山东商业职业技术学院学报

2023年消费成为我国经济增长最大推动力，拉动经济增长4.3%,对经济增长贡献率达到82.5%。如何进一步释放我国的消费潜力促进经济的长足发展，研究中国的消费函数有重要的意义。在前人研究的基础上，采用协整、误差修正模型等方法对中国消费函数进行了实证研究，研究发现：1.人均消费、人均收入、房价、上证指数、深证成指均为一阶单整序列，且存在着协整关系。2.在长期关系中，中国居民的边际消费弹性为0.86;房产对消费没有显著的影响；股市代表的虚拟财富对消费有显著的影响，但不同股市影响方向并不相同。3.短期来说，财富变动对消费变动无显著的影响，收入变动对消费变动有显著的正向影响，与长期关系的偏差中的46.83%会被系统修正。

In 2023, consumption will become the biggest driving force for China's economic growth, driving economic growth by 4.3% and contributing 82.5% to economic growth. It is of great significance to study China's consumption function in order to further unleash its consumption potential and promote sustainable economic development. On the basis of previous research, this article empirically studied the Chinese consumption function using cointegration, error correction models, and other methods. The study finds that: 1. Per capita consumption, per capita income, housing prices, Shanghai Composite Index, and Shenzhen Component Index are all first-order cointegration sequences, and there exists a cointegration relationship. 2. In long-term relationships, the marginal consumption elasticity of Chinese residents is 0.86; Real estate has no significant impact on consumption; the virtual wealth represented by the stock market has a significant impact on consumption, but the direction of influence varies among different stock markets. 3. In the short term, changes in wealth have no significant impact on changes in consumption, while changes in income have a significant positive impact on changes in consumption. 46.83% of the deviation from the long-term relationship will be systematically corrected.