China Residential Property And Financial Assets Choice Research

In the past decades, great changes have taken place in China financial market. Stocks, funds, bonds and the Internet financial products develop very rapidly.There are more choices in the asset market. At the same time, asset structure of residents also attracted the attention of many scholars. It is worth mentioning that, China's real estate market's development causes portfolio selection and asset structure more residential complex.According to this, this paper focus on the residents' asset selection, mainly studies the following aspects:1.Conclude the residents' asset selection literature induction, including the theory of consumption and savings, the theory of portfolio selection and the behavioral finance theory.2.Use national statistical data, analyse the trend of residents' assets structure and real estate assets, and through the Grainger causality causality test verification of residential property and financial assets.3.According to the data of China's 31 large and medium-sized city residents holding state questionnaire, establish residents' portfolio selection model, through Tobit and Logit regression analysis, we can find that real estate assets of the residents in China have "crowding out effect" to securities.The main results of this study are:first, through empirical testing, confirm the causal relationship between real estate assests and resident selection, develop the theory of residents' asset selection. Second, using survey data from 31 large and medium-sized city and analyze on the factors influencing residents' asset selection, we confirmed that holding more real estate will decrease residents' holdings of securities. Third, in the basis of theoretical and empirical research, give advice of the long-term development of the financial market and the real estate market.