资本市场稳定性对财富效应强度的影响研究——基于中国股票市场的实证检验  

Research on the Relationship between Stability of Capital Markets and Wealth Effects Intensity

作　　者：孙婷[1] 王新霞[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《统计与信息论坛》2010年第10期74-78,共5页Journal of Statistics and Information

摘　　要：目前,学术界关于资本市场财富效应传导机制的研究已基本成熟,然而对于财富效应强度的影响因素以及缘何中国财富效应长期以来呈微弱性特征尚缺乏深入探讨。为打开以往研究中资本市场这一"黑盒"并进一步明晰该问题,在界定资本市场稳定性内涵的基础上,探讨其对财富效应强度的影响机理;选取1999—2008年季度数据对中国股市财富效应进行再检验,实证分析中国股市财富效应强度的影响因素;同时,基于扩大消费视角而提出稳定中国资本市场的相关措施和政策建议。The research on conduction mechanism of capital market＇s has been basically mature.However,the impact factors of wealth effect and the reason why the wealth effect of China＇s capital market was weak are lack of academic depth.The paper is willing to open the ＂capital markets＂ in order to clear this problem.Firstly,the article defines the meaning of stability of capital markets and explores the mechanism how it influences wealth effect;secondly based on 1999-2008 quarterly data,the article reexamines wealth effect of China＇s stock market,and empirically analyzes the impact factors of wealth effect;finally the article proposes related policy recommendations about China＇s capital market for consumption expansion.

关 键 词：财富效应 居民消费 股市 资本市场 

分 类 号：F830[经济管理—金融学]