| After decades of continuous efforts and reforms,the Chinese economy has achieved a stable and rapid development.The continuous accumulation of national income and wealth has also-increased the intrinsic needs of households for financial assets and non-financial assets.Among the total assets of households,the largest proportion is in real estate,which constitutes the largest and most important part of the total household assets.At the end of the last century,due to housing reforms,China's real estate market experienced an unprecedented development,and house prices have continued to climb until the current high prices continue.Whether it is for micro-residential families or the entire macro-economy of the country,the importance of real estate is undoubted.Therefore,when households conduct asset allocation,the impact of real estate can not be underestimated.At the same time,with the continuous improvement of the financial market,the stock market has also developed rapidly.The rise and fall of the stock market affect the economy of a country.It is a barometer of the economy of a country.As of December 2017,the number of listed companies in China reached 3,442,of which 3,346 were A shares and 96 were B shares.More and more resident families have entered the stock market one after another,and their shareholdings have also been increasing.However,the degree of participation in household stock investment is still at a relatively low level,and factors that restrict households from investing in the stock market still exist.The real estate market and the stock market as the two most important markets for China's economic development have a direct impact on China's people's livelihood and the nation's overall economy.Whether or not these two macro-markets can develop in a stable and balanced manner depends on the rationality of the allocation of micro-subjects to households' household assets.Only under the premise of reasonable allocation of assets by households,these two markets have the conditions for stable and balanced development.However,with the unprecedented development of the real estate market and the relatively weak stock market,micro-resident households have a reasonable allocation of household assets.How does the household real estate situation affect the participation in stock investment?Correctly analyzing the relationship between the two has very important theoretical and practical significance both for the micro-resident families and for the macro-architecture.This paper uses Chinese household survey data(CHFS)to break through the limitations of traditional macro data,using Probit and Tobit models,and from a microscopic perspective from real estate ownership(whether it has its own housing)or real estate investment(real estate value/(Total Assets)Analyze and measure the impact of household real estate conditions on the degree of participation in the stock investment if residents' households participate in stock investment(whether they have stock accounts)or participate in the depth of stock investment(stock value/total financial assets).Research shows that the housing status of residents can significantly affect their participation in stock investment.Among them,ownership of real estate significantly increases the participation of households in stock investment;the proportion of real estate investment significantly reduces the participation of households in stock investment.That is to say,households with their own houses have higher probability and depth of participation in stock investment than households without own housing;the higher the proportion of real estate investment,the lower the probability and depth of households' participation in stock investment. |
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