过去十余年，中国在经历了快速城市化和房价快速上涨的同时，也经历了金融市场快速发展和金融消费日益增加。对于中国居民家庭而言，房市和股市已经成为最主要的资产配置选择。本课题从理论和实证两个维度系统性地研究快速城市化时期住房对我国城市居民风险资产配置的作用。理论上，我们试图构建适合我国住房市场的两期生命周期模型，分离住房对居民风险金融资产配置的替代性和互补性。实证上，我们拟使用中国家庭金融数据和项目组调研的住房金融调查数据并采用工具变量法对这一理论预测进行了检验。我们的研究有利于学界正确理解城市居民家庭资产配置的决策逻辑和动态特征，特别是明晰住房在其中所起的作用有着重要意义，也为政府未来实施更为合理的住房市场改革和资本市场改革政策提供有益参考。

Over the past decade, China has experienced rapid urbanization and high growth rate in housing prices, and also experienced rapid development of financial market and increasing consumption of finance. For Chinese households, the housing market and the stock market have become the most important asset allocation options. This project aims to systematically study the effect of housing on the Portfolio Choices of urban residents in the period of rapid urbanization from two dimensions of theory and empirical. Theoretically, we try to construct a life cycle model of China's housing market, and identify substitution and complementary between the housing and Portfolio Choices .We then empirically test the theoretical prediction by using China household finance survey and housing finance data collected by ourselves and IV-approach methodology.Our study can help people understanding the logic and dynamic characteristics of Portfolio Choice, especially the role of housingt, the research also help the government in the implementation of a more reasonable housing market reform and capital market reform.