基于ECM模型的基金财富效应实证研究

Empirical Study on the Wealth Effects of Fund Based on ECM Model

在生命周期理论基础上建立封闭式基金财富效应简约模型。通过一系列实证分析,发现封闭式基金市值与社会消费品零售总额之间不仅存在着长期的协整关系,而且还存在弱的财富效应。建议稳定基金市场发展,规范基金市场秩序,以充分发挥基金市场对中国消费的引导和调控作用。

A simplified model of wealth effects of closed - end fund is established based on the theory of life cycle. Through a series of empirical analysis, the authors find that long - term co - integration relationship and weak wealth effects exist between the market value of closed - end fund and the total retail sales of social consumer goods. The authors suggest that we should stabilize the development of fund market, and standardize the order of fund market in order to fully play the guidance and adjustment function of the fund market to the consumption of China.