关键词: 人口老龄化 , 金融资产价格 , 资产价格崩溃 , 政策预警

Abstract:          Building up the path way linking population ageing and financial assets price and using historical data of 1990- 2015 in China，this paper applies a vector autoregression model to explore the relationship between population ageing and financial assets price． The empirical analysis results show that
population ageing has a long-term negative impact on financial assets price． From the predictive view，the pulse analysis has further confirmed that one additional positive shock added to ageing population could result in a long-term negative impact on financial assets price． This paper suggests that although population ageing would not be likely to lead to meltdown of finacial assets， the decrease of financial assets return should be vigilant seriously． The paper concludes with discussion on policy implications for population and finance management．

Keywords: Ageing , Financial Assets Price , Assets Price Meltdown , Policy Suggestion