论文部分内容阅读
文章选取2009年1月至2015年6月城镇居民人均消费性支出、沪深股票市场流通总市值和城镇家庭人均可支配收入三大指标的样本数据,基于协整检验、Granger因果关系检验、ECM方法研究有关后金融危机时代我国股票市场的财富效应问题。结果发现:2008年金融危机后我国股票市场总体上表现为:长期股市投资对消费的微弱替代效应,但在短期存在微弱的财富效应,且股市财富效应在不同股市行情中表现出非对称性。
Based on the cointegration test, the Granger causality test, the ECM test, the author chooses the sample data of per capita consumer expenditures of urban residents, total market capitalization of Shanghai and Shenzhen stock markets and per capita disposable income of urban households from January 2009 to June 2015, Methods to study the wealth effect of China’s stock market in the post-financial crisis era. The results show that: after the financial crisis in 2008, China’s stock market as a whole showed as follows: the long-term stock market investment weak substitution effect on consumption, but in the short term there is a weak wealth effect, and the stock market wealth effect in different stock market shows asymmetry.