The second part is the empirical analysis, it tests whether the long-run equilibrium exists between the savings change and the stock market volatility in the chosen period.
第二部分是实证检验，考察在选定的时间段内储蓄变动与股市涨跌是否存在长期均衡关系，如果二者之间存在均衡关系，试图构建一个模型来描述二者之间的关系。
The results indicate that China's stock market wealth effect is significantly existed from the long-run equilibrium relationship;
研究结果认为：从长期均衡关系看，我国股市财富效应是显著存在；
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