CAJ | 학술논문

选取2002年第2季度至2011年第3季度的相关数据，对资产价格波动与投资关系进行实证分析。协整检验结果显示，房屋价格指数、上证综合指数与固定资产投资总额均存在稳定的长期关系，我国的股票市场和房地产市场均存在显著的投资效应，并且房地产市场的投资效应要更高一些。格兰杰因果关系检验表明我国的房屋价格指数和上证综合指数都是固定资产投资总额的格兰杰原因，而固定资产投资总额并不是房屋价格指数和上证综合指数的格兰杰原因。
선취2002년제2계도지2011년제3계도적상관수거，대자산개격파동여투자관계진행실증분석。협정검험결과현시，방옥개격지수、상증종합지수여고정자산투자총액균존재은정적장기관계，아국적고표시장화방지산시장균존재현저적투자효응，병차방지산시장적투자효응요경고일사。격란걸인과관계검험표명아국적방옥개격지수화상증종합지수도시고정자산투자총액적격란걸원인，이고정자산투자총액병불시방옥개격지수화상증종합지수적격란걸원인。
The related data from the second quarter of 2002 to the third quarter of 2011 are used to make an empiri-cal analysis on the relationship of the volatility of assets price and the investment .By Cointegration test , we finds that there is a long-term stable relationship of the series of LNSP, LNHP and LNIP.Secondly, China's stock market and real estate market have significant effects on the investment .Thirdly, the effect of the real estate market is more significant .At the same time ,Grainger Granger causality test also indicates that that China's stock market and real estate market are Grainger reasons of the investment , but not the case in vice versa .