论文标题
住房投资，股票市场参与和家庭投资组合选择：来自中国城市地区的证据
Housing Investment, Stock Market Participation and Household Portfolio choice: Evidence from China's Urban Areas
论文作者
论文摘要
本文采用CHFS（2013）的调查数据来调查住房投资对家庭股票市场参与和投资组合选择的影响。结果表明，较大的住房投资鼓励家庭参与股票市场，但减少了股票的比例。即使内生性问题通过风险态度分类，Heckman模型测试和子样本回归控制，上面的结论仍然是正确的。这项研究表明，由于缺乏家庭金融素养和股票市场的预期收益率低，房屋市场的增长不会导致股票市场发展。
This paper employs the survey data of CHFS (2013) to investigate the impact of housing investment on household stock market participation and portfolio choice. The results show that larger housing investment encourages the household participation in the stock market, but reduces the proportion of their stockholding. The above conclusion remains true even when the endogeneity problem is controlled with risk attitude classification, Heckman model test and subsample regression. This study shows that the growth in the housing market will not lead to stock market development because of lack of household financial literacy and the low expected yield on stock market.
