CAJ | 학술논문

相比发达国家，我国资本市场一直受“有限参与”的困扰。与此同时，我国房地产市场却发展迅速，居民对房产的投资是否制约了资本市场的发展？采用2011年中国居民家庭金融调查与研究中心（ CHFS）的数据，侧重于从房产持有角度对家庭风险金融资产投资的影响因素进行实证分析。实证结果表明：房产持有对家庭风险金融资产投资的影响存在一个5%的临界值，即房产持有对5%以下的风险金融资产投资有促进作用，而对5%以上的风险金融资产投资的影响呈显著的负效应，这个结论即使在控制了许多传统解释变量之后依然成立。
상비발체국가，아국자본시장일직수“유한삼여”적곤우。여차동시，아국방지산시장각발전신속，거민대방산적투자시부제약료자본시장적발전？채용2011년중국거민가정금융조사여연구중심（ CHFS）적수거，측중우종방산지유각도대가정풍험금융자산투자적영향인소진행실증분석。실증결과표명：방산지유대가정풍험금융자산투자적영향존재일개5%적림계치，즉방산지유대5%이하적풍험금융자산투자유촉진작용，이대5%이상적풍험금융자산투자적영향정현저적부효응，저개결론즉사재공제료허다전통해석변량지후의연성립。
Compared with the developed countries,the“limited participation”exists in Chinese capital market. With the real estate market developing rapidly in recent years,does the residents’ investment in the real estate restrict the development of capital market?Based on 2011 CHFS survey data,we do an empirical research focusing on the house holdings perspective to study the influencing factors of risk financial asset in-vestment. We find that,in the aspect of house holdings’ influence on household risk financial asset invest-ment,risk financial asset share has a 5% critical point,and below which,there is a positive correlation be-tween them,while on the contrary,the relation turns negative. This conclusion is valid and steady even after we control most of the traditional explanatory variables.