CAJ | 학술논문

建立VAR模型对1992-2012年我国股票市场资本化率、周转率与城乡居民收入差距的动态关系进行了分析，并对模型进行了数据平稳性检验、Johansen 协整检验、格兰杰因果关系检验。结果表明：股票市场和城乡收入差距之间存在长期关系，其中股票市场的资本化率与收入差距呈正相关，而股票市场的周转率与收入差距呈负相关。这表明随着我国的股票市场的规模不断发展将会拉大城乡收入差距，而通过不断提高股票市场资金流动性可以有效改善城乡收入差距。在此基础上从股票市场发展的角度提出了缩小城乡居民收入差距的政策建议。
건립VAR모형대1992-2012년아국고표시장자본화솔、주전솔여성향거민수입차거적동태관계진행료분석，병대모형진행료수거평은성검험、Johansen 협정검험、격란걸인과관계검험。결과표명：고표시장화성향수입차거지간존재장기관계，기중고표시장적자본화솔여수입차거정정상관，이고표시장적주전솔여수입차거정부상관。저표명수착아국적고표시장적규모불단발전장회랍대성향수입차거，이통과불단제고고표시장자금류동성가이유효개선성향수입차거。재차기출상종고표시장발전적각도제출료축소성향거민수입차거적정책건의。
Establishing and using the VAR model,the authors of this paper study the effect of cap-italization rate and turnover rate on the urban-rural income gap ,based on the data from 1992 to 2012 and conduct the data stationary test,Johansen cointegration test,Granger causality test on the model .The results show that there is a long-term relationship between stock market and ur-ban-rural income gap,where there is positive correlation between capitalization rate and income gap,and negative correlation between turnover rate and income gap.These indicate that as the size of China’s stock market continues to grow,the income gap between urban and rural areas will widen and to continuously improve liquidity in the stock market can effectively narrow the in-come gap between urban and rural areas.Based on these findings and from the perspective of the development of the stock market,the authors put forward some suggestions and measures to nar-row the income gap between urban and rural residents.