当前中国的股市已成为支持国有企业改革和转制的一个必不可少的基础。在目前有效需求不足、经济紧缩的大环境下 ,股市的发展已经被提升到一个新的高度来认识。赚到钱的股民能否增加个人的消费支出 ,取决于股市盈亏、现金余额与个人消费支出之间的关系。因此该关系已经成为检验目前国家宏观经济政策的一个基础。本文从最优目标规划问题入手 ,通过建立跨时模型来讨论股市盈亏、现金余额与个人消费支出之间的关系 ,从中可以对当前一些宏观经济政策进行检验 ,发现所存在的问题。 At present, the stock market in China has become an indispensable foundation for supporting the reform and restructuring of state-owned enterprises. Under the current environment of insufficient effective demand and tight economic conditions, the development of the stock market has been raised to a new height. Whether the investors who make money can increase their personal consumption expenditures depends on the relationship between stock market profits and losses, cash balances and personal consumption expenditures. Therefore, the relationship has become a basis for testing the present macroeconomic policies of the country. Starting from the optimal goal planning problem, this paper discusses the relationship between stock market profit and loss, cash balance and personal consumption expenditure by establishing a cross-duration model, from which we can test some macroeconomic policies and find out the problems.