从中国数据看,实际利率和存货投资有时呈反向波动,有时呈同向波动,二者负相关的显著性不够。我们把实际利率与库存投资呈负相关关系的不显著性称为金融冲击之谜。库存在经济周期中举足轻重,但对库存的研究却并不充分,事实上经济文献对库存的共识是少之又少,再加上库存统计滞后而资料匮乏的国情,我们对中国库存知之甚少。抱着学习的态度,我们梳理现有的库存资料,审视已有的研究成果,并产生许多疑问和困惑。为什么零售业库存如此之低?为什么库存投资的波动性相对发达国家较低?库存投资对经济的贡献 From China’s data, the real interest rate and inventory investment sometimes fluctuated in the opposite direction, sometimes fluctuating in the same direction, and the negative correlation between the two was not significant enough. We call the insignificance of a negative correlation between real interest rates and inventory investments as the mystery of financial shocks. Inventory plays a decisive role in the economic cycle, but the research on the inventory is not sufficient. In fact, the consensus of the economic literature on the inventory is seldom. In addition, due to the sluggish inventory statistics and the lack of information, we know little about China’s inventory . With a learning attitude, we sort out the existing inventory data, examine the existing research results, and generate many questions and confusion. Why retail stocks so low? Why the volatility of inventory investment is relatively lower in developed countries? The contribution of inventory investment to the economy