Research On The Impact Of Housing On Family Risk Financial Asset Participation

With the continuous development of global capital markets,the enthusiasm of investors to participate in the stock market is increasing,but in the world,the family assets allocation aspects of the existence of housing assets is too high,the lack of participation in the phenomenon of the stock market,the global capital market ubiquitous " Limited participation " problem,and this phenomenon is particularly evident in China.Is this related to China's rapid development in recent years,the real estate market? Excessive reliance on housing investment in households is bound to have an impact on the allocation of other assets,such as the allocation of risky financial assets.As the most important physical assets of the family,the value of assets is large,with investment and consumption of two attributes,The impact of housing on family asset allocation can not be ignored.With the development of China's capital market,more and more families are involved in the stock market investment,but compared with the developed countries,China's stock market participation is still low.In this regard,this article from the perspective of housing to analyze its impact on the stock market that is the risk of financial market participation.To study the impact of housing ownership,housing assets and housing loans on the participation of family stocks in China from the perspective of family microcosm.This paper chooses the research data of China's household financial survey in 2015,and combines the factors influencing household asset allocation in previous studies such as household income,age,risk attitude and regional differences,etc.,as a control variables.By establishing the Probit model and the Tobit model,empirical research the impact of housing ownership,housing assets,housing loans and other control variables on the participation of family risk financial assets.The empirical results show that households with ownership of housing are more likely to participate in capital market investment and participation because of their ability to resist uncertainty risks.Housing assets accounted for the total assets of the family are negatively related with the risks involved in financial markets,namely the household wealth given conditions,a total of housing assets to risk the participation of financial markets,stock market investment that has significant "crowding out".Under the credit constraints of home loans,households reduce the participation of risky financial markets,thereby reducing the proportion of risky assets.Finally,according to the research conclusions and the existing problems,from thegovernment,financial institutions and family three aspects put forward the proposal,to regulate the overpriced housing prices in our country,encourage the innovation of financial products,and rationally participate in the stock market investment so as to guide the residents to properly allocate their household assets.