稳定资本市场与扩大消费

扩大消费是我国当前迫切需要解决的一个重大问题,而资本市场在扩大消费战略中是关键环节之一。从资本市场与消费需求之间的关系角度分析我国当前扩大消费面临的主要问题：居民消费占最终消费比重不断下降,消费与投资增长不协调,消费结构不平衡。资本市场影响消费需求的渠道主要是资本市场的财富效应,托宾的Q效应及资产负债表效应。提出稳定资本市场、扩大消费的对策：提高资本市场效率,防止股价过度波动,构建多层次资本市场体系。

Influence of Capital Market Stabilization on Consumption Expansion

One of the urgent problems that China needs to resolve is to expand consumption,and capital market is one of the key links in the consumption expansion strategy.The paper,from the perspective of the relationship between capital market and consumer demand,analyzes three major problems that are confronting China in its attempt to expand consumption：declining proportion of household consumption to final consumption,inharmony between consumption increase and investment growth,and imbalanced consumption structure.The channels,through which capital market influences consumption,are mainly the wealth effect of capital market,Tobin＇s Q effect and the balance sheet effect.The paper puts forward some countermeasures of stabilizing capital market to expand consumption,which mainly include improving the capital market efficiency,preventing too severe fluctuation of stock price and constructing multi-level capital market system.