本文采用GARCH——M模型刻画股市收益风险,重点考察股市收益率波动对我国城镇居民不同类型消费行为的影响。表明:股市收益率波动对我国城镇不同类型的居民消费行为均具有不同程度的抑制作用。当前,应有针对性地实施多样化的消费政策并及时进行绩效评价考核,以扩大居民消费需求。 This paper uses GARCH - M model to describe the return risk of the stock market, with a focus on the impact of stock market rate of return on the different types of consumer behavior of urban residents in China. It shows that the volatility of the stock market returns has different degrees of inhibition on the consumption behavior of different types of urban residents in China. At present, we should implement targeted diversification of consumer policies and timely performance appraisal in order to expand consumer demand.