中国房地产与股票市场的财富效应检验——基于2000—2010年季度经济数据的实证检验

Wealth Effect of Chinese House and Stock Markets——Emprical Test Based on 2000 to 2010 Quarterly Data

在Dvornak和Kohle(r2007)的研究基础上,根据中国2000—2010年季度经济数据,对房地产和股票市场的财富效应进行了实证检验。研究结果表明,房地产市场的财富效应为负,房地产价格每上涨10%,将导致消费降低5.41%;而股票市场的财富效应为正,但并不显著,股票价格每上涨10%,仅拉动消费增长0.65%。

Based on the study of Dvornak and Kohler（2007）, we test the wealth effect of the house and stock markets, based on 2000 to 2010 our quarterly data. The result shows that ,the wealth effect of house market is negative ,when house price rises 10% ,the consumption will decrease 5.41% ,while the wealth effect stock market is insignificant,when the stock price rises 10% ,and the consumption will increase only 0.65%.