多种货币影响下的收藏型红酒投资研究

发布时间：2018-07-04 15:36

本文选题：红酒投资 + 丽芙指数　；参考：《北京邮电大学》2013年硕士论文

【摘要】：收藏型红酒同时兼顾了收藏品的特性以及投资品的特性,具有较好的避险保值能力,已在国际市场成为投资新贵。由于其自身的特点,正确制定投资策略需要参考影响其投资表现的因素,这也是收藏型红酒投资研究领域的热点问题。货币是反映世界经济形势、投资市场表现的重要指标,探讨货币对于收藏型红酒投资的影响将有助于预测红酒投资市场的走势,达到正确制定投资策略的目的。红酒投资的市场分布较广,受到多种货币的影响,出于这种情况的考虑,本文着重探讨多种货币对于红酒投资的影响关系、影响特点以及影响程度,旨在为投资者提供有效的参考信息。在研究方法上,本文采用定性研究与定量研究相结合的方式,将研究时期确定为2003年至2013年,利用这十年间货币相关指标与红酒投资表现相关指标的月度数据,构建VAR模型与VEC模型,通过模型的结果,加以分析讨论,最终找出两者间内在的影响关系与规律。通过研究与讨论,本文最终得到了三点结论。第一,在2003年至2013年这十年间,红酒指数在逐步升高,在面对经济危机时,其波动较为平缓,因而具有很好的避险保值功能,可以加入投资组合,丰富投资组合多样性；第二,收藏型红酒投资会受到世界主流货币(美元、英镑、欧元)的影响,影响的程度不尽相同,在主要国家(美国、欧洲国家)中扮演着投资品、收藏品以及二者融合的角色；第三,由于收藏型红酒市场认可度的不断攀升以及其“富人指数”的特性,红酒指数能提前洞察到市场的变化。在此基础上,本文结合行为金融的相关理论,从市场和投资者两个角度分析了红酒投资的一些现象,并给出了相关的应对策略。最终将视角锁定中国红酒投资市场,探讨了中国红酒投资的发展趋势,并为中国投资者提供了合理建议。
[Abstract]:Collection red wine, which takes into account the characteristics of collectibles and investment products, has a good ability to hedge risks and has become an investment upstart in the international market. Due to its own characteristics, it is necessary to refer to the factors that affect the investment performance of the investment strategy, which is also a hot issue in the field of investment research of collectible red wine. Currency is an important index to reflect the world economic situation and the performance of investment market. It will be helpful to predict the trend of red wine investment market and to make the correct investment strategy by probing into the influence of currency on the investment of collectable red wine. The market distribution of red wine investment is wide and influenced by various currencies. In view of this situation, this paper focuses on the relationship, characteristics and degree of influence of various currencies on red wine investment. The aim is to provide effective reference information for investors. In terms of research methods, this paper uses the combination of qualitative and quantitative studies to determine the research period from 2003 to 2013, using the monthly data of the monetary indicators and the red wine investment performance related indicators in the past ten years. The VAR model and the VEC model are constructed, and the results of the model are analyzed and discussed. Finally, the internal relationship and law between the two models are found out. Through research and discussion, this paper finally draws three conclusions. First, during the decade from 2003 to 2013, the red wine index gradually rose, and in the face of the economic crisis, the red wine index fluctuated more gently, so it had a very good hedge function, which allowed it to join the portfolio and enrich the diversity of the portfolio; second, The investment of collectible red wine will be influenced by the mainstream currencies of the world (US dollar, sterling, euro), and will play the role of investment, collectibles and the combination of the two in the major countries (US, European countries). Third, due to the rising acceptance of the collector wine market and its "rich index" characteristics, red wine index can see the market changes ahead of time. On this basis, this paper analyzes some phenomena of red wine investment from the perspective of market and investor, combined with the related theory of behavioral finance, and gives the relevant countermeasures. Finally, this paper focuses on the investment market of Chinese red wine, discusses the development trend of Chinese wine investment, and provides reasonable suggestions for Chinese investors.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F832.48

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