我国股票市场费雪效应的误差修正模型检验

持有股票是否能够预防通货膨胀，这要依赖于股票市场是否存在费雪效应。目前，研究费雪效应的文献一般将股票市场作为一个整体来看待，主要考虑时间因素和通货膨胀本身的特点对费雪效应的影响。除了考虑时间和通货膨胀因素外，本文还按照金融资本和总资本比率的高低来选择不同的行业作为研究对象，旨在研究费雪效应与股票所在的行业之间的关系。经研究，本文得出费雪效应与股票行业存在显著的联系，即费雪效应一般只存在于金融资本比率不太高的行业。

The ECM Verification on the Fisher Effect in Chinese Stock Market

Whether holding stocks can defend inflation depends on whether the Fisher Effect exists in the stock market. Currently, literatures on Fisher Effect generally regarded the stock market as a whole, and mostly considered the impact of time and traits of inflation on Fisher Effect. In addition to consider time and traits of inflation, this paper selects various industries only according to the ratio of financial capital to total capital so as to study the relations between Fisher Effect and industries. By studying, it concludes that a distinct relation exists, that is to say, in generally, Fisher Effect exists in the industries that have low ratios of financial capital to total capital.