Research On The Impact Of Housing On Household Risky Asset Selection

Based on the data of the 2015 China HOousehold Finance Survey,this paper explores the impact of housing on household financial risk participation from the perspective of micro families,which is of great significance for the distribution of household wealth.From the perspective of housing,on the one hand,it is easier to recognize that due to the high housing price and other factors,the proportion of housing in family assets is too high,which leads to a series of problems such as the misallocation of family assets,which can optimize the allocation structure of family assets and maximize the utility of family wealth.On the other hand,by exploring the influence mechanism of housing and risk assets selection,the paper tries to actively explore the policy enlightenment of the benign development of China’ s real estate market and the rational inflow of real estate funds into the capital risk market,so as to reduce the negative impact caused by the excessive growth of housing prices and ensure the stable development of the risk capital market.Under the background of improving capital market in China,this article is different from the past research literature,which focused on the stock market,will expand the investment objects from a single stock of capital market diversification risk assets,by comparing an analysis of the causes of the differences between Chinese and foreign risk assets choice,focuses on the family housing to analyze that the impact of family financial risk investment when families hold real houses and home loans.And it integrates previous research in the impact on family asset allocation of the factors such as family income,age,occupation,gender,number of children,social insurance,risk attitude as control variables,establishes logit model,tobit model respectively,from the perspective of housing ownership,housing assets,housing loans to establish empirical research on the influence of family risk assets choice.The empirical results show that:from the perspective of risk market participation rate,housing ownership,to some extent,enhances the family’s ability to resist risks,so it will promote the family to participate in the risk market investment.In addition,the significance of housing ownership on the family’s participation in the fund market investment is greater than that of the stock market investment.From the perspective of risk market participation,housing has a complex impact on the participation of stock and fund markets.As a whole,the housing to stocks,funds,there is significant negative correlation between proportion of holding,but cons:idering the nonlinear relationship in risk investment and housing,after segmentation processing,it was found that as the increase of family risk assets proportion,the ratio of residents of housing or the proportion of housing loans increased positively participating in investment in first,after when the risk of buying assets reach a certain degree,due to family there is significant negative correlation between the constraints of the overall"wealth.In addition,the correlation of negative significance is too strong at this time,so the proportion of overall risk assets presents negative significance.Housing not only affects the family participation in the venture market investment,but also affects the depth of participation in the venture capital.Therefore,the research conclusions of this paper have some implications for the government,financial institutions and the family,so as to help find and formulate relevant measures that are targeted.it can promote the rational allocation of assets by families and the development of capital market.