居民资产、财富效应与我国城镇居民消费

Household Assets,Wealth Effect and the Consumption of Urban Residents of Our Country

现代消费理论认为财富是影响居民消费的重要因素,并且各种财富形式对消费水平影响不同。对我国居民资产财富效应的实证研究表明,股票资产在长期对居民消费有负向影响,财富效应微弱,而房产财富对居民消费的正向效应比较明显,刺激消费作用较强。当前财富效应的产生与我国股市发展不稳定及房地产市场的发展特性相关,而个人可支配收入和储蓄仍是影响我国居民消费支出的主要因素。

Modern consumption theory holds that wealth is an important factor that influences the consumption of residents and different wealth forms have different effects on consumption level. The empirical study on the asset wealth effect of the residents of our country shows that stock assets have negative effect on resident consumption in the long run and its wealth effect is weak whereas the real estate assets have clear positive effect on resident consumption and its stimulative function on consumption is strong. At present, the wealth effect is related to the unstable development of the stock market and the developing traits of the real estate market in our country, and personal income and savings are still the main factors that influence the consumption expenditure of the residents of our country.