改革开放以来,我国家庭收入和财富有明显增加,平均储蓄倾向从1979年的仅7.3%提高到1996年的26%。1996年,我国城乡居民人均储蓄余额达3163.8元。随着储蓄增加,家庭的资产积累逐步提高,收入来源多样化,这就使得家庭当期消费突破当期收入的限制成为可能。与此同时,我国资本市场和股票市场也从无到有稳定发展,1997年,我国股市总价值已占到国内生产总值的23.4%,投资者 Since the reform and opening up, China’s household income and wealth have obviously increased. The average saving propensity increased from only 7.3% in 1979 to 26% in 1996. In 1996, the per capita savings of urban and rural residents amounted to 3163.8 yuan. With the increase in savings, the accumulation of household assets gradually increases and the sources of income diversify. This makes it possible to break the current household income constraint in the current period. At the same time, China’s capital market and stock market also developed steadily from scratch. In 1997, the total value of China’s stock market accounted for 23.4% of the gross domestic product. Investors