中国绘画市场与股票市场的相关性及其投资收益特性研究Painting as an investment：risk, return and the comovements with the stock markets

研究绘画市场与股票市场之间的关系和绘画市场的风险收益特性以及更有吸引力的投资组合的存在性

赵秀娟

 中国绘画市场与股票市场的相关性及其投资收益特性研究[EB/OL]

北京：中国科技论文在线

而且绘画尤其是国画的收藏比股票市场更有吸引力

投资、金融方向 通信联系人： 赵秀娟(1980-),女,教授,金融市场分析/投资决策 【收录情况】 中国科技论文在线： 李艳

发现绘画市场与股票市场有长期稳定的关系而且二者的变化趋势相同

） Abstract： In China's long history, people's preference for collections has never been stopped for thousands of years, but there's little research on it

This paper examines the price linkages among Chinese major painting markets and stock markets over the period 2005-2013 using the semiannual index of Guohua400、Youhua100 from auction

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net and the stock index Hushen300

Then we concentrate on the return and risk of each index

外界金融市场波动对绘画市场的冲击较小

analysis their merits and defects

We find that there are long-term and stable relationships between painting markets and stock markets and the financial markets react more quickly to economic shocks than the painting markets

Through the mean-variance analysis