【摘要】 基于财富效应理论,利用我国2001~2010年的上证综合指数、房地产价格指数、城镇居民收入、城镇居民储蓄和居民消费的季度数据建立ECM模型。模型结果表明:房地产市场是扩张的财富效应,股票市场是收缩的财富效应;房地产资产的财富效应大于股票资产的财富效应。最后,根据我国城镇居民资产与消费现状进行原因探究,并提出相关建议。更多还原

【Abstract】 Based on the wealth effect theory,I use the quarterly data of 2001-2010 China’s Shanghai Composite Index,real estate prices,urban residents’ income,savings and consumption of urban residents to establish ECM model.Model results show that: the wealth effect of the real estate market is expansion,stock market wealth effect is a contraction;,the wealth effect of real estate assets is greater than the wealth effect of stock assets.Finally,According to the assets and consumption of urban residents to explore the reasons for the current situation,and make recommendations.更多还原