中国居民金融资产与住房资产财富效应的比较检验  

The Comparative Analysis on the Difference in Wealth Effect Between Financial Assets and Housing Assets in China

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：《中国软科学》2008年第4期40-47,共8页China Soft Science

基　　金：广东商学院重点课题(项目编号:07ZD79001);广东省自然科学基金项目(项目编号:05300947)的部分研究成果;广东省"千百十工程"第四批人才培养计划的支持

摘　　要：分析表明,居民金融资产和住房资产财富效应存在,金融资产财富效应超过住房资产财富效应。产生这种现象的主要原因有,一是以储蓄为主的居民金融资产相对于住房资产来说增长更加平稳,二是储蓄资产的增值性不强和证券价值的波动制约金融资产财富效应,三是住房价格相对于居民收入水平过高限制住房资产财富效应,四是居民消费对收入的过度依赖减弱资产财富效应的发挥动力。为了通过资产财富效应促进消费和内需的扩大,一要采取措施开辟多种投资渠道,提高居民财产性收入,二要促进和维持股市的稳定发展,三要实施从紧的货币政策,抑制住房价格的过快增长,促进住房市场平稳发展,四要增加居民可支配收入和家庭财产。This paper shows that the wealth effect of residents＇ fiance and housing assets exists, the finance wealth effect is bigger than that housing wealth effect. These characteristics are determined by the following factors. The first is that finance assets which are the main component of residents＇ assets increases more stably than that of housing asset. The second is that the low profit of financial assets and the fluctuation of stock market have a negative impact on wealth effect. The third is that housing prices are relatively higher than residents＇ income. The last is that the excessive sensi-tivity weakens the wealth effect of two kinds of assets. In order to improve residents＇ consumptions and national demands through wealth effect , we should take actions to explore many kinds of investment styles and increase residents＇ property incomes, and secondly we should enhance the stable development of stock market, and thirdly we should carry out constrictive monetary policy, and control the soaring price of housing, and keep the stable development of housing market, and finally we should improve residents＇ income and family assets.

关 键 词：金融资产 住房资产 财富效应 

分 类 号：F064.1[经济管理—政治经济学]