中国股市有财富效应吗?

Is there Any Wealth Effect in Chinese Stock Market?

股市财富效应在欧美等证券化程度较高的国家确实存在。但由于股市规模有限、股市持续繁荣趋势不明显、投资者结构与投资收益分配格局不合理等因素的限制，中国股市的财富效应很不显著。因此，期望通过“激活股市刺激消费”的政策主张目前难以凑效。笔者认为，要尽快培育和发挥股市刺激消费与促进经济增长的作用，必须把通过股市“富民”的方略置于重要位置，并积极采取以下措施:(1)重视股市的作用,调整股市的功能定位;(2)扩大股市规模;(3)利用证券市场推行“富民政策”;(4)构建稳定的、持续繁荣的证券市场。

The wealth effect of stock market does exist in some western countries with high degree on securities. But it is not obvious in Chinese stock market because of the restriction of such factors as limited stock market scale, obscure tendency of prosperity, unreasonable structure of investor and investment profit distribution. Therefore the policy of stimulating consumption by activating stock market can hardly do any execution. In order to give full play to stock market functions of stimulating consumption and accelerating economy growth, the strategy of enriching people with the help of stock market should be attached with great importance and the following measures ought to be taken:(1)Recognize the effect of stock market and adjust its function orientation; (2)Enlarge the scale of stock market; (3)Carry out the policy of enriching people through stock market; (4)Establish a steady and prosperous security market.