宇 孙 芷馨 王 ^*

• School of Finance, Shandong Technology and Business University, Yantai, Shandong Province, China

Affected by the traditional concept of house purchase, households prefer to expand savings to cope with the uncertainty of future income and expenditure caused by the growth of housing prices and mortgage interest expenses, which weakens the willingness of households to participate in financial risk investment. As an important housing security tool, the housing provident fund, with its characteristics of compulsory savings and preferential loan arrangements, helps to alleviate the limited participation of household risk financial market and the crowding out effect of housing assets on household risk financial assets investment. Based on the 2019 China Household Finance Survey (CHFS) data, this paper establishes Probit and Tobit models to test the impact of housing provident fund on household risk financial asset allocation. The results show that owning the housing accumulation fund not only significantly improves the possibility of households participating in the risk financial market, but also promotes the diversification of the allocation of household risk financial assets. The research results of this paper are still robust after the use of instrumental variable method to alleviate the endogenous problem. According to its impact mechanism, the housing provident fund will increase the overall household income and increase the risk appetite of household owners, thus promoting the investment of household risky financial assets. In addition, this paper also takes into account the heterogeneous effects of housing provident fund on household work type, income level, location, housing situation and other factors, and finds that housing provident fund has a more significant optimization effect on household risk financial asset allocation among households with public service background, eastern region, middle income and owning homes. This paper proves that improving the housing provident fund system is helpful to broaden the residents' property income channels, and puts forward targeted policy suggestions, which has important practical significance and reference value for optimizing the allocation of residents' risk financial assets and promoting the development of China's risk financial market.