住房按揭贷款如何影响家庭金融资产配置①——基于家庭财务报表视角的实证研究

摘要利用按揭贷款购房已经成为中国居民家庭最为重要的消费金融行为之一。笔者结合家庭财务报表进行分析表明,住房按揭贷款通过“挤出效应”减少了家庭金融资产总量,同时降低了银行存款在金融资产总值中的比重,进而影响了家庭金融资产配置;利用倾向得分匹配法(PSM)的实证研究表明,有房贷家庭金融资产总量与银行存款比重均显著低于无房贷家庭,与理论分析结论相吻合。综合分析,现阶段家庭贷款购房过程中,家庭金融资产配置状况受到住房按揭贷款的影响较大。

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关键词：住房按揭贷款家庭金融资产资产配置

Abstract： House mortgage loans have become one of the most important financial consumption behaviors of China household. Combined with household financial statements, the analysis shows that home mortgage loans reduce the proportion of bank deposits in the financial assets. It also decreases the total amount of household financial assets though “push-out effect” at the same time, and also has significant impact on household financial assets allocation. By use of method of propensity scores matching (PSM), the empirical research demonstrates that the total amount of financial assets and proportions of bank deposits in households with home mortgage loans are significantly lower than that in households without home mortgage loans, which is coincide with the theoretical research. Overall, in the process of house purchasing with home mortgage loans during the current period, the condition of household financial assets allocation is heavily affected by home mortgage loans.

Keywords： Key words:Home Mortgage Loans Household Financial Assets Allocation

收稿日期 2015-01-15; 接受日期 2015-01-15;

基金资助:安徽财经大学学科特区(B类)资助项目(002);国家社会科学基金重大项目(13＆ZD018);安徽省哲学社会科学规划项目(AHSK11-12D07);安徽省高校人文社科重点项目(SK2014A157)

作者简介: 周弘(1982-),男,河北张家口人,经济学博士,安徽财经大学金融学院讲师,主要从事消费金融研究。

引用本文:

周弘.住房按揭贷款如何影响家庭金融资产配置①——基于家庭财务报表视角的实证研究[J]. 经济经纬, 2015,1: 150-155

ZHOU Hong.How Do Home Mortgage Loans Affect Household Financial Assets Allocation ——An Empirical Research Based on Household Statement[J] Economic Survey, 2015,V32(1): 150-155

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2015/V32/I1/150