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作者

Sanbai Sun;Chunhua Wang;Yan Zhang;Ding Li;Chu Wei

来源

CITIES,Vol.131,Issue1,Article 104035

语言

英文

关键字

作者单位

School of Applied Economics, Renmin University of China, No. 59 Zhongguancun Street, Beijing 100872, China;Antai College of Economics and Management, Shanghai Jiao Tong University, 1954 Huashan Road, Shanghai 200030, China;Survey and Research Center for China Household Finance, Southwestern University of Finance and Economics, Chengdu 6111130, China;School of Public Administration, Southwestern University of Finance and Economics, Chengdu 611130, China;School of Applied Economics, Renmin University of China, No. 59 Zhongguancun Street, Beijing 100872, China;Antai College of Economics and Management, Shanghai Jiao Tong University, 1954 Huashan Road, Shanghai 200030, China;Survey and Research Center for China Household Finance, Southwestern University of Finance and Economics, Chengdu 6111130, China;School of Public Administration, Southwestern University of Finance and Economics, Chengdu 611130, China

摘要

Standard theory predicts that homeownership has both substitution and diversification effects on a household's investments in risky financial assets. Findings from previous empirical studies are inconclusive regarding the net effect. Using data from three surveys in urban China, this study investigates whether homeownership crowds out investments in risky financial assets. The study finds that owing a home decreases a household's probability of participating in the financial market and reduces its total amount of risky financial assets and the share in total household wealth. The crowd-out effect of homeownership on household risky financial asset investment is heterogeneous. Different from existing studies, the mechanism of the crowd-out effect is liquidity constraints rather than mortgage commitment risk, and households with multiple houses also show diversified asset allocation characteristics in China.