住房公积金与家庭金融资产配置——来自中国家庭金融调查(CHFS)的证据

周华东, 李艺, 高玲玲

系统工程理论与实践 ›› 2022, Vol. 42 ›› Issue (6) : 1560-1578.

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系统工程理论与实践 ›› 2022, Vol. 42 ›› Issue (6) : 1560-1578. DOI: 10.12011/SETP2021-3004
论文

住房公积金与家庭金融资产配置——来自中国家庭金融调查(CHFS)的证据

    周华东, 李艺, 高玲玲
作者信息 +

Housing provident fund and financial assets allocation of households in China:Evidence from CHFS

    ZHOU Huadong, LI Yi, GAO Lingling
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文章历史 +

摘要

本文基于2017年中国家庭金融调查(CHFS)数据,考察住房公积金对家庭金融资产配置的影响.结果显示,住房公积金显著影响家庭持有风险金融资产的概率及比重,拥有住房公积金的家庭持有风险资产的概率和比重均显著高于未拥有住房公积金的家庭.利用工具变量、倾向得分匹配等方法缓解内生性问题后,结果依然稳健.机制检验表明,住房公积金通过两种渠道影响家庭金融资产配置:其一,融资渠道,公积金贷款为家庭提供了低成本融资,间接为居民投资风险金融资产提供了资金;其二,储蓄渠道,公积金制度降低了居民预防性储蓄水平,使居民将部分安全资产向风险资产转移,以获得更为可观的收益.本文研究表明,住房公积金制度对我国风险金融市场的发展具有一定的促进作用.

Abstract

Based on the data of China Household Finance Survey (CHFS) in 2017, this paper examines the impact of housing provident fund on the allocation of household financial assets. The results show that the housing fund significantly affects the probability and proportion of households holding risk financial assets, and the probability and proportion of households with housing fund holding risk assets are significantly higher than those without housing fund. The results are still stable after using instrumental variables, propensity score matching and other methods to alleviate endogenous problems. The mechanism test shows that the housing accumulation fund affects the allocation of household assets through two channels:The first is the financing channel, by which the accumulation fund loan provides low-cost financing for families, and indirectly provides funds for residents to invest in financial assets; the second is the savings channel, by which the accumulation fund system reduces the level of residents' precautionary savings, and transfers part of safety assets to risk assets. This study shows that the housing provident fund system has a certain role in promoting the development of China's risk financial market.

关键词

住房公积金 / 风险资产 / 融资 / 储蓄

Key words

housing provident fund / risky financial assets / financing / savings

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周华东 , 李艺 , 高玲玲. 住房公积金与家庭金融资产配置——来自中国家庭金融调查(CHFS)的证据. 系统工程理论与实践, 2022, 42(6): 1560-1578 https://doi.org/10.12011/SETP2021-3004
ZHOU Huadong , LI Yi , GAO Lingling. Housing provident fund and financial assets allocation of households in China:Evidence from CHFS. Systems Engineering - Theory & Practice, 2022, 42(6): 1560-1578 https://doi.org/10.12011/SETP2021-3004
中图分类号： F830.91   

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基金

国家自然科学基金(71833004);安徽省自然科学基金(2008085MG233);教育部人文社会科学研究基金(18YJC790 031);中央高校基本科研业务费专项资金(JS2019HGXJ0044)
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