Research On The Impact Of Housing On Household Risk Financial Assets Selection

Family is the main unit of all human social life,and also an indispensable main unit of China's economic society.Increasing the efficiency of family wealth allocation and raising the happiness level of family life are the goals that our government and all walks of life are tirelessly pursuing.As China's economic growth slows,the achievement of this goal faces new challenges.In recent years,households in China have invested in financial products and have been more active in participating in risk financial markets with households as the unit.The specific performance is as follows:residents' investment enthusiasm is not reduced,and investment categories are more diversified.But what we should see is that the overall level of household risk financial investment in China is relatively low,and there are relatively large differences in investment levels among different groups.At the same time,in recent years,the investment and consumption fever in China's real estate market has not diminished.There is a certain degree of "rigidity" in housing prices that has continued to rise to a certain extent,attracting more residents to invest,and serious "oversupply" in some large cities.The real estate market has a series of risk factors such as low liquidity and indivisibility.Therefore,residents' enthusiasm for overheated real estate investment is not a rational decision,but also contradicts the phenomenon of investment markets in developed countries.We should pay more attention to the fact that most families do not have the ability to buy a house in full.Whether it is just needed or invested,they need to borrow a considerable amount of housing loans,which greatly increases the burden on families and the leverage of residents.Make families more vulnerable when they are at risk.So,how does household housing asset investment affect Chinese residents 'risk financial asset investment,and how do different types and levels of housing asset investment affect venture financial investment?In view of this,this thesis first screens and analyzes the 2017 China Family Finance Survey(CHFS 2017)database,and uses descriptive statistical methods to obtain home venture financial investment,the real estate,and the characteristics of housing loans,and then sorts out the family risk financial asset investment.The main influencing factors of decision-making were further explored using Probit and Tobit regression analysis methods to explore the impact of family housing ownership and housing loan status on household risk financial asset investment.Then,based on the tendency score matching(PSM)method under the "counterfactual" framework,Logit regression analysis is used to analyze the different impacts of "rigid demand" housing assets and "investment" housing assets on the depth of household risk financial investment,and then study the different nature of influence of real estate on China's household risk financial investment.We further propose policy recommendations to optimize the allocation of household financial assets in China.The main conclusions are as followsFirst,whether the family owns the house,the proportion of the family 's housing assets,and whether the family owns the housing loan,family's own housing loan ratio,the participation in the stock market and the family risk financial assets Proportion has an impact.Among them,residents who own houses reduce their families' willingness and potential to participate in the stock market investment.At the same time,the ratio of household housing assets to total household assets.the ratio of household mortgage loans to total household assets,and the ratio of household risk financial assets have a negative correlation,that is,total household income and other key control variables.In this case,the proportion of housing assets has "crowding-out effect" on the proportion of high-risk investments in financial assetsSecond,this thesis further uses the construction of the "counterfactual" framework and the propensity score matching method(PSM)to study the homeless,rigidly-demanded,and investment-type families by calculating the average treatment effect(ATT)between groups.Differences in the participation of home and household financial markets.The research results show that the proportion of housing investment has a "crowding effect" on venture financial asset investment in general,but the negative impact of buying a first home on family risk financial investment is greater than the negative impact of buying a second home or above.