我国城镇居民证券金融资产财富效应及其对消费的影响

Securities Financial Wealth Effect of Urban Residents and Its Impact on Consumption

近年来我国证券市场发生了巨大变化,财富效应显著。本文对财富效应的基础理论进行了阐述,分析了财富效应作用居民消费的传导机制。针对证券市场的变化,分析了近十年来市场波动的五个阶段及近年市场的整体变化,通过市场总体财富效应剖析了其与大宗消费的关系。文章最后对促进居民证券金融资产增值提出健全市场机制、鼓励价值投资的建议,对证券金融资产财富效应的短周期性与大宗消费的长周期性偏差提出兼顾二者的周期吻合,倡导理性消费,提高生活质量。

In recent years,China's securities market has tremendous change,and the wealth effect is obvious.In this paper,the basic wealth effect theory is expound,and the analysis of the residents' consumption transmission mechanism by the wealth effect is carried out.In view of the stock market changes,five stages and the overall market changes in recent nearly ten years are analyzed,and the relationship between market total wealth effect and bulk consumption is analyzed.Finally,this paper put forward some suggestions to promote residents securities financial assets value,so as to perfect market mechanism and encourage the investment value.