我国居民股票资产财富效应影响因素的实证分析  

An Empirical Analysis of the Factors of Wealth Effect of Chinese Residents' Stock Assets

作　　者：熊剑庆[1] 王聪[1] 

机构地区：[1]暨南大学金融系,广东广州510630

出　　处：《广东商学院学报》2011年第3期46-52,共7页Journal of Guangdong University of Business Studies

基　　金：国家社会科学基金项目(08BJL022);广东高校优秀青年创新人才培育项目(WYM10023);广东省哲学社会科学规划项目(GD10YYJ07)

摘　　要：我国居民股票资产财富效应表现微弱,不利于财产性收入上升带来的居民消费增长。实证分析发现,股票市场规模、股价波动性、消费者信心指数等均与股票资产财富效应有显著的正相关性,而较低的证券市场规模以及居民消费信心普遍不足是造成股票资产财富效应微弱的主要原因。尽管我国股价波动幅度较大,但股市的不成熟是造成短期波幅与消费正相关的可能原因。因此应从提高股票市场规模、构建和谐社会以增强居民消费等方面来改善居民股票资产财富效应。The wealth effect of Chinese residents＇ stock assets is relatively slight,which is not conducive to the consumption growth brought by rising property incomes.The paper conducts an empirical analysis of the factors of wealth effect of Chinese residents＇ stock assets,and concludes that stock market scale,share price volatility and consumer confidence index have a significantly positive correlation with the wealth effect of stock assets.The main reasons resulting in the slight stock wealth effect of China are the low scale of stock market and the general lack of consumer confidence.Although the volatility of stock price is high,immature stock market is the possible reason for the positive correlation between short-term volatility and consumption.Therefore,it suggests that we should improve the wealth effect of Chinese residents＇ stock assets from the aspects of raising stock market scale,building harmonious society and enhancing consumption.

关 键 词：股票资产 财富效应 居民资产 消费 

分 类 号：F224[经济管理—国民经济] F126