摘要
以货币政策和财政政策为主的宏观经济政策松紧程度不仅对大类资产收益产生直接效应,还会通过市场情绪对大类资产收益产生间接效应。通过构建基于隐性知识传播的概念模型,探究了宏观经济政策、市场情绪和大类资产收益之间的内在逻辑关系,并提出三个研究假说:宏观经济政策紧缩程度的提高会降低大类资产收益;宏观经济政策紧缩程度的提高会促进市场情绪高涨;宏观经济政策紧缩程度的提高会通过市场情绪高涨,进一步降低大类资产收益。在采用多种计量检验方法并进行稳健性检验后,检验结果都能很好地验证所提出的三个研究假说,研究结论能为我国政府制定相关宏观经济政策提供决策参考。
The tightness of monetary policy and fiscal policy not only has a direct effect on major asset returns,but also has an indirect effect on major asset returns through market sentiment.By constructing a conceptual model based on tacit knowledge dissemination,this paper explores the internal logical relationship between monetary policy and fiscal policy,market sentiment and major asset income,and proposes three research hypotheses:The tightening of macroeconomic policies will reduce the return of major assets;the tightening degree of macroeconomic policy will promote the market sentiment;the tightening degree of macroeconomic policy will further reduce the yield of assets through rising market sentiment.Then a variety of econometric test methods are used and the robustness test is carried out.The test results can well verify the three research hypotheses proposed.The above research conclusions can provide the basis and reference for the government to formulate relevant macroeconomic policies.
作者
桓恒
曹洋
HUAN Heng;CAO Yang(School of Management and Engineering,Nanjing University,Nanjing 210093,China;School of Business,Nanjing University,Nanjing 210093,China)
出处
《审计与经济研究》
CSSCI
北大核心
2023年第3期98-107,共10页
Journal of Audit & Economics
作者简介
桓恒(1977-),男,江苏江阴人,南京大学工程管理学院博士生,从事金融工程研究,Email:1179969654@qq.com;曹洋(1977-),女,江苏南京人,南京大学商学院讲师,博士,从事财务与会计理论研究。
