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中文摘要：
在均值-方差投资组合选择研究框架下引入住房因素，分析了在不同住房总资产比（h）水平下，中国居民投资组合有效边界以及金融资产的最优配置比例。研究表明，住房的引入改变了中国居民投资组合风险和收益的均衡关系，h值越大，家庭资产的整体风险和收益水平越高；年轻居民的h值较高且资产的流动性约束较强，为降低风险会减少股票的持有，随着年龄的增长h值逐渐下降，居民将提高股票持有比重以荻取更高的收益，年老居民的h值较低，资产组合趋于保守，股票占金融资产的比例下降。
英文摘要：
This paper uses a mean-variance portfolio selection framework to examine the Chinese household＇s optimal asset allocation in the presence of housing. We analyze the efficient frontiers and optimal portfolio weights of different constraints on housing to net wealth ratio. Our analysis indicates that housing varies the balance of risk and benefit of portfolio. Household improves the risk and benefit of his asset with the increase of the value of h. Owing to the high value of h and strong liquidity constraints, young resident reduces stock to financial asset ratio. In order to achieve more benefits, the resident increases stock to financial asset ratio with the decrease of h. Old resident selects a con- servative asset portfolio, and reduces his stock to financial asset ratio because of low value of h.
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