近年来我国贸易顺差不断扩大,与此同时,伴随的却是我国贸易条件的持续恶化,这有悖于传统贸易理论中“财富向本国转移能够改善贸易条件”的一般逻辑。本文基于跨期分析法构建两国经济模型,然后利用我国 1998 至 2011 年的月度数据运用广义矩估计方法(GMM)实证检验我国整体价格贸易条件与分类价格贸易条件在多大程度上受净国外资产变动的影响。计量结果表明,我国消费者对进口品的强劲需求与对闲暇的相对忽视, 是国际财富转移对我国贸易条件逆效应发生的主要原因,扩大内需有助于我国贸易条件的改善。在调整消费者对国产商品的消费偏好与对休闲—工作的选择偏好方面,我国还有很大的提升空间。 In recent years, China's trade surplus has continuously expanded. At the same time, it has accompanied the continuous deterioration of the terms of trade in our country. This runs counter to the general logic of traditional trade theory that “the transfer of wealth to our home countries can improve the terms of trade.” Based on the intertemporal analysis method, this paper constructs a two-nation economic model, and then uses the GMM method from the monthly data of 1998 to 2011 in our country to test empirically the extent to which China's overall price terms of trade and the classified price terms of trade are affected by net foreign assets Impact of changes. The measurement results show that the strong consumer demand for imported goods and the relative neglect of leisure are the main reasons for the adverse effect of the international wealth transfer on China's trade conditions. Expanding domestic demand will help to improve our terms of trade. There is still much room for improvement in China in terms of adjusting consumer preferences for consumer goods and preferences for leisure-work.