金融资产财富效应的形成机理研究

The Formation Mechanism of Wealth Effect of Financial Assets

本文借助消费函数理论、行为金融理论分析了金融资产财富效应的形成机理,并将金融资产财富效应的传导机制归纳为实际收入效应、预期收入效应、流动性约束效应、信心效应、托宾q效应、替代效应等六种效应。除替代效应是负的财富效应外,其它效应均为正的财富效应,而金融资产财富效应的差异性既是上述各效应综合作用的结果,也是不同国家在不同时期影响金融资产变动的因素存在差异的结果。

Wealth effect refers to that the holders increase wealth and change total consumption expenditures because of the rising of financial assets price.We analyze the existence of the wealth effect of financial assets on the consumption function theory and the behavioral finance theory.The wealth effect impacts consumption through the following six channels,namely real income effect,expected income effect,liquidity constraint effect,confidence effect,Tobin’s Q effect and substitution effect.While the substitution effect is negative,the other effects are positive wealth effect.The size of the wealth effect of financial assets depends on a combination of the above results and it varies in different country and during different period.