本文選題：財(cái)富效應(yīng)　切入點(diǎn)：住房資產(chǎn)　出處：《浙江工商大學(xué)》2013年碩士論文

【摘要】：投資、出口、消費(fèi)是拉動(dòng)經(jīng)濟(jì)發(fā)展的三駕馬車(chē)。然而,自2008年金融危機(jī)以來(lái),我國(guó)出口遭受?chē)?yán)重沖擊,投資過(guò)熱則引起通脹等問(wèn)題,因而擴(kuò)大內(nèi)需就更成為重中之重。而根據(jù)傳統(tǒng)金融理論,財(cái)富是影響消費(fèi)支出的重要變量,而住房資產(chǎn)和金融資產(chǎn)又是居民資產(chǎn)中的重要組成部分,因而研究房地產(chǎn)和金融資產(chǎn)對(duì)消費(fèi)支出所帶來(lái)的影響,對(duì)于擴(kuò)大內(nèi)需有著重要意義。 基于上述論斷,本文首先回顧了國(guó)內(nèi)外關(guān)于居民資產(chǎn)財(cái)富效應(yīng)的已有研究成果,財(cái)富效應(yīng)的傳統(tǒng)金融理論和行為金融學(xué)理論,梳理了居民資產(chǎn)發(fā)揮財(cái)富效應(yīng)的機(jī)制。其次,采用消費(fèi)粘性系數(shù)約束下的財(cái)富效應(yīng)測(cè)度模型,計(jì)算出消費(fèi)粘性系數(shù),并對(duì)我國(guó)城鎮(zhèn)居民的住房資產(chǎn)和金融資產(chǎn)的財(cái)富效應(yīng)進(jìn)行分析�；谥袊�(guó)城鎮(zhèn)居民1999年1季度到2011年4季度的數(shù)據(jù),就住房資產(chǎn)和金融資產(chǎn)與消費(fèi)的的因果關(guān)系展開(kāi)了詳細(xì)的計(jì)量分析。結(jié)果顯示,城鎮(zhèn)居民有較高的消費(fèi)粘性系數(shù),消費(fèi)的粘性系數(shù)z為0.6007；住房資產(chǎn)的直接財(cái)富效應(yīng)較為微弱,而其累積的財(cái)富效應(yīng)相對(duì)較強(qiáng)；金融資產(chǎn)的直接財(cái)富效應(yīng)為負(fù),且相對(duì)于住房資產(chǎn)和收入來(lái)說(shuō),金融資產(chǎn)的財(cái)富效應(yīng)不是很顯著；居民家庭消費(fèi)仍然還是受收入的影響最大�；谇拔牡睦碚摵蛯�(shí)證分析,在論文的最后提出相應(yīng)的政策建議。
[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.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.5;F299.23;F224

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