城镇居民资产财富效应的实证研究——基于东部、中部、西部地区差异的分析

An Empirical Study on the Wealth Effect of Residents' Wealth——Based on the Difference among Eastern,Central and Western Regions

由于我国东部、中部、西部地区金融发展水平存在差异，住房资产和股票资产的财富效应也可能存在较大的差异。笔者基于我国35个大中城市2000年～2010年季度数据，采用面板协整方法，研究了我国东部、中部、西部地区住房资产和股票资产的财富效应。研究表明，从长期来看我国东部、中部和西部地区住房资产与居民消费之间存在显著性正向关系，地区间住房资产的财富效应不存在显著性差异；而股票资产与居民消费在东部、中部和西部地区间存在差异，东部地区股票资产与居民消费之间存在显著关系，股票价格变动对居民消费影响不大，中部和西部地区股票资产的财富效应则不显著。

Because the level of financial development differs among the eastern, the central and the western parts of our country, the wealth effects of property asset and stock asset may also exhibit considerable differences. Based on the data of 35 large and mediumsized cities during the period from 2000 to 2010, this paper investigates the wealth effects of property asset and stock asset in the eastern, the central and the western regions by the method of panel co-integration. The results show that housing asset and residents＇ consumption are positively related in the three regions and the wealth effects of housing assets do not exhibit significant difference. However, the relationship between stock assets and residents＇ consumption differs among the eastern, the central and the western regions. In the eastern part, stock asset and consumption are significantly related, but changes in stock price do not have much impact on consumption. While in the central and the western regions, the wealth effects of stock asset are not significant.