论文部分内容阅读
基于财富效应理论,利用我国2001~2010年的上证综合指数、房地产价格指数、城镇居民收入、城镇居民储蓄和居民消费的季度数据建立ECM模型。模型结果表明:房地产市场是扩张的财富效应,股票市场是收缩的财富效应;房地产资产的财富效应大于股票资产的财富效应。最后,根据我国城镇居民资产与消费现状进行原因探究,并提出相关建议。
Based on the wealth effect theory, we use the quarterly data of Shanghai Composite Index, real estate price index, urban residents ’income, urban residents’ savings and household consumption from 2001 to 2010 to establish the ECM model. The results of the model show that the real estate market is an expanding wealth effect and the stock market is a shrinking wealth effect. The wealth effect of real estate assets is greater than the wealth effect of stock assets. Finally, according to the reasons for the status quo of urban residents’ assets and consumption in our country, and put forward relevant suggestions.