有影响的因素。并且利用国民统计数据,通过格兰杰因果检验和协整检验验证居民房产与金融资产间的相互关系。其次根据对全国31个大中城市居民的房产及资产持有状况调查问卷数据,从调研数据层面上分析居民的资产结构和资产选择心理,建立居民资产选择模型,以分析影响居民资产选择的主要因素。通过运用Eviews对相关数据进行格兰杰因果检验、协整检验Tobit和Logit回归分析,本文得出：一、确认了房产与居民金融资产间的格兰杰因果关系,验证了居民住房资产与股票资产之间的财富效应。二、本文利用31个大中城市的调查问卷数据,得到了居民资产选择的影响因素,证实了房产的持有状况对居民的有价证券市场参与行为存在“挤出效应”。
[Abstract]:In the past 30 years or so, China's financial market has undergone tremendous changes, with the rapid development of stocks, funds, bonds and emerging Internet financial products. The property structure of the residents has also attracted the attention of many scholars. It is worth mentioning that since 1998, when China gradually began to suspend welfare housing, The hot housing market caused by the housing market makes the choice of assets and the structure of assets more and more complicated. It is of great significance to study the influencing factors of residents' asset selection and the relationship between them. The theory of asset selection and the theory of behavioral finance are used to analyze the factors that influence the choice of assets of residents. Through Granger causality test and cointegration test to verify the relationship between residential property and financial assets. From the aspect of investigation data, this paper analyzes residents' asset structure and asset selection psychology, establishes the model of residents' asset selection, and analyzes the main factors that affect the residents' asset selection. The Granger causality test of the relevant data is carried out by using Eviews. Cointegration test Tobit and Logit regression analysis, this paper obtained: first, confirmed the Granger causality between real estate and residential financial assets, verified the wealth effect between residential housing assets and stock assets. Based on the questionnaire data of 31 large and medium-sized cities, this paper obtains the influencing factors of residents' asset selection, and proves that the property holding status has "crowding out effect" on the participation behavior of residents in the securities market.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F832

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