本文選題：股票市場　切入點：房地產市場　出處：《電子科技大學》2009年碩士論文

【摘要】： 近年來,股票市場財富效應已引起學術界和政府部門的廣泛關注,但房地產市場財富效應所受關注程度相對來說較低。而將股票市場財富效應和房地產市場財富效應結合起來進行研究的文獻更少。事實上,將兩者結合起來分析無論是在理論上還是在實踐上都具有深遠的意義。 本文首先在研究房地產財富效應相關文獻的基礎上,對房地產財富效應的機理進行了分析;然后采用四種現(xiàn)代計量方法:單位根檢驗、協(xié)整檢驗、Granger因果檢驗及誤差修正模型結合股票市場財富效應對全國房地產財富效應及北京、天津、杭州三個城市的房地產市場財富效應進行了實證分析;最后基于實證分析結果和我國及部分城市現(xiàn)行經濟發(fā)展情況提出了相應的政策建議,對今后進一步研究我國房地產市場財富效應有一定參考價值。 本文全國房地產財富效應及區(qū)域房地產財富效應的結論是:就長期來看,房地產市場財富效應顯著,并呈負方向影響消費;就短期而言,全國和城市間,城市與城市間的房地產市場財富效應的顯著性存在一定的差異,但從總體來說,短期房地產財富效應仍顯著,并也呈負方向影響消費。房價過高或者一直保持增長的趨勢,會抑制消費,最終影響整個宏觀經濟的增長。 目前關于我國房地產市場財富效應的文獻基本上基于全國的角度,本文則是從各地區(qū)或城市的角度出發(fā)研究房地產市場財富效應;同時,本文還結合股票市場財富效應探討部分城市的房地產市場財富效應,深入分析部分城市股票市場財富效應和房地產市場財富效應的差異,補充和拓展了當前我國房地產市場財富效應方面的研究。
[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.
【學位授予單位】：電子科技大學
【學位級別】：碩士
【學位授予年份】：2009
【分類號】：F224;F293.3

【引證文獻】

相關博士學位論文 前1條

1 李成武;中國房地產財富效應的地域性差異及空間特征研究[D];東北財經大學;2010年

相關碩士學位論文 前3條

1 紀倩;基于VAR模型的廣東省房地產財富效應研究[D];廣東工業(yè)大學;2011年

2 鄧瑩;我國銀行信貸影響房產價格的作用機制研究[D];中南大學;2010年

3 繆露;我國房地產市場財富效應的實證研究[D];蘇州大學;2011年

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本文編號：1689529