中美两国股票价格对消费需求影响的比较实证研究

A Comparative Empirical Study on the Impact of Stock Price between China and America on Consumption Demand

消费需求是总需求的重要组成部分,也是影响物价稳定的重要因素之一,同时也是经济增长的主要推动力。股票价格作为主要的资产价格,对消费需求影响的财富效应一直是学术界关注的热点问题。通过梳理国内外相关研究的成果与不足,采用时间序列的VAR模型,就中美两国股票价格对消费需求的影响进行比较实证。研究表明,中美两国股票价格对消费需求都有着显著的正向影响,且美国股票价格对消费需求的影响要大于中国;政府可以通过稳定发展包括股票市场在内的资产市场来增加股票等资产价格对消费需求影响的财富效应,进而扩大消费需求,促进经济增长。

Consumer demand is an important part Of aggregate demand, one of the significant factors to impact price level, and the major driving force of economic growth. Wealth effect via which stock price as the main asset price influences consumer de- mand is always the hot issue concerned by the academic circle. Based on domestic and foreign research results and deficiencies, this paper adopts time series VAR model and carries out comparative and empirical researches on the influence of stock price on consumer demand in China and U. S. A. The research shows that the influence of stock price on consumption in both China and U.S.A. are positive, more in U. S. A. than that in China; governments can increase the wealth effect through developing asset markets including stock market etc. , and then expand consumer demand and promote economic growth.