本文選題：通貨膨脹 + 財富形式　； 參考：《華中科技大學(xué)》2012年博士論文

【摘要】：在宏觀經(jīng)濟研究中,人們往往只關(guān)注宏觀經(jīng)濟變量之間的關(guān)系,忽視了微觀主體對于宏觀經(jīng)濟的影響,因而缺乏宏觀研究的微觀基礎(chǔ)。家庭作為主要的微觀經(jīng)濟主體,其經(jīng)濟行為(財富持有)對各個國家的經(jīng)濟、政治、文化都起到極為重要的影響。因此,家庭這個單元可以作為微觀基礎(chǔ)的研究對象。在宏觀經(jīng)濟變量中,通貨膨脹一直是宏觀經(jīng)濟研究領(lǐng)域的關(guān)鍵變量之一。研究通貨膨脹與家庭財富持有形式兩者之間的關(guān)系,是宏觀研究尋找微觀基礎(chǔ)的重要橋梁。 自1978年改革開放以來,我國經(jīng)濟持續(xù)快速的增長,其直接表現(xiàn)為家庭收入不斷增加,生活水平不斷提高,家庭財富快速積累。隨著經(jīng)濟發(fā)展而來的金融深化,使家庭財富的表現(xiàn)形式呈現(xiàn)出多元化的發(fā)展趨勢。但是,國際經(jīng)濟形勢的千變?nèi)f化與國內(nèi)宏觀經(jīng)濟政策的不斷調(diào)整,又使得家庭財富增值保值出現(xiàn)很大的不確定性。 與以往研究家庭配置行為對通貨膨脹的影響不同,本文將逆其道而行之,主要考察通貨膨脹對家庭財富持有形式選擇的影響,依據(jù)通貨膨脹與我國家庭財富持有形式變化規(guī)律的事實,揭示家庭財富形式的變化不僅受個體特征(如年齡、學(xué)歷等因素)的影響,同時還是為了對沖通貨膨脹風(fēng)險,提升家庭財產(chǎn)的增值保值能力。為了研究的方便,本文首先將家庭財富按流動性程度分為三大類：強流動性資產(chǎn)(現(xiàn)金、銀行儲蓄等)、半強流動性資產(chǎn)(股票、債券等)、弱流動性資產(chǎn)(不動產(chǎn)、貴金屬等)。在此基礎(chǔ)上,分別考察通貨膨脹對不同類型資產(chǎn)價格變動的原理與內(nèi)在機制。根據(jù)理性人假說,由于市場交易成本的存在,家庭財富持有形式的選擇會根據(jù)個人信息掌握程度或知識水平差異而有所不同。 文章分別分析了通貨膨脹與三類資產(chǎn)的關(guān)系,通過數(shù)量或?qū)嵶C分析通貨膨脹對各類資產(chǎn)價格波動的影響。通過研究中國的數(shù)據(jù),我們發(fā)現(xiàn)持續(xù)的通貨膨脹對各類資產(chǎn)價格的波動有顯著影響,當(dāng)通貨膨脹率上升時,強流動性資產(chǎn)財富效應(yīng)下降,而通貨膨脹與股票價格和房地產(chǎn)價格的波動之間的關(guān)系不顯著,它們收益率的變動更多的是受到經(jīng)濟政策的影響。當(dāng)各類資產(chǎn)的價格發(fā)生不同方向的變化時,人們?yōu)榱耸辜彝ヘ敻槐Ｖ翟鲋?也必然改變家庭財富資產(chǎn)的配置。 本文還通過分析中國通貨膨脹與家庭財富持有形式的數(shù)據(jù)發(fā)現(xiàn),在過去30多年期間,我國家庭財富結(jié)構(gòu)發(fā)生了很大變化,現(xiàn)金與存款占家庭財富的比重現(xiàn)下降趨勢,股票資產(chǎn)與房地產(chǎn)在近幾年占家庭財富的比重穩(wěn)步上升。并且證明了家庭財富持有形式的選擇不僅受限于個體特征的影響,而且還受限于通貨膨脹的波動,特別是對沖通貨膨脹風(fēng)險。 本文最后總結(jié)了通貨膨脹與家庭財富持有形式之間的相關(guān)關(guān)系,針對家庭財富更有效地對沖通貨膨脹風(fēng)險,提出了一些政策建議。
[Abstract]:In macro economic research, people tend to pay attention to the relationship between macroeconomic variables, ignore the impact of the micro body on the macro-economy, and therefore lack the microcosmic basis of macro research. As the main microeconomic subject, the family's economic behavior (wealth holding) is very important to the economy, politics and culture of all countries. Therefore, the family unit can be used as the research object of microcosmic basis. In macroeconomic variables, inflation has always been one of the key variables in the field of macroeconomic research. The study of the relationship between inflation and the form of family wealth holding is an important bridge for macro research to find the microcosmic basis.
Since the reform and opening to the outside world in 1978, our country's economy has been growing rapidly and rapidly, which is directly manifested in the increasing family income, the improvement of the living standard and the rapid accumulation of family wealth. With the financial deepening of the economic development, the form of family wealth presents a diversified trend of development. However, the international economic situation is changing thousands of millions. The continuous adjustment of domestic and macro economic policies has made great uncertainty in the value added and preservation of family wealth.
Different from the previous study of the impact of family allocation behavior on inflation, this article will go counter to the effect of inflation on the choice of the form of family wealth holding. According to the fact that inflation and the law of the change of the form of family wealth holding in our country, it is revealed that the changes in the form of wealth and wealth of the family are not only characterized by individual characteristics, such as age, For the convenience of research, this article first divides the family wealth into three categories: strong liquidity assets (cash, bank savings, etc.), semi strong liquidity assets (stocks, bonds, etc.), weak liquidity assets (no) On the basis of this, we examine the principle and internal mechanism of inflation for different types of asset prices. According to the rationale hypothesis, the choice of family wealth holding forms will vary according to the degree of personal information mastery or the level of knowledge because of the existence of market transaction costs.
This paper analyzes the relationship between inflation and three types of assets respectively. Through the quantitative or empirical analysis of the impact of inflation on various asset price fluctuations. Through the study of China's data, we find that sustained inflation has a significant impact on the volatility of all types of asset prices. When the inflation rate rises, the wealth effect of strong liquidity assets The relationship between inflation and the volatility of stock prices and real estate prices is not significant, and the change in their yield is more influenced by economic policy. When the prices of various assets change in different directions, people will also change the allocation of family wealth assets to increase the value of family wealth.
By analyzing the data of the form of inflation and family wealth in China, the family wealth structure has changed greatly over the past 30 years and the proportion of cash and deposit accounts for the family wealth, and the proportion of stock assets and real estate in the family wealth has risen steadily in recent years. The choice of the form of wealth holding is not only restricted by the influence of individual characteristics, but also restricted by the fluctuation of inflation, especially the risk of hedging inflation.
At the end of this paper, the relationship between inflation and the form of family wealth is summarized, and some policy suggestions are put forward in view of the more effective hedging of inflation risk by family wealth.

【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F822.5;F832.51;F293.3;F224

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