Author(s)

Hanjuan Zhu

Business School of Nanjing Normal University, Nanjing, China.

Based on the (CHFS) data of Chinese household finance survey, this paper divides the housing wealth of residents into housing net value and housing loan. On this basis, adding the virtual variable of whether to own provident fund or not, Probit model and Tobit model are used to investigate the change of housing net value and the influence of owning housing provident fund on the participation of family stock market. The empirical results show that the increase of net housing value will significantly increase the proportion of households participating in the stock market and the shareholding rate. Families with provident fund accounts are also more willing to join the stock market than those without provident fund accounts, and their shareholdings are higher.

Home Equity, Housing Provident Fund, Stock Market Participation, Portfolio Choice

Zhu, H. (2019) The Impact of Home Equity and Housing Provident Fund on the Household’s Stock Investment. Open Journal of Social Sciences, 7, 222-240. doi: 10.4236/jss.2019.78016.