我国股票市场的财富效应和投资效应的实证研究

本文分析我国股票市场的发展是否有助于刺激居民消费和企业投资。实证研究的结果表明,我国股票市场还不具有财富效应,影响居民消费的主要因素仍然是可支配收入和消费习惯。不过,我国股票市场已经存在一定的投资效应,但这种影响还比较小。本文认为,目前我国股票市场对宏观经济的作用非常有限,所以不能企图通过刺激股市来推动经济增长。

The research documents whether the development of Chinese stock market is helpful to consumption and investment.The empirical results show that Chinese stock market has no wealth effect yet and payable income and habit are still the main factors affecting consumers' consumption.And Chinese stock market has investment effect to some extent ,but the effect is weak.We argue that it is unadvisable to attempt to activate macroeconomic growth with booming stock market at the present time.