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China 's stock market wealth effect of regional differences in study

Author: LuWeiWei
Tutor: HuangJianBing
School: Fudan University
Course: Financial Engineering Management
Keywords: Stock market Wealth effect Consumption
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 166
Quote: 1
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Abstract


With the rapid development of the stock market, the asset structure of residents in the continued increase in the share of financial assets, financial asset price volatility of macroeconomic performance and development have become increasingly prominent. Stock market wealth effect is defined as the increase or decrease of the capital stock represented wealth, will affect consumer spending and thus have an impact on the economic development. China's stock market is an emerging market, so many people believe that China's stock market wealth effect is too weak or can be ignored, many studies, which also denied the existence of this effect. However, after 10 years of rapid development, the stock market has been China's economic, social, cultural and other important influence, especially in the experience of the split share structure reform in 2006 and 2007, the magnificent bull market, the stock of assets in the residential portfolio status is substantially improved. Whether the wealth effect of the stock market is gradually emerging, the existence of geographical difference, its influence factors? Examine these issues either in theory or residents' economic life or the formulation of government policy has a very large practical significance. The one hand, the wealth effect of the stock market as a research point of departure, as an analytical basis for the theory of consumption function, respectively, through the direct algorithms and indirectly algorithm, the use of fixed effects varying coefficient models to estimate the country's 31 provinces and cities in the stock market wealth effect, found in the eastern part of more developed provinces and cities in the stock market wealth effect, in which the confidence level of 1% under significant Zhejiang, Jiangsu, Guangdong, stock market wealth effect. At the same time, the central and western underdeveloped areas stock market wealth effect is not obvious. On the other hand, this paper based on VAR system dealing with non-stationary time series regression cointegration, Granger causality and impulse response function, examine Zhejiang, Jiangsu, and Guangdong provinces in the stock market, the long-term equilibrium relationship of income and consumption. The empirical results further show that the increase in stock market wealth has obvious positive effect on the increase in consumption in Zhejiang, Jiangsu, and Guangdong provinces. Finally, this paper summarizes the cause of the stock market wealth effect differentiated reasons, including the income level of residents of the province, the level of participation in the stock market, the accumulation of wealth from the stock market and other factors. The article discusses the process, committed to the close integration of theory and practice, try to make sure that the use of the theory, data and models covered under the reality of the environment in China, to come to a more realistic and reliable conclusions. Allowing more to promote the sustained and stable development of China's stock market and macroeconomic health.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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