中国股市财富效应：理论与实证

股市的功能不仅局限于为上市公司融资,它还会对消费产生影响,健全资本市场的股市财富效应十分明显。由于中国股市规模偏小、股市存在"挤占效应"、上市公司自身缺乏可持续发展能力、中国股市价值的持续变动趋势不稳定以及投资者收益分配结构不合理,因此,应从扩大股市规模、消除市场的过度投机以及推行"富民政策"来使得中国股市得以健康发展。

China's Stock Market Wealth Effect: Theory and Empirical Analysis

The function of the stock market is not only confined to financing for listed companies,it will also have an impact on consumption,especially in effective capital markets.The weak wealth effect on China's stock market is cause by the small scale,misappropriation effects,the lack of sustainable development of listed companies,instability of the stock value and unreasonable income distribution structure.So it is important to expand the size of the stock market, eliminate excessive speculation in the market and implement the "policy of enriching the people" to make the market keep a healthy development.