关键词:

Abstract:

Introducing “social pooling and individual account combination”, this paper builds a rational expectation OLG model with bequest motive and Chinas mixed pension system，and proves that the rate of labor force and total population is positively related to asset prices. On this basis, this paper takes two types of assets—stocks and commodity houses as examples to analyze the influence of China s demographic structure on asset prices. This paper finds that China s demographic structure only has a significant impact on housing prices, but has no significant impact on stock prices. This results come from the realistic characteristics of Chinas stock market, the real estate market, the structure of residents financial assets and so on. According to the results of this paper, appropriate demographic structure policies will help to promote the steady development of the real estate market.

Key words: demographic structure , asset price , “social pooling and individual account combination” , bequest motive