中文摘要：

本文从宏观角度构建了中国居民部门在房地产、A股、银行存款以及现金资产结构变化的月度数据，并基于AIDS模型，实证检验了我国居民财富水平以及资产收益率对于居民资产配置比例的影响。此外，我们还进一步考察了各类资产需求的财富弹性以及收益率弹性。结果表明，股票资产对于居民来说属于奢侈品，而房地产、银行存款及现金则属于正常品；房地产需求的收益率弹性最高，并且房地产需求的股票收益率交叉弹性高于股票需求的收益率弹性，但是股票需求的房地产收益率交叉弹性低于房地产需求的收益率弹性。这一方面解释了长期以来房地产在我国居民资产结构中占比较高，而股票资产占比较低的原因；另一方面也有助于为引导居民合理优化资产结构，提升经济活动的投融资效率的政策建议提供理论支持。

英文摘要：

From a macro point of view, the monthly frequency data was constructed this paper referring to the variations of the Chinese household sector portfolio, including real estate, stock, deposit and notes. Based on the AIDS, an empirical study of the effects of wealth and asset return rates on the portfolio choice was conducted. Moreover, the elasticity of wealth and that of return rates of assets demand were examined. The result shows that stock is a kind of luxury goods while real estate, deposit and notes are normal goods. The elasticity of return rate from real estate is the highest. The cross elasticity of stock return rate for real estate demand is higher than that for stock demand, hut the cross elasticity of real estate for stock demand is lower than that for real estate demand. This explains why the weight of real estate is high and that of stock is low in the household portfolio in the long run, which favors the government when making policies on how to induce the household sector to optimize its portfolio to improve the finance efficiency for economy activities.