中国资产价格波动对投资影响的实证分析  

An Empirical Study on the Influence of Assets Price to Investment

作　　者：何圣财[1] 张仙朋[1] 

机构地区：[1]闽南师范大学经济学系,福建漳州363000

出　　处：《石家庄经济学院学报》2013年第6期15-18,共4页Journal of Shijiazhuang University of Economics

基　　金：福建省教育厅项目(JB11127S);闽南师范大学杰青项目(SJ1110)

摘　　要：选取2002年第2季度至2011年第3季度的相关数据,对资产价格波动与投资关系进行实证分析。协整检验结果显示,房屋价格指数、上证综合指数与固定资产投资总额均存在稳定的长期关系,我国的股票市场和房地产市场均存在显著的投资效应,并且房地产市场的投资效应要更高一些。格兰杰因果关系检验表明我国的房屋价格指数和上证综合指数都是固定资产投资总额的格兰杰原因,而固定资产投资总额并不是房屋价格指数和上证综合指数的格兰杰原因。The related data from the second quarter of 2002 to the third quarter of 2011 are used to make an empirical analysis on the relationship of the volatility of assets price and the investment. By Cointegration test,we finds that there is a long-term stable relationship of the series of LNSP,LNHP and LNIP. Secondly,China’s stock market and real estate market have significant effects on the investment. Thirdly,the effect of the real estate market is more significant. At the same time,Grainger Granger causality test also indicates that that China’s stock market and real estate market are Grainger reasons of the investment,but not the case in vice versa.

关 键 词：资产价格 投资 协整检验 托宾Q效应 

分 类 号：F832[经济管理—金融学]