股票价格对消费和投资的影响:财富效应与托宾Q效应分析  

The Influence of Stock Price on Consumption and Investment:Analysis of the Wealth Effect and Tobin Q Effect

作　　者：王劲松[1] 李淼[2] 

机构地区：[1]中北大学经济与管理学院,太原030051 [2]浙江大学经济学院,杭州310058

出　　处：《经济问题》2012年第12期75-78,共4页On Economic Problems

基　　金：上海财经大学研究生科研创新基金资助项目"股票价格对物价水平影响的理论与实证研究"(CXJJ-2009-310);山西省社科联社会科学"十一五"规划2009至2010年度重点课题(SSKLZDKT2009050)

摘　　要：股票价格的波动会通过影响消费者的实际财富和收入的增长以及对未来财富和收入增长的预期影响消费者的消费;股票价格的波动还会通过影响托宾Q值影响上市企业的融资成本,进而影响上市企业的投资,并通过"工业链"或"商业链"的"连带效应"影响相关企业的投资,从而带动整个国家或地区投资的变化。因此,研究股票价格通过财富效应和托宾Q效应对消费和投资的影响具有重要的理论意义和实践价值。The fluctuation of stock price will influence consumer＇s consumption through influencing the growth of consumer＇s real wealth and income, and the espect of consumer to it. And the fluctuation of stock price will still influence the financing cost of listed companies through influencing Tobin Q, and then influence the investment of them, and influence the investment of relevant companies through ＂joint effect＂ including ＂industrial chain＂ and ＂commercial chain＂, and thus drive the change of the whole country＇ s or area＇ s investment. So there are great theoretical significance and practical value researching the influence of stock price on consumption and investment through the wealth effect and Tobin Q effect.

关 键 词：股票价格 财富效应 托宾Q效应 

分 类 号：F830.91[经济管理—金融学]