Study On The Influence Of Housing Loan On Household Risky Financial Assets Selection

Data released by the People’s Bank of China showed that by the end of 2022,outstanding housing loans for domestic residents reached 74.94 trillion yuan,up 5.4percent from the same period last year and 383 million yuan for the whole year.It can be seen that the housing loan repayment pressure of Chinese family residents is huge and increasing year by year.The life cycle theory proposes that the financial asset allocation of family members is largely determined by their lifetime wealth,while the repayment term of family housing loans in China accounts for 20% or more of the life cycle.Therefore,during the time of housing loan repayment,Chinese families will have to subtract the housing repayment on the basis of household disposable income,and then invest in risky financial assets.On the one hand,the repayment pressure of housing loans may force residents to reduce their investment in risky financial assets,while on the other hand,residents may also stimulate the investment in risky financial assets in order to repay the loans as soon as possible.Therefore,it is very necessary to study the impact of housing loans on the choice of household risky financial assets.Based on the CHFS data in 2019,this paper first analyzes the structure of total household assets and the structure of risky financial assets.Then,a descriptive statistical analysis was performed on the family characteristics of the whole sample,including gender,age,risk preference,number of elderly population in the family,and number of minor children in the family.To family hold housing loans and family housing loan total / 1000000 for explanatory variables,family characteristics as the control variables,whether the family involved in risk financial market,and risky financial assets of total assets proportion Probit and Tobit model regression,analysis of housing loan for family residents involved in the breadth and depth of risk financial market.Then,the heterogeneity was analyzed based on income and regional differences,and finally,the control variable of family population size was introduced to test the robustness of the whole sample.The empirical analysis shows that:(1)the families with housing loans will be more willing to participate in the risky financial market,and the total amount of housing loans involves the breadth of family risk assets;(2)the families with housing loans will reduce the depth of the participation in the risky financial market with the increase of the total amount of housing loans.This paper also draws four conclusions according to the heterogeneity of the sample:(1)both urban and rural households are more willing to participate in the risky financial market if they hold housing loans.The impact of total housing loans on the breadth of household participation in risky financial markets is the same as that mentioned above.(2)The housing loans held by urban and rural households will reduce the depth of participation in the risk financial market.However,the greater the total amount of urban housing loans,the lower the depth of participation in the risk financial market.There was no significant effect on the rural families.(3)Families in the eastern,central and western regions are more willing to participate in the risk financial market.The impact of the same total housing loans on the breadth of household risky financial market participation is identical to above.(4)If households in eastern,central and western China have housing loans,the lower the depth of participation in the risky financial market.The more the total amount of housing loans in the Midwest,the lower the depth of participation in the risky financial market.Finally,based on the empirical results,based on the government.