摘要
房地产市场和股票市场的剧烈波动,影响城镇居民的资产状况和预算,影响城镇居民的消费行为。本文选取我国百城住宅价格指数和沪深300指数,分别代表我国房地产市场和股票市场,针对两者对城镇居民消费支出的影响进行实证研究。结果表明:我国房地产和股票资产对城镇居民消费支出具有显著财富效应,其中房地产的影响更为明显;同时房地产的财富效应在短期内对消费的促进作用不显著。因此,建立健全的房地产市场、股票市场,实现行业的有序发展,是促进新常态下我国经济健康发展的必然要求。
The drastic fluctuation of the real estate market and the stock market exert great influence on the urban residents＇ assets, budgets and consumption behaviors. This paper chooses the City housing price index and ShanghaiShenzhen 300 Index, which respectively represent the real estate market and stock market in China, to make a empirical study on their influence on the urban residents＇ consumption expenditure. The study shows the real estate market and stock market in China have a wealth effect on the urban residents＇ consumption expenditure and the influence of real estate market is more obvious. While, the wealth effect of real estate in the short term to promote the consumption is not significant. Therefore, it is an inevitable requirement of promoting a sound economic development in the new normal to establish a sound real estate market and stock market and to achieve an orderly development of the industry.
作者
张占军
薛宏刚
贺斌
ZHANG Zhanjun XUE Honggang HE Bin(School of Economy and Finance ,Xi＇an Jiaotong University,Xi＇an,710061)
出处
《管理学刊》
CSSCI
2017年第1期34-41,共8页
Journal of Management
基金
教育部哲学社会科学研究重大课题攻关项目(15JZD012)
关键词
房地产市场
股票市场
城镇居民消费
财富效应
Real Estate Market, Stock Market, Urban Residents
Consumption, Wealth Effect
