企业资产价格对宏观经济的影响——基于企业成本收益核算模型的理论和实证研究

The Effect of Asset Price on Macro-economy in China:Theoretic and Empirical Study Based on Cost-profit Accounting Model

本文首先基于企业成本收益核算模型,以一个新的理论框架分析了企业利润和资产价格对投资的影响。其次,用我国的投资、企业利润、资产价格的年度数据进行了实证研究。进而通过理论模型分析了资产价格与宏观经济稳定之间的关系。研究结果表明,我国投资与企业利润及资产价格(特别是房地产价格)之间存在显著的正相关关系,资产价格的稳定是宏观经济稳定运行的必要条件。最后,作者给出了政府稳定经济的具体政策建议。

Based on cost- profit accounting model, the author built a new theoretical framework to explain the mechanism of how enterprise profit and asset price influence investment. And then, the author used annual data of Chinese investment, enterprise profit and asset price to validate the result of the theoretic model by regression analysis. Furthermore, the author analyzed the correlation between asset price and economic stability. Our analysis implies that the.re is a significantlypositive relationship between enterprise profit, asset price （especiaUy real estateprice） and investment in China. Thus, the stability of asset price is the necessary condition of economic stability. Finally, the author put forward several policy suggestions.