基于2011—2015年中国健康与养老追踪调查（CHARLS）数据，利用基于条件混合过程的Probit和Tobit工具变量模型分析农地转出对农村家庭资产配置的影响。研究发现：农地转出对农村家庭金融资产和风险资产的持有可能性和持有比重有正面影响，对房产和生产性资产的持有可能性和持有比重有负面影响，这在家庭净资产高、户主教育年限高和经济相对发达地区的农村家庭更为明显；农地转出具有一定的财富效应，转出农地的家庭通过非农就业实现了家庭收入的提高和财富的积累。

Based on the data of China Health and Retirement Longitudinal Study (CHARLS) from 2011 to 2015, the influence of farmland transfer on the asset allocation of rural families has been analyzed through using the Probit and Tobit instrumental variable model based on conditional mixing process (CMP). The study shows that farmland transfer has a positive impact on the holding probability and proportion of financial assets and risk assets of rural families and a negative impact on the holding probability and proportion of real estate and productive assets, which is more evident in rural families with high net worth, with the householders having more education and in relatively developed regions. The farmland transfer has a certain wealth effect, and the families having transferred farmlands have increased the family income and accumulated wealth through non-agricultural employment.

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