中文摘要：

本文使用CHFS（2011）的调查数据考察了住房财富对家庭的金融市场参与决策及资产配置决策的影响作用。研究结果表明，房产财富的增加会显著提升家庭对金融市场的参与概率，也会提升家庭对风险资产的持有比例，即使在使用工具变量法及子样本回归处理了内生性问题后，以上结论依然成立。本文的研究结果从微观上表明，房产市场的发展在一定条件下不仅不会抑制、反而会促进其他金融市场的发展。．

英文摘要：

This paper investigates the impact of housing wealth over the household＇ s financial market participation and portfolio choice using CHFS data. We find that larger housing wealth will encourage household＇ s financial market participation and the ratio of risky assets of the family. This conclusion still holds even after the endogeneity has been continUed with IV methods and subsample regressions. We also find that only for the fami- hes with yearly income of no less than 100 thousand yuan, housing wealth will significantly increase the ratio of risky assets in households＇ portfolio choices. For the self - employed families, the rising of housing wealth win have no effect on the ratio of risky assets in their portfolio choices. Our results show that the development of the housing market under certain conditions will promote the development of other financial markets, and thus give empirical support of denying the ＂seesaw＂ theory.