A Study On The Crowding Out Effect Of Real Estate On Financial Assets In The Allocation Of Resident Assets

In recent years,the real estate market has developed rapidly,and the financial assets have intensified investment.In this market situation,the problem of household assets allocation has attracted more and more attention.This paper mainly discusses the distribution of real estate assets and financial assets in the allocation of residential assets,through empirical study of the relationship between the two,and find out the key elements.First of all,this paper classifications the household assets held by our residents,and divides the household assets into physical assets and financial assets,which defines the object of the study and the scope of the study.In real assets,property is selected as the research object,and stock and fund are selected as research objects in financial assets.This article first introduces the basic situation of all kinds of household assets in our country,and finds that the proportion of the real estate in the total assets is higher while the proportion of the financial assets is relatively low,but from the point of view of the total assets,the total assets of the households in our country have been in the state of rising.The distribution of the two combinations is not only influenced by the external variables such as the national policy and economic environment,but also by the endogenous variables such as the personal preferences of the residents.Secondly,on the basis of the related research results of domestic and foreign experts and scholars on family finance,this paper summarizes the current research status of domestic and foreign scholars on family property and financial assets.And collect the relevant theoretical basis,from the consumption savings theory to the modern portfolio theory and then to the behavioral finance theory,explaining the evolution process from the traditional financial theory to the behavioral finance theory.Then,the data of real estate and financial assets are statistically analyzed.The total household property,the per capita property and the average selling price are in the rising trend,and the total amount of all kinds of financial assets is rising but out of fluctuation,and the household savings deposits,stock tickets,bonds,funds,insurance and so on account for the finance.The proportion of assets is also rising.Although our family is still in the stage of rigid demand for property assets,but in recent years our country has continuously strengthened the macro-control of the real estate policy,making the residents' assets inflow to the property assets more difficult,thus the residents' assets will be more inflow to the financial assets in recent years.Finally,through the method of empirical study,this paper draws the following conclusions:(1)from the perspective of the total amount of assets,in our country,the overall property assets occupy a large proportion in the total family assets,so the changes in the household property assets will affect the change of the total assets of the residents;and the changes in the total assets of the residents are changed.At the time,it will not affect the property assets.(2)the change of property assets will have a great impact on the allocation of financial assets when the household assets are configured.On the other hand,the change in the amount of financial assets has little influence on family property assets.(3)in all kinds of financial assets,the stock assets are selected as the research representative.The conclusion is that the proportion of the stock assets is inversely proportional to the per capita housing area,and is directly proportional to the house price.The reverse effect of per capita housing area on stock investment is far greater than the positive effect of unit house price on stock investment,which indicates that there is an extrude effect of residential property on financial assets.Based on the results of this paper,there are 3 consecutive crowding out effects on real estate investment in financial assets.(4)in the process of family assets allocation,the consumption level of the residents and the per capita disposable income will affect the choice of the household to the different assets,thus affecting the family's allocation of property and financial assets.