价格水平波动与财富转移问题研究——以我国A股上市公司的微观证据为样本

On Price Fluctuation and Wealth Redistribution——China's A-share Companies Employed as Sample

经济理论认为,价格水平的波动将会导致财富的转移。使用Alchian和Kessel发展的Portfolio方法,利用中国A股上市公司的微观数据,实证分析价格水平波动下财富转移问题的结果表明,价格水平波动的确会导致财富转移,股票综合价格的增长率部分地可以用价格水平波动造成的财富转移来解释。

Economic theories hold the idea that the fluctuation of price level will lead to the redistribution of wealth. With the help of the Portfolio test advanced by Alchian and Kessel, an empirical study of wealth redistribution in the condition of price level fluctuation is made, using the micro data of a Chinese listed company as sample. Result shows that fluctuation of price level will indeed lead to wealth redistribution, which associates partly with the rise of stock price.