南开学报：哲学社会科学版
南開學報：哲學社會科學版
남개학보：철학사회과학판
Nankai Journal
2014年
5期
66~75
,共null页
股票价格 房地产价格 投资需求 经济发展方式
股票價格 房地產價格 投資需求 經濟髮展方式
고표개격 방지산개격 투자수구 경제발전방식
Stock Price; Housing Prices; Investment Demand; Economic Development Mode
对我国资产价格波动的投资需求效应进行实证分析表明,我国的股价和房价波动对投资需求不具有托宾q效应,反而具有显著的挤出效应。这种现实与理论的悖论深层次根源于既有的经济发展方式。要保持资产价格波动幅度的相对稳定,并使之发挥对投资需求的正向引导作用,政府应弱化对市场的干预,在遵循市场规律的基础上,着力从多个方面入手,深化经济体制改革,推动经济结构调整和经济发展方式转变。
對我國資產價格波動的投資需求效應進行實證分析錶明,我國的股價和房價波動對投資需求不具有託賓q效應,反而具有顯著的擠齣效應。這種現實與理論的悖論深層次根源于既有的經濟髮展方式。要保持資產價格波動幅度的相對穩定,併使之髮揮對投資需求的正嚮引導作用,政府應弱化對市場的榦預,在遵循市場規律的基礎上,著力從多箇方麵入手,深化經濟體製改革,推動經濟結構調整和經濟髮展方式轉變。
대아국자산개격파동적투자수구효응진행실증분석표명,아국적고개화방개파동대투자수구불구유탁빈q효응,반이구유현저적제출효응。저충현실여이론적패론심층차근원우기유적경제발전방식。요보지자산개격파동폭도적상대은정,병사지발휘대투자수구적정향인도작용,정부응약화대시장적간예,재준순시장규률적기출상,착력종다개방면입수,심화경제체제개혁,추동경제결구조정화경제발전방식전변。
Empirical analysis of the investment demand effects caused by asset price fluctuations shows that stock prices and housing prices do not have Tobin＇s q effects on investment demand but, in stead, have a significant crowdingout effect in China. This conflict between theory and reality is deeply rooted in China＇s current mode of economic development. To maintain a relatively stable asset price and release its power to positively guide the investment demand, the government should, following the rules of the market and in ways more than one, weaken its interference with the market, deepen its reform of the economic system, and promote the adjustment of economic structure and mode of development.
