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本文在对OECD国家养老金资产配置情况进行简要评述的基础上,利用33个OECD国家2001-2012年面板数据,采用系统GMM方法进行实证检验,结果发现:养老金作为长期稳定的机构投资者,一方面促进了股票市场的规模扩张,另一方面降低了股票市场价格指数的波动性,在一定程度上稳定了股票市场。稳定的经济增长环境有利于股票市场的稳步扩张,由此带来投资者稳定的信心也可以一定程度上缓解股票市场的波动;而货币供应量等短期调控手段对股票市场规模扩张和稳定性都没有显著影响。
Based on a brief review of OECD national pension asset allocation, this paper uses the panel data of 33 OECD countries from 2001 to 2012 and adopts the system GMM method to conduct empirical tests. The result shows that as a long-term and stable institutional investor, On one hand, it promoted the scale expansion of the stock market, on the other hand, it reduced the volatility of the stock market price index and stabilized the stock market to a certain extent. Stable economic growth environment is conducive to the steady expansion of the stock market, thus bringing the confidence of investors can also ease the volatility of the stock market to a certain extent; short-term measures such as money supply on the stock market expansion and stability are No significant effect.