Comparison Research On Wealth Effect Of China’s Urban Residents Assets

At present, China’s consumption demand, especially consumer demand growth fatigue, has become one of the outstanding problems that restrict the rapid growth of economic, solving this problem has become the key of our country macroeconomic policy. With the deepening of China’s market economic system and the development of urbanization, the research of consumption behavior of urban residents had a certain urgency. At the same time, the gradually expanding of the asset market scale and the enhancing of asset volatility, the impact of asset price on the residents’ consumption has become a focus of researching in economics. Considering the savings assets, stock assets and real estate assets are the most main form of assets held by residents, and the interest of savings, the prices of stock and house continued volatility, the change of assets prices, With the stock, real estate assets, and savings assets as the main representative, effect on the national economy are becoming more and more obvious. This paper mainly to comparative study wealth effect of savings market, the stock market and real estate market of our country.This paper firstly base on related research of the domestic and overseas scholars about wealth effects of saving the market, the stock markets and real estate market, from the angel of consumption function theory lead to the wealth effect, and derive wealth effect mechanism; And then introduce unit root test, cointegration test,VAR model, impulse responds function and variance decomposition, these data analysis concept and model which this paper use, by using related data of the first quarter of2001to2011in the last quarter of the stock market, the housing, savings, income and consumption carried on the diagnosis analysis, Judge analysis the presence and characteristics of urban residents’ assets wealth effect. The results show that: the wealth effect in real estate market and savings market is significant, stock market is weak, and real estate market, the stock market are positive wealth effect, savings is negative wealth effect. Finally analysis causes of the results, and put forward policies and advices which are beneficial to the development of national economy, so that the residents to form a good habit of consumption, thereby stimulating consumption, and promoting economic sustainable growth.