农村居民金融资产与住房资产财富效应比较分析——以广东省为例  

A Comparative Analysis of the Wealth Effect of Rural Residents’ Financial Capital and Housing Assets:A case study of Guangdong Province

作　　者：骆祚炎[1] 

机构地区：[1]广东商学院金融学院,广东广州510320

出　　处：《广东商学院学报》2008年第2期70-75,共6页Journal of Guangdong University of Business Studies

基　　金：广东省自然科学基金项目(05300947);广东商学院重点课题(072D79001)

摘　　要：广东农村居民金融资产与住房资产的财富效应呈现出三个特征:一是住房资产的财富效应略大于金融资产的财富效应;二是两种资产的财富效应差别不大;三是两种资产的财富效应较微弱这是由农村居民的资产结构等特点决定的发挥资产财富效应促进消费的增长,必须采取措施维持股票和房地产等市场稳定的预期,抑制住房价格的过快增长。The empirical analysis shows that the wealth effect of Guangdong Rural Residents＇ two types of assets have three characteristics： first, the wealth effect of house assets is stronger than that of the financial assets; second, there is little difference in wealth effect between these two kinds of assets; third, the wealth effects of the two kinds of assets are quite weak. These characteristics are determined by the following factors ： first, rural residents have preference for housing as the base of consumption; second, the non-symmetry of the wealth effect of housing assets may promote rural consumption; third, the lower profit-making ability of financial assets based mainly on saving limits the role of the wealth effect, fourth, excessive sensitivity of consumption to revenue weakens the wealth effect of the two kinds of assets. In order to improve consumption through wealth effect, we should take actions to maintain stable expectations on stock market and housing market, stimulate the development of financial market, control the soaring price of housing, and greatly develop financial market in rural districts.

关 键 词：金融资产 不动产 财富效应 农村居民 

分 类 号：F832.5[经济管理—金融学]