文档介绍：摘要过去几年全球金融市场发生了显著的变化,与此同时,家庭的财富结构也发生了巨大变化。本文基于微观的角度,理论地分析了影响家庭财富构成和资产选择行为的各种因素,并希望通过认识我国居民金融资产选择的特点,可以完善我国居民资产选择行为理论,以及为资本市场的改革做出贡献。本文采用2005年中国家庭的数据,运用基于赫克曼(1979)的样本选择修正模型,从实证的角度研究住房对家庭资产选择的影响。研究结果表明:控制其他变量的影响之后,拥有住房会增加参与股市的可能性,并且住房投资占净财富比例越高,股票投资比例越低。本文同样发现,当投资住房后,年轻和净财富较低的家庭由于受流动性约束,会降低对风险资产的投资。本研究的主要成果是:第一,本文运用国内数据将住房对家庭资产选择行为的作用纳入金融资产选择行为的分析框架,具有一定理论意义。第二,本文根据对2005年大中城市家庭资产选择行为的抽样调查问卷数据,对影响家庭股票投资行为的各种影响因素进行了系统验证,特别验证了住房对家庭投资的影响。第三, 在理论和实证研究的基础上,对我国资本市场提出了基于鼓励金融产品创新和抑制房地产价格的建议。关键词:家庭资产选择,房地产,股票投资 Abstract Inthepast years,there have bean hanges inhousehold position paper gives theoretical analysis from micro point of view tothe factorsthataffect也evolume and structure of ahousehold portfolio choice. This paper uses Chinese dataof2005 and asample selection model similar to Heckman(1 979)。toexamine theportfolio choice ofhouseholds inthe presence of paper shows thatinvestment inhousing plays a crucial rolein explaining position ofwealth and the level ofstockholdings observed in position findsthataRer controlling forwealth,e, andother possible unobserved household characteristies。homeowners alemore likely toparticipate inthestockmarket,and owning realestate reduces relativeholdings of stocksand other risky financial ismore,higher mortgage,which means large burden,is associated with decreased riskyfinancial asset alsofind that dueto investment inhousing,younger and poorer investors have limitedfinancial wealth toinvestinstocks,which reduces thebenefits ofequitymarket participation. There are threemain thetheoreticalframe ofhousehold portfolio choice incorporating realestates’,empirical studies have tested some standard economic anddemographic factors thataffect householdportfolio choice,especially ,based onthetheoretical and empiricalstudy,I suggest toencourage financialproducts innovation and inhibitreal estate prices. Key words:H