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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。
Whether the holding of stocks can prevent inflation depends on the existence of the Fisher effect in the stock market. At present, the literature on Fisher’s effect generally considers the stock market as a whole, mainly considering the influence of the time factor and the characteristics of inflation itself on Fisher’s effect. In addition to considering the time and inflation factors, this paper chooses different industries according to the ratio of financial capital to total capital to study the relationship between Fisher’s effect and the industry in which the stock is located. After studying, this paper draws a conclusion that the Fisher effect has a significant connection with the stock industry, that is, the Fisher effect generally only exists in the industries where the financial capital ratio is not too high.