Abstract:
From the financial restraint perspective, this paper analyzes the threshold effect of Chinese residents’ asset allocation efficiency with micro survey data.Empirical results from perspectives of liquidity constraint, owning real estate and commercial assets show that there is significant asymmetric threshold effect in Chinese residents’ asset allocation efficiency across different samples.The higher the assets held by the residents, the lower is the margin of investment return.The results also indicate that the residents with lower liquidity constraint can obtain higher asset allocation benefit.We also find that real estate plays a small role in enhancing residents’ asset allocation benefit whereas it crowds out other types of assets.Under the framework of financial restraint, substituting real estate for commercial assets can stabilize the overall economy from micro aspects, lower systematic financial risk, better income structure, and improve asset allocation efficiency.
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