摘要
股权分置改革揭开了我国资本市场快速发展的序幕,股票市场正成为居民资产配置的重要场所,因此股市的财富效应成为政府宏观政策制定所考虑的重要因素之一,其对经济的影响也将日益加深。本文通过协整检验、Granger因果检验、VEC模型研究了股权分置改革后我国股市的财富效应。实证结果显示股改后我国股市财富效应开始显现,居民的消费受到股票市场的影响。
The reform of non-tradable shares brings with fast development of capital markets in China. Share market has become an important place of asset allocation for households, and consequently wealth effect has become a key issue when governmental agencies are making decisions and its influence has gained weight. This paper studies wealth effect of Chinese share market after reform of non-tradable shares using co-integration test, granger causality test and VEC model. The results show that wealth effect starts to emerge after that reform and household consumption is affected by share market.
出处
《南方金融》
北大核心
2009年第11期69-72,共4页
South China Finance
关键词
股票市场
财富效应
居民消费
Share Market
Wealth Effect
Household Consumption
