论文部分内容阅读
近年来,我国在市场经济体制改革的推动下飞速发展,其中,资本市场的迅速发展显得尤为突出,而作为资本市场的核心,股票市场在整个经济体系中的地位和作用日益攀升,牵动着千千万万中国股民的心,影响着他们日常生活中的一举一动,也对大大小小的企业产生了巨大的影响。股票市场在传递货币政策方面也开始发挥出重要的作用。本文以莫迪利安尼的财富效应理论作为基础研究股票市场对消费的影响。通过实证分析,可以看出我国股票市场的财富效应是相对稳定的。
In recent years, China has developed rapidly under the impetus of the market economy reform. Among them, the rapid development of the capital market is particularly prominent. As the core of the capital market, the position and role of the stock market in the economy as a whole are rising, affecting thousands The hearts and minds of millions of Chinese investors affect every move in their daily life and have a huge impact on the enterprises of all sizes. The stock market has also begun to play an important role in the transfer of monetary policy. This article uses Modigliani’s wealth effect theory as a basis to study the impact of the stock market on consumption. Through empirical analysis, we can see that the wealth effect of China’s stock market is relatively stable.