经济复苏背景下的中国股市财富效应研究

文章采用Engle-Granger两步法对股票市场财富、居民收入水平与居民消费支出进行了实证研究,以检验经济复苏背景下的中国股票市场财富效应。结果表明,与之前国内学者所作的研究相比,经济复苏背景下的中国股市财富效应有所增强。文章认为,根据当前我国扩大消费需求的政策,一方面,政府应加强其职能履行,促进我国股票市场稳步、健康发展,以防止居民所持有的股票财富价值大幅缩水而影响其消费支出;另一方面,政府应通过完善我国社会保障体系建设和保障居民可支配收入稳定增加,来增加居民的未来收入预期和减少其预防性支出,从而刺激其消费支出。

Wealth Effect of Chinese Stock Market Under the Background of Economic Recovery

This paper makes an empirical research on the stock market wealth,income level and household consumption expenditures based on Engle-Granger two-step method,so as to test Chinese stock market wealth effect in the background of economic recovery.The results show that in the background of economic recovery,compared with the previous study conducted by Chinese scholars,Chinese stock market wealth effect has been enhanced.In view of this conclusion,this paper gives the relevant explanation and puts forward some suggestions with the current policy of expanding consumer demand in China.On the one hand,the Government should strengthen its functions to fulfill and promote our stock market＇s steady and healthy development in order to prevent the population from the value of shares owned by the wealth of significant value,which will affect their spending;on the other hand,the Government should perfect the improvement of Chinese social security system and ensure the steady growth of people＇s disposable income,to increase the expected future income and reduce their preventive spending,thereby stimulating their consumer spending.