摘要
房地产市场和股票市场是两个非常重要的市场,在我国经济和金融发展中发挥了关键性的作用。利用小波变换方法研究中国房价与股价之间的联动和因果关系,结果发现:2002年之后的中短周期内,房价和股价具有明显的联动性,说明两个市场之间的联系比较紧密;长周期内房价领先于股价,对股价具有显著影响作用。因此从长期看,房价变化带来的信贷价格效应对股价影响较大。
The real estate market and the stock market are two very important markets,which play a key role in China’s economic and financial development.The wavelet transform method was used to study the co-movement and causal relationship between housing price and stock price in China.The results showed that in the short and medium cycles after 2002,housing price and stock price had obvious co-movement,indicating that the two markets were closely linked,while in long cycles,housing price was ahead of stock price,which had a significant impact on stock price.Therefore,in the long run,the credit price effect brought by changes in housing price has a greater impact on stock price.
作者
王敏会
尹晓翠
刘伟
张艺琳
WANG Minhui;YIN Xiaocui;LIU Wei;ZHANG Yilin(School of Science and Information Science, Qingdao Agricultural University, Qingdao 266109, China;School of Economics and Management, Qingdao Agricultural University;Barthurst Future Agri-Tech Institute of Qingdao Agricultural University)
出处
《青岛农业大学学报（自然科学版）》
2022年第2期153-156,共4页
Journal of Qingdao Agricultural University(Natural Science)
基金
青岛市双百调研工程项目(2021-B-29)。
关键词
联动
因果
小波变换
房价
股价
co-movement
causality
wavelet transform
housing price
stock price
