我国股票市场财富效应研究——基于消费者信心与广义虚拟经济的视角

Research on the Wealth Effect of Stock Market Based on the Perspective of Consumer Confidence and the Generalized Virtual Economy

本文从消费者信心与广义虚拟经济的视角剖析了股票市场财富效应的成因。本文的实证研究表明,我国股市直接与间接财富效应都较为显著,不过,这一效应只是在长期内均衡稳定,短期内不显著;在股票市场间接财富效应传导机制中,消费者信心因素起到关键作用;因此,在广义虚拟经济时代,为更好发挥股票市场的消费功能,需要完善有关政策措施。

This paper studies the causes of stock market’s wealth effects from the perspective of general-ized virtual economy. We found that both the direct and indirect wealth effects do exist in the long run, and consumer’s confidence play a vital role in the transmission mechanism of the effect. So, In order to realize the consumption function of the stock market, We suggest that our government needs perfect the measures related to stock market in the era of the Generalized virtual economy.