我国股市财富效应对居民日常消费的影响

The Empirical Test of Stock Market Wealth Effect on Daily Consumption in China

本文将城镇居民消费分成日常消费和非日常消费,以生命周期消费理论为基础构建模型,分析我国股市是否有财富效应以及对居民消费的影响。结果表明,我国股市收益对日常消费的收入效应大于替代效应,我国股市存在财富效应,并且日常消费对工资收入的弹性大于股市收益;日常消费支出对长期均衡关系表现出较强的误差修正效应,当日常消费受到来自股市、工资收入或自身冲击后,会有3-4个季度的短暂调整,之后在高于初始水平的稳态运行。

In order to analyze whether the stock market has wealth effect in our country and its impact on consumption,this paper divides consumption into daily consumption and non- daily consumption,and builds a model based on the life cycle consumption theory. The results show that the income effect that stock returns effects daily consumption is greater than the substitution effect,the stock market exists wealth effect,and the consumption elasticity of wages is greater than the stock market; the error correction effect of consumption is strong and after a clash of stock market,wage or consumption,the consumption will have a 3- 4 quarters＇ adjustment,then run in a higher state.