【摘要】 股权分置改革揭开了我国资本市场快速发展的序幕,股票市场正成为居民资产配置的重要场所,因此股市的财富效应成为政府宏观政策制定所考虑的重要因素之一,其对经济的影响也将日益加深。本文通过协整检验、Granger因果检验、VEC模型研究了股权分置改革后我国股市的财富效应。实证结果显示股改后我国股市财富效应开始显现,居民的消费受到股票市场的影响。更多还原

【Abstract】 The reform of non-tradable shares brings with fast development of capital markets in China.Share market has become an important place of asset allocation for households,and consequently wealth effect has become a key issue when governmental agencies are making decisions and its influence has gained weight.This paper studies wealth effect of Chinese share market after reform of non-tradable shares using co-integration test,granger causality test and VEC model.The results show that wealth effect starts to emerge after that reform and household consumption is affected by share market.更多还原