城镇居民住房资产和金融资产财富效应的比较研究

发布时间：2018-03-29 08:24

本文选题：财富效应　切入点：住房资产　出处：《浙江工商大学》2013年硕士论文

【摘要】：投资、出口、消费是拉动经济发展的三驾马车。然而,自2008年金融危机以来,我国出口遭受严重冲击,投资过热则引起通胀等问题,因而扩大内需就更成为重中之重。而根据传统金融理论,财富是影响消费支出的重要变量,而住房资产和金融资产又是居民资产中的重要组成部分,因而研究房地产和金融资产对消费支出所带来的影响,对于扩大内需有着重要意义。基于上述论断,本文首先回顾了国内外关于居民资产财富效应的已有研究成果,财富效应的传统金融理论和行为金融学理论,梳理了居民资产发挥财富效应的机制。其次,采用消费粘性系数约束下的财富效应测度模型,计算出消费粘性系数,并对我国城镇居民的住房资产和金融资产的财富效应进行分析。基于中国城镇居民1999年1季度到2011年4季度的数据,就住房资产和金融资产与消费的的因果关系展开了详细的计量分析。结果显示,城镇居民有较高的消费粘性系数,消费的粘性系数z为0.6007；住房资产的直接财富效应较为微弱,而其累积的财富效应相对较强；金融资产的直接财富效应为负,且相对于住房资产和收入来说,金融资产的财富效应不是很显著；居民家庭消费仍然还是受收入的影响最大。基于前文的理论和实证分析,在论文的最后提出相应的政策建议。
[Abstract]:Investment, export and consumption are the troika that drives economic development. However, since the financial crisis of 2008, China's exports have suffered a severe shock, and overheating of investment has led to problems such as inflation. According to traditional financial theory, wealth is an important variable affecting consumer spending, and housing assets and financial assets are important components of residents' assets. Therefore, it is of great significance to study the impact of real estate and financial assets on consumer expenditure. Based on the above conclusions, this paper firstly reviews the existing research results on the wealth effect of residents' assets at home and abroad, the traditional financial theory of wealth effect and behavioral finance theory, and combs the mechanism of the wealth effect of residents' assets. Using the wealth effect measure model under the constraint of consumption viscosity coefficient, the consumption viscosity coefficient is calculated. Based on the data of Chinese urban residents from the first quarter of 1999 to the fourth quarter of 2011, this paper analyzes the wealth effects of housing assets and financial assets of urban residents in China. This paper makes a detailed econometric analysis on the causal relationship between housing assets and financial assets and consumption. The results show that urban residents have a high coefficient of consumption viscosity, the coefficient of consumption viscosity is 0.6007, and the direct wealth effect of housing assets is weak. The direct wealth effect of financial assets is negative, and the wealth effect of financial assets is not significant compared with housing assets and income. Household consumption is still the most affected by income. Based on the previous theoretical and empirical analysis, the corresponding policy recommendations are put forward at the end of the paper.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F299.23;F224

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