中国房地产财富效应研究

发布时间：2018-03-31 06:22

本文选题：股票市场　切入点：房地产市场　出处：《电子科技大学》2009年硕士论文

【摘要】： 近年来,股票市场财富效应已引起学术界和政府部门的广泛关注,但房地产市场财富效应所受关注程度相对来说较低。而将股票市场财富效应和房地产市场财富效应结合起来进行研究的文献更少。事实上,将两者结合起来分析无论是在理论上还是在实践上都具有深远的意义。本文首先在研究房地产财富效应相关文献的基础上,对房地产财富效应的机理进行了分析;然后采用四种现代计量方法:单位根检验、协整检验、Granger因果检验及误差修正模型结合股票市场财富效应对全国房地产财富效应及北京、天津、杭州三个城市的房地产市场财富效应进行了实证分析;最后基于实证分析结果和我国及部分城市现行经济发展情况提出了相应的政策建议,对今后进一步研究我国房地产市场财富效应有一定参考价值。本文全国房地产财富效应及区域房地产财富效应的结论是:就长期来看,房地产市场财富效应显著,并呈负方向影响消费;就短期而言,全国和城市间,城市与城市间的房地产市场财富效应的显著性存在一定的差异,但从总体来说,短期房地产财富效应仍显著,并也呈负方向影响消费。房价过高或者一直保持增长的趋势,会抑制消费,最终影响整个宏观经济的增长。目前关于我国房地产市场财富效应的文献基本上基于全国的角度,本文则是从各地区或城市的角度出发研究房地产市场财富效应;同时,本文还结合股票市场财富效应探讨部分城市的房地产市场财富效应,深入分析部分城市股票市场财富效应和房地产市场财富效应的差异,补充和拓展了当前我国房地产市场财富效应方面的研究。
[Abstract]:In recent years, the wealth effect of stock market has attracted wide attention from academia and government departments. But the wealth effect of the real estate market has received relatively little attention. There is less literature on the combination of the wealth effect of the stock market and the wealth effect of the real estate market. The combination of the two is of great significance both in theory and practice. Based on the study of the literature on real estate wealth effect, this paper first analyzes the mechanism of real estate wealth effect, and then adopts four modern metrological methods: unit root test, Co-integration test Granger causality test and error correction model combined with stock market wealth effect on the real estate wealth effect in China and Beijing Tianjin Hangzhou three cities real estate market wealth effect empirical analysis; Finally, based on the results of empirical analysis and the current situation of economic development in China and some cities, the corresponding policy recommendations are put forward, which has certain reference value to further study the wealth effect of real estate market in China in the future. The conclusions of this paper are as follows: in the long run, the wealth effect of real estate market is significant, and it affects consumption in a negative direction; in the short term, between the country and the city, the wealth effect is significant in the real estate market. There are some differences between cities and cities in the wealth effect of real estate market, but generally speaking, the short-term real estate wealth effect is still significant, and also has a negative impact on consumption. Will curb consumption, ultimately affect the overall macroeconomic growth. At present, the literature on the wealth effect of the real estate market in China is basically based on the national perspective, while this paper studies the wealth effect of the real estate market from the perspective of various regions or cities; at the same time, This paper also discusses the wealth effect of real estate market in some cities, and analyzes the difference between the wealth effect of stock market and the wealth effect of real estate market in some cities. It complements and expands the research on the wealth effect of China's real estate market.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F224;F293.3

【引证文献】