發(fā)布時(shí)間：2018-01-15 10:01

  本文關(guān)鍵詞：住房對(duì)家庭風(fēng)險(xiǎn)金融資產(chǎn)參與的影響研究　出處：《集美大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 家庭資產(chǎn)配置 住房所有權(quán) 住房資產(chǎn) 住房貸款 股市有限參與

【摘要】：隨著全球資本市場(chǎng)日益發(fā)展,投資者參與股票市場(chǎng)的積極性在不斷提高,但在世界范圍內(nèi),家庭資產(chǎn)配置方面都存在住房資產(chǎn)比重過(guò)高、股票市場(chǎng)參與不足的現(xiàn)象,全球資本市場(chǎng)普遍存在“有限參與”的難題,而我國(guó)這一現(xiàn)象尤其明顯。這與我國(guó)近年來(lái)迅速發(fā)展的房地產(chǎn)市場(chǎng)是否有關(guān)?居民過(guò)度依賴住房投資必然會(huì)對(duì)其他資產(chǎn)的配置造成影響,例如風(fēng)險(xiǎn)金融資產(chǎn)的配置。住房作為家庭最重要的實(shí)物資產(chǎn),資產(chǎn)價(jià)值較大、兼具投資和消費(fèi)屬性,對(duì)家庭資產(chǎn)配置的影響不容忽視。隨著我國(guó)資本市場(chǎng)的發(fā)展,越來(lái)越多的家庭參與到股票市場(chǎng)投資中,但與發(fā)達(dá)國(guó)家相比,我國(guó)股票市場(chǎng)的參與程度明顯還偏低。對(duì)此,本文從住房角度來(lái)分析其對(duì)股票市場(chǎng)即風(fēng)險(xiǎn)金融市場(chǎng)參與的影響。從家庭微觀角度出發(fā),考察住房所有權(quán)、住房資產(chǎn)和住房貸款對(duì)我國(guó)居民股票參與的影響。選取2015年中國(guó)家庭金融調(diào)查的調(diào)研數(shù)據(jù),并綜合以往研究中對(duì)家庭資產(chǎn)配置產(chǎn)生影響的因素如家庭收入、年齡、風(fēng)險(xiǎn)態(tài)度、地區(qū)差異等,作為控制變量,分別建立Probit模型、Tobit模型,從住房所有權(quán)、住房資產(chǎn)、住房貸款及其他控制變量對(duì)家庭風(fēng)險(xiǎn)金融資產(chǎn)參與的影響進(jìn)行實(shí)證研究。實(shí)證結(jié)果表明:擁有住房所有權(quán)的家庭由于抵抗不確定性風(fēng)險(xiǎn)的能力較強(qiáng),因而參與資本市場(chǎng)投資的可能性及參與程度都更高。住房資產(chǎn)占家庭總資產(chǎn)的比率與風(fēng)險(xiǎn)金融市場(chǎng)參與呈負(fù)相關(guān)關(guān)系,在家庭財(cái)富總量一定的條件下,住房資產(chǎn)對(duì)風(fēng)險(xiǎn)金融市場(chǎng)的參與,即股票市場(chǎng)的投資具有一定的“擠出效應(yīng)”。在住房貸款的信貸約束下,家庭會(huì)減少風(fēng)險(xiǎn)金融市場(chǎng)的參與,從而減少風(fēng)險(xiǎn)資產(chǎn)的配置。住房負(fù)債占家庭總資產(chǎn)的比重越大即負(fù)債程度越高,風(fēng)險(xiǎn)金融資產(chǎn)就越少,家庭會(huì)為了清償債務(wù)而減少風(fēng)險(xiǎn)金融市場(chǎng)的參與。最后根據(jù)研究結(jié)論及當(dāng)前存在的問(wèn)題,從政府、金融機(jī)構(gòu)和家庭三個(gè)方面提出建議,調(diào)節(jié)我國(guó)過(guò)高的房?jī)r(jià),鼓勵(lì)金融產(chǎn)品的創(chuàng)新,從而引導(dǎo)居民理性參與股票市場(chǎng)投資,合理配置家庭資產(chǎn)。
[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.
【學(xué)位授予單位】：集美大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.23;F832

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