铁路客运行业投资和消费耦合效应研究  

On the Coupling Effect of Investment and Consumption in Railway Passenger Industry

作　　者：颜颖 叶蜀君[1] 李红昌[1] YAN Ying;YE Shu-jun;LI Hong-chang(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北京交通大学学报（社会科学版）》2024年第4期128-137,共10页Journal of Beijing Jiaotong University(Social Sciences Edition)

摘　　要：铁路股权投资和运输产品消费过程中,存在着铁路股权投资者和运输产品消费者一体化现象,其主要原因推断为,投资可通过产品组合效应、价格折扣效应、增强会员权益效应促进消费;消费可通过降低信息不对称效应、增加投资信心心理效应促进投资。由此,可缓解铁路运输企业融资约束,扩大运输生产能力,提升运输服务品质,从而实现投资收益和消费效用双促进。据此,本文提出铁路投资和消费耦合效应假说,在微观视角下将个体投资和消费行为纳入同一框架,从投资消费者个体行为心理和偏好出发,聚焦于个体这一经济活动主体,运用铁路客运行业投资和消费全样本数据,对铁路客运行业一体化投资消费行为进行实证研究。研究发现:投资和消费行为之间存在着显著的相互强化效应,即存在投资和消费耦合效应,表现为:具有消费行为的投资者在所有投资者中所占的比例显著高于具有消费行为的人群在全社会人口中所占的比例;一体化投资消费者的消费额度显著高于其他消费者,且在年龄段分组中表现出同样特征;投资额度在2 000股以上的一体化投资消费者的投资与消费额度呈现出明显的正相关关系。因此,企业可将投资和消费政策进行捆绑,通过会员消费返利和附加会员权益等方式,强化一体化投资消费者的投资和消费意愿。In railway equity investment and transportation product consumption process,railway equity investors often integrate with transportation product consumers.It is inferred that the main reasons are that investment can promote consumption through product portfolio effects,price discount effects,and enhanced membership benefits effects,and that consumption can promote investment by reducing information asymmetry effects and increasing investment confidence psychological effects.As a result,it can alleviate the financing constraints of railway transportation enterprises,expand transportation production capacity,improve transportation service quality,and achieve dual promotion of investment returns and consumption utility.This paper therefore proposes a hypothesis on the coupling effect of railway investment and consumption,which integrates individual investment and consumption behaviors into a single framework from a micro perspective.Starting from the individual behavior psychology and preferences of investor consumers,it focuses on the individual as the main body of economic activities.Using the full sample data of investment and consumption in the railway passenger transport industry,an empirical study is conducted on the integrated investment consumer behavior in the railway passenger industry.It reveals the following findings:the proportion of investors with consumption behavior in all investors is significantly higher than the proportion of the people with consumption behavior in the entire society;The consumption amount of integrated investment consumers is significantly higher than that of other consumers,and so does it in different age groups;There is a clear positive correlation between the investment and consumption of integrated investment consumers with an investment quota of over 2000 shares.Therefore,enterprises can bundle investment and consumption incentive policies,enhance the investment and consumption willingness of integrated investment consumers through membership consumption rebates and addition

关 键 词：铁路客运 投资 消费 耦合效应 

分 类 号：F124.6[经济管理—世界经济]