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日本の家計のポートフォリオ選択：居住用不動産が株式保有に及ぼす影響

Author

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  • 祝迫, 得夫
  • 小野, 有人
  • 齋藤, 周
  • 徳田, 秀信

Abstract

本稿の目的は，2000年代における日本の家計のポートフォリオ選択について，とくに居住用不動産と株式保有との関係に着目して記述的に分析することである．利用したデータは，ミクロレベルの逐次クロスセクションデータ（日経RADAR）である．主なファインディングは以下の通りである．第一に，家計が保有する居住用不動産額，住宅ローンをもつ世帯の割合が，ともに2000年代を通じて減少する一方，株式を保有している世帯の割合は2000年代半ばに上昇し，その後高止まりしている．第二に，居住用不動産の総資産に対する比率が高い家計は，株式を保有する確率が低く，こうした関係性は住宅ローンのある世帯において強い．これは，不動産保有に伴い生じる流動性制約が，家計の株式保有を抑制するとの仮説と整合的である．第三に，分析サンプルを株式保有世帯だけに限定した場合，居住用不動産／総資産比率は，株式の金融資産全体に占めるシェアと正の相関関係がある．これは，不動産と株式の投資リターンの相関が小さいためリスク分散効果が働き，両者は補完的関係にあるとの仮説と整合的である．

Suggested Citation

  • 祝迫, 得夫 & 小野, 有人 & 齋藤, 周 & 徳田, 秀信, 2014. "日本の家計のポートフォリオ選択：居住用不動産が株式保有に及ぼす影響," HIT-REFINED Working Paper Series 17, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:remfce:17
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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