什么影响了居民的财产性收入?——兼论城市化的首要功能

What Influences Wealth Income?——On the Primary Function of Urbanization

本文分析了1995～2007年间实体和虚拟经济冲击对中国城乡居民财产性收入的影响,结果显示用人均GDP表示的实体经济冲击对全国和城乡居民的财产性收入具有更强的解释性。随着资本市场的发展,人均流通市值对财产性收入波动具有越来越重要的影响。从城乡区域看,1995～2007年间实体和虚拟经济冲击对城乡居民的财产性收入具有不同的门槛效应和不同的弹性。推动城市化、让更多居民分享资本市场发展成果和增加居民收入,是增加城乡居民财产性收入的主要措施。

This paper analyses the wealth income of urban and rural residents in China and stresses the wealth effects of urbanization. Results show that real shocks represented by per capita GDP can explain much of the variance of wealth income of urban and rural residents. With the development of capital market, per capita circulated stock value is increasingly impor- tant to wealth income fluctuations. From an urban -rural perspective, real and fictitious impulses showed different threshold effect and elasticity to wealth income during 1995 - 2007. We concludes that the primary function of urbanization should be the wealth effects from agglomerations, so that promote urbanization, increase the incomes of urban and rural residents, and let more people share the achievements of capital market will increase the wealth income of the residents.