住房价格与居民风险偏好
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| Title | House Price and Residents’ Risk Preference
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| 作者 | 张光利 刘小元 |
| Author | Zhang Guangli and Liu Xiaoyuan |
| 作者单位 | 中央财经大学 |
| Organization | Business School, Central University of Finance and Economics |
| 作者Email | guanglizhang1987@126.com |
| 中文关键词 | 房价 风险偏好 内生性 家庭金融调查数据 |
| Key Words | House Price; Risk Preference; Endogeneity; Household Finance Survey Data |
| 内容提要 | 基于中国省级层面的数据和全国范围的微观调查数据，本文实证分析了住房价格对居民风险偏好的影响。我们发现房价水平和房价增速都显著提高居民的风险偏好。具体而言，在房价水平高、房价增速快的地区，居民的主观风险偏好态度和客观风险偏好行为显著提高。通过分析微观数据，我们进一步发现房屋价值越高，房价增速越快，居民的风险偏好越强。房屋负债、房屋产权形式、居民健康状况、房屋拥有数量对住房价格与居民风险偏好的关系具有显著调节效应。 |
| Abstract | By the provincial data and nationwide micro survey data, this paper empirically studies the impact of house price on residents’ risk preference. We find that the level and growth rate of house price both have significantly positive impact on residents’ risk preference. Specifically, in the area with higher house price, residents show a higher level of subjective risk preference attitude and objective risk preference behavior. By the analysis on micro survey data, we further find that the house value and house price growth rate are both positively correctly with residents’ risk preference. The housing debt, housing property types, health status of residents and the amount of houses owned by one resident show a significant moderating effect on the relationship between house price and residents’ risk preference. |
| 文章编号 | WP1185 |
| 登载时间 | 2017-05-02 |
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