本文關(guān)鍵詞： 貨幣需求 股票市場(chǎng) 房地產(chǎn)市場(chǎng) 交易型貨幣數(shù)量論　出處：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國(guó)資本市場(chǎng)迅速發(fā)展,尤其是股票市場(chǎng)不斷的發(fā)展和完善、房地產(chǎn)市場(chǎng)迅猛發(fā)展,微觀經(jīng)濟(jì)主體也越來(lái)越重視持有多種財(cái)富形式,而不僅限于實(shí)物資產(chǎn)。貨幣需求函數(shù)的形式也不僅與收入相關(guān),而是表現(xiàn)為交易型貨幣需求的回歸,所以在這樣的經(jīng)濟(jì)形勢(shì)下,股票市場(chǎng)和房地產(chǎn)市場(chǎng)對(duì)貨幣需求的影響不容忽視。構(gòu)建一個(gè)包含股票和房地產(chǎn)市場(chǎng)的虛擬經(jīng)濟(jì)與實(shí)體經(jīng)濟(jì)關(guān)系模型,并運(yùn)用這個(gè)模型分析股票和房地產(chǎn)市場(chǎng)對(duì)貨幣需求的影響機(jī)制,通過(guò)簡(jiǎn)要回歸分析實(shí)體經(jīng)濟(jì)、股票市場(chǎng)和房地產(chǎn)市場(chǎng)對(duì)貨幣需求的影響。然后本文通過(guò)協(xié)整和誤差修正模型分別從總量型貨幣需求函數(shù)和收益率型貨幣需求函數(shù)兩方面考察了股票和房地產(chǎn)市場(chǎng)對(duì)狹義和廣義貨幣需求的影響。結(jié)果發(fā)現(xiàn),在短期中,無(wú)論是總量型還是收益率型貨幣需求函數(shù)模型中,股票市場(chǎng)對(duì)狹義貨幣需求和廣義貨幣需求的影響都是正向的,房地產(chǎn)市場(chǎng)對(duì)狹義貨幣需求和廣義貨幣需求的影響都是負(fù)向的。而在長(zhǎng)期中,在總量型貨幣需求函數(shù)模型中,股票流通市值與狹義和廣義貨幣需求都是正相關(guān)的,房地產(chǎn)銷售額與狹義貨幣需求負(fù)相關(guān),與廣義貨幣需求都是正相關(guān)的；在收益率型貨幣需求函數(shù)模型中,股票價(jià)格與狹義和廣義貨幣需求都是正相關(guān)的,房地產(chǎn)價(jià)格與狹義和廣義貨幣需求都是負(fù)相關(guān)的。目前對(duì)股票市場(chǎng)和房地產(chǎn)市場(chǎng)對(duì)貨幣需求的研究多采用收入型貨幣需求函數(shù)的形式,也有少數(shù)研究采用交易型貨幣需求函數(shù)的形式,而且前些年的研究多采用的是金融危機(jī)前的數(shù)據(jù),所以采用金融危機(jī)后的數(shù)據(jù),并將這兩種貨幣函數(shù)放在一起進(jìn)行對(duì)比分析是本文的一大創(chuàng)新點(diǎn),為以后的研究提供了一個(gè)新的視角。最后本文結(jié)合理論分析和實(shí)證對(duì)比分析建議貨幣當(dāng)局在制定貨幣政策時(shí)應(yīng)考慮房地產(chǎn)市場(chǎng)和金融市場(chǎng)對(duì)貨幣需求的影響,忽視它們的影響可能會(huì)造成通貨緊縮和資產(chǎn)泡沫的產(chǎn)生。
[Abstract]:With the rapid development of China's capital market, especially the continuous development and improvement of the stock market, and the rapid development of the real estate market, the microeconomic bodies are paying more and more attention to holding various forms of wealth. The form of the money demand function is not only related to income, but also expressed as the return of transactional monetary demand, so in such an economic situation, The influence of stock market and real estate market on money demand can not be ignored. This model is used to analyze the influence mechanism of stock and real estate market on the demand for money, and through the brief regression analysis of the real economy, The influence of stock market and real estate market on the demand of money. Then this paper investigates the stock market and real estate market from two aspects of aggregate demand function and yield type demand function by cointegration and error correction model. The impact of the field on narrow and broad monetary demand. In the short term, the influence of stock market on narrow and broad money demand is positive in both aggregate and yield money demand function model. The impact of real estate market on both narrow and broad monetary demand is negative. In the long run, in the aggregate monetary demand function model, market value in stock circulation is positively related to both narrow and broad monetary demand. Real estate sales are negatively correlated with narrow monetary demand and positively correlated with generalized money demand, and stock prices are positively correlated with both narrow and broad monetary demand in the yield type money demand function model. The real estate price is negatively correlated with both narrow and broad monetary demand. At present, the research on the demand for money in the stock market and the real estate market is mostly in the form of income money demand function. There are also a few studies in the form of transactional money demand functions, and previous studies have mostly used pre-crisis data, so the post-financial crisis data have been used. And putting these two kinds of monetary functions together for comparative analysis is one of the innovations in this paper. Finally, this paper suggests that the monetary authorities should consider the influence of the real estate market and the financial market on the demand for money when making monetary policy. Ignoring their effects could lead to deflation and asset bubbles.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F299.23;F822.0

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