股票市场对我国城镇居民消费影响的实证分析.pdfVIP

and later on the stock market and empirical analysis of the real estate market, the results showthat Chinas stock market and real estatemarkets close. Finally, inbull and bear stock market and the relationship between consumption of empirical tests were performed, the results show that inour country, bull and bear market effect on consumption is asymmetric, theimpactofthebullmarket thanabearmarket. This paper draws the main conclusions: (1) stock market on consumption expenditure ofurban residents have aweak influence between them thereis acointegration relationship, that between them there is a trend of long-term stability, the stock market for every one percentage point increase increased consumption of 0.102713 percent, while short-term fluctuations deviate from the long-term equilibrium, the adjustment will be 0.498613 efforts back to the non-equilibrium state of equilibrium; (2) China stock market have an impact on the real estate market, when stock prices one percentage point, real estate prices 0.6163845038 percent. (3) of the stock market effect on consumption levels in bull and bear market is inconsistent, to the extent of the bull market is greater than the bear market, every stock market in a bull market rose one percentage point increase in consumption 0.543642 percent, the stock market fell one percentage point each, consumption will decline0.240982percent. Keywords: Keywords: KKeeyywwoorrddss::StockMarket Consumption EmpiricalTest Thesis : Thesis : TThheessiiss ::ApplicationResearch 1 绪论 1.1研究背景 我国自 1990年设立股票市场以来，股票市场已经走过了 20年的历史，在这 20年 中，我国股市逐渐从不成熟走向成熟，从不完善走向完善。如今，股票市场已经成为我 国市场经济的重要组成部分，股市的波动和经济的关系密切，股票的每一次涨跌都牵动 着广大老百姓的心。自从 2005年股权分置改革以来，我国股市经历了长足的发展，上 证指数一度达到6124.04点，后来又跌倒1664.93点，说明目前我国股票市场仍是一个 非理性的市场，是一个需要进一步完善的市场。股票市场的不断发展与完善使之与我国 2009 10 18 13677.28 城镇居民的关系越来越密切。截止 年 月 日两市股票账户