黄金与其他主要贵金属价格的相关性研究

发布时间：2018-01-01 06:32

本文关键词：黄金与其他主要贵金属价格的相关性研究　出处：《浙江大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文对于目前金融市场上主要贵金属的价格进行相关性分析。发现贵金属不同于一般的商品,从几千年以前便被人们所推崇,其商品属性、货币属性和金融属性在不同的历史发展阶段表现出了不同的作用和影响力。目前国外学者对主要责金属现货期货价格影响因素的研究相对国内更为丰富,国内方面大多是黄金和白银的历史、价格研究,贵金属间相关性的文献并不多,而侧重于黄金与其他贵金属关联的研究就少之又少了。在金融危机多发的经济格局下,贵金属市场俨然成为资产保值的避风港,相对于贵金属自身所固有的商品属性,其金融属性更加吸引投资者们的目光。因此,不管对国家央行还是个人来说,能准确把握贵金属价格是十分重要的。本文从介绍贵金属市场结构入手,通过分析黄金、白银、铂金和钯金的供求结构,发现黄金与其他主要贵金属之间的供求交集。在分析贵金属价格的影响机制之后,运用实证方法检验黄金与其他贵金属价格之间的互动性,发现黄金与白银之间存在着长期协整关系,黄金与铂金、钯金之间不存在长期相关性。同时也得出黄金与其他贵金属之间存在着不同程度短期影响的结论。最后,在理论和实证检验的基础上,针对主要贵金属提出了一些投资建议。
[Abstract]:This article in the current financial market is the price of the precious metal found by correlation analysis. The precious metal is different from the general merchandise, from thousands of years ago it was respected by the people, the commodity property, monetary and financial attributes in different historical stages the role and influence of different factors on the impact of current. Foreign scholars on the main responsibility for metals futures prices relative to domestic is more abundant, mostly domestic gold and silver price history, research, not many precious metals between literature, research focused on gold and other precious metals associated with less and less. In the financial crisis of the economic situation the precious metals market, has become a safe haven assets, compared with the commodity attribute of precious metals inherent, its financial attributes to attract more investors. Therefore, regardless of It is very important for the national central bank to be able to accurately grasp the price of precious metals.
This paper introduces the structure of the precious metals market, through the analysis of the gold, silver, platinum and palladium supply and demand structure, find the intersection between supply and demand for gold and other precious metals mainly. After analyzing the influence mechanism of the price of the precious metal, using empirical methods to test the interaction between gold and other precious metals prices, found a long relationship association between gold and silver, gold and platinum, there is no long-term correlation between palladium. Also concluded that there are different degrees of short-term effects between gold and other precious metals results. Finally, based on theoretical and empirical test, to put forward some precious metals investment advice.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.5;F224

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