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居民收入与资产价格之间到底存在怎样的关系是理论界广泛关注的问题。在中国当前特殊情况下,房地产和股票分别是两大具有代表性的实体资产与虚拟资产。本文基于较大期限跨度的数据,使用Jo-hansen协整检验和Granger因果关系检验方法,对居民收入和资产价格之间的关系进行实证研究。结论表明,居民收入提高不会导致实体资产价格上升,但会对虚拟资产价格产生一定的影响。基于此,现阶段国内要稳步发展房地产市场和股票市场,引导投资者合理投资,在提高居民收入时要注意促使居民扩大消费而不是追加投资。
What kind of relationship exists between residents’ income and asset price is the issue that theorists pay much attention to. Under the current special circumstances in China, real estate and stocks are respectively two representative physical assets and virtual assets. Based on the data of a larger period, this paper uses Jo-hansen cointegration test and Granger causality test to test the relationship between resident income and asset prices. The conclusion shows that the increase of resident income will not lead to the increase of real asset prices, but will have a certain impact on the price of virtual assets. Based on this, at this stage, China needs to steadily develop the real estate market and the stock market, guide investors to invest rationally, and pay attention to urging residents to expand consumption rather than additional investment when raising their income.