中国股票市场财富效应的再检验——以城镇居民为例

根据消费的生命周期--持久收入假说,股票市场的财富增加对居民消费有促进的作用,这就是所谓的"财富效应".国外的许多研究证实了股票市场财富效应的存在,而国内的一些研究则不认为我国股票市场存在财富效应.针对这种状况,文章以我国城镇居民为例,对我国股票市场的财富效应进行了再检验,结果发现,即使针对城镇居民这一拥有股票数量相对较多的群体而言,仍然没有显示出股票市场的财富效应.对这个结果,文章进行了初步的解释并提出有关的政策建议.

A Reevaluation of the Stock Market Wealth Effect of China-An Evidence from Urban Residents

According to the Life Cycle Hypothesis and Permanent Income Hypothesis,the increase of stock market wealth will promote consumption;this is called "wealth effect".Compared to studies abroad,many studies in China do not support the existence of this effect.To make sure whether there are differences between residents in China and foreign countries,this article tested the effect of stock market wealth to urban residents,who own the majority of stock in China.The conclusion is that even for those residents,it is still not sure that "wealth effect" exits.