Research On The Impact Of Housing On Household Risk Financial Asset Allocation

In our country,housing is a necessity.Because housing has both consumption and investment properties,its priority in household asset allocation is very high.At the same time,due to the high value of housing assets,it accounts for a higher proportion of household assets and has a greater impact on the allocation of household assets.On the other hand,the rapid development of China's capital market has attracted more families to participate in the risk financial market through stock investment and other means.However,the degree of family participation in China's stock market is still far lower than that in developed countries.Therefore,this paper takes the family as the basic unit and shares as an example to study the impact of housing investment on the allocation of household risky financial assets.Combining with the previous literature,this paper analyzes the transmission mechanism of the impact of housing on the allocation of household risky financial assets in China from the perspective of housing assets and housing loans.Based on the data of Chinese household financial survey in 2015 and 2017,Probit and Tobit models were established for empirical research.The empirical results show that: first,households with housing assets are more likely to participate in capital market investment.Second,under the condition that the total assets of households are certain,housing assets indeed have "crowding out effect" on the participation of risk financial market.Third,under the constraints of credit,the larger the proportion of housing loans that need to be repaid in the total assets of the family is,the less the family's liquidible assets will be.In order to reduce the risk of default and ensure debt repayment,the family will reduce the allocation of risky financial assets.At the same time,this paper puts forward some Suggestions according to the specific situation: the government should take measures to adjust the excessively high housing price,financial institutions should increase the intensity of product innovation,the two jointly create a good investment market environment for residents,so as to guide residents to reasonably allocate the proportion of household asset investment.