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arXiv 2001.01641econ.GNq-fin.EC
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住房投资、股票市场参与与家庭资产组合选择--来自中国城市的经验证据

Housing Investment, Stock Market Participation and Household Portfolio choice: Evidence from China's Urban Areas

Huirong Liu

摘要:

本文利用CHFS(2013)的调查数据,考察了住房投资对家庭股票市场参与和投资组合选择的影响。研究结果表明,较大的住房投资会促进居民参与股票市场,但会降低居民的持股比例。即使在风险态度分类、Heckman模型检验和子样本回归控制了内隐问题的情况下,上述结论仍然成立。研究表明,由于居民金融知识的缺乏和股票市场预期收益率的低,住房市场的增长不会导致股票市场的发展。

英文摘要:

This paper employs the survey data of CHFS (2013) to investigate the impact of housing investment on household stock market participation and portfolio choice. The results show that larger housing investment encourages the household participation in the stock market, but reduces the proportion of their stockholding. The above conclusion remains true even when the endogeneity problem is controlled with risk attitude classification, Heckman model test and subsample regression. This study shows that the growth in the housing market will not lead to stock market development because of lack of household financial literacy and the low expected yield on stock market.

机构、总结、中文摘要均由AI分析而来,可能存在错误,请以论文正文为准。

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