Keywords
Investment
The Wealth Effect
How to Cite
Accepted 2024-11-19
Published 2025-03-17
Abstract
股价、房价与居民消费之间的关系一直是金融研究的重点，其变化对国家的宏观稳定、财政稳定有影响，也在一定程度上影响一些经济活动。研究发现，股价、房价波动对居民消费存在显著的财富效应。本文对股价、房价波动对居民消费的影响进行了理论分析，并基于2013—2021年的季度数据，基于回归分析对房价、股价波动对居民消费的影响进行了实证分析。
研究结果表明:股价、房价对居民消费的负向挤出效应弱于正向促进效应,股价对居民消费的正向促进效应略弱于房价;虽然短期内居民消费受股价、房价波动影响显著,但长期来看居民收入仍然是居民消费的主要影响因素和驱动力。
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