我国股票市场财富效应的实证研究——基于中国牛市期省际面板数据的经验分析

The Empirical Analysis of the Wealth Effect in China Stock Market

本文基于2005年1月至2007年12月的月度数据,利用面板数据模型对我国股票市场的财富效应进行了实证分析,结果发现我国股票市场对居民总体消费量存在着财富效应,但这种影响却是极其微弱的;同时股票市场对我国东部、中部与西部的影响也是不同的,仅有东部地区存在着股票市场的财富效应,中部与西部均不存在这种效应,最后本文对其作出了一定的解释并根据我国的现状提出了相应的政策建议。

Using panel data analysis technology, this paper investigates the relationship between stock market and consumption in China over the period 2005.1-2007.12.The evidence suggests that there is wealth effect in China stock market although the influence is very weak, at the s^ne time, there is wealth effect in east China but no wealth effect in other parts. Lastly, based on the empirical findings, this paper proposes some explanations and some policies in our country.