摘要
本文从投资者的获利动机出发,提出资产价格对居民银行储蓄存在着溢价效应。然后用资本资产定价模型(CAPM)分析其作用机理,并以向量误差修正模型(VECM)检验了该效应在中国资产市场上的存在性,结论为溢价效应同时存在于股票和房地产市场上。若要该效应发挥效力,就需要从金融产品创新、金融监管、金融体系改革等方面着手用力。
The paper tests the premium Effect from the asset price to residence bank deposits with the Vector Error Correction Model in China＇ stock and real estate markets. It is proposed the measures be strengthened in such fields as products innovation, governmental regulation and market system reform in domestic financial sector, so as to magnify the positive performance of the asset premium effect.
出处
《经济经纬》
CSSCI
北大核心
2013年第1期154-160,共7页
Economic Survey
关键词
资产价格
居民银行储蓄
溢价效应
向量误差修正模型
Asset Prices
Residence Bank Deposits
Premium Effect
Vector Error Correction Model
