我国股票市场的财富效应研究

程 超

我国股票市场的财富效应研究

引用本文：程超.我国股票市场的财富效应研究[J].财经理论与实践,2022,(6):72-78

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作者	单位
程超	（北京大学经济学院,北京 100091）

中文摘要:股票价格影响居民消费的潜在作用机制包括直接财富效应、信贷约束和预防性储蓄。理论模型表明，不同作用机制隐含的子样本异质性特征存在显著差异。使用2013年、2015年和2017年中国家庭金融调查数据进行实证研究，结果表明：股票财富对家庭消费产生显著正影响，股票资产的边际消费倾向估计值为0.0269，主要作用机制是直接财富效应。然而，由于股票财富占我国居民资产比例较低且分布不均等，股票直接财富效应的作用范围仍有限。

中文关键词:股票市场财富效应信贷约束预防性储蓄

Wealth Effects in China’s Stock Market

Abstract:The theoretical mechanisms of how stock prices affect household consumption include direct wealth effects, borrowing constraints, and precautionary savings. This paper’s empirical study is based on CHFS (Chinese Household Finance Survey) data in 2013, 2015 and 2017. The results showed that stock wealth has a significant positive impact on household consumption, with an estimated marginal propensity to consume of 0.0269, and the primary mechanism is the direct wealth effect. However, due to the still low proportion of stock wealth in household assets and its unequal allocation, the overall impact of direct wealth effects is still limited.

keywords:stock market wealth effect borrowing constraints precautionary savings

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