房产既可以用作自住消费也可作为金融资产。作为消费品,房产的所有权和使用权可以相分离;作为资产,房产具有高风险、低流动的性质,且其收益率与其他资产呈负相关关系,还可以用作抵押物进行贷款融资。由于房产所具有的种种特性,加入资产组合后,它可以深刻改变家庭资产组合的结构,以及其生命周期表现形式。 Real estate can be used as both self-consumption and also as a financial asset. As a consumer product, real estate ownership and use rights can be separated; as an asset, real estate has high risk and low liquidity, and its return rate is negatively related to other assets. It can also be used as a collateral for loan financing. Because of the features of a property, when it is added to a portfolio, it can profoundly change the structure of the family’s portfolio and its life cycle representation.