摘要
本文以2000～2006年的季度数据为样本,对中国股市财富效应进行理论和实证分析。研究表明:中国股市存在微弱财富效应。股市财富效应对总消费的影响较小,一是因为股票市场的深度和广度有限,二是因为政府行政干预过多、股票市场法制建设滞后等。因此,为扩大股市财富效应对消费的作用,要采取措施提高股票市值的深度和广度,改善股市发展的基础。
The article is based on quarterly data in the 2000-2006 period and makes theoretical and practical analysis on the wealth effect of Chinese stock market. The analysis proves that Chinese stock market has weak wealth effect. The wealth effect of stock market has not affected general consumption greatly. The reasons are the followings： on one hand, the depth and breadth of the stock market is limited, on the other hand, the govermment interferes in stock market too much and legal construction on stock market is imperfect. Therefore, taking measures to improve the depth and breadth of stock value, pedecting the base of the development of stock market are necessary for enlarging the wealth effect of stock market on consumption.
出处
《上海金融学院学报》
2007年第5期32-38,共7页
Journal of Shanhai Finance University
关键词
财富效应
股票市场
边际消费倾向
收入预期
the wealth effect
stock market
marginal propensity to consume
income expectation
