本文選題：紅酒投資 + 麗芙指數(shù)　； 參考：《北京郵電大學》2013年碩士論文

【摘要】：收藏型紅酒同時兼顧了收藏品的特性以及投資品的特性,具有較好的避險保值能力,已在國際市場成為投資新貴。由于其自身的特點,正確制定投資策略需要參考影響其投資表現(xiàn)的因素,這也是收藏型紅酒投資研究領域的熱點問題。貨幣是反映世界經濟形勢、投資市場表現(xiàn)的重要指標,探討貨幣對于收藏型紅酒投資的影響將有助于預測紅酒投資市場的走勢,達到正確制定投資策略的目的。紅酒投資的市場分布較廣,受到多種貨幣的影響,出于這種情況的考慮,本文著重探討多種貨幣對于紅酒投資的影響關系、影響特點以及影響程度,旨在為投資者提供有效的參考信息。 在研究方法上,本文采用定性研究與定量研究相結合的方式,將研究時期確定為2003年至2013年,利用這十年間貨幣相關指標與紅酒投資表現(xiàn)相關指標的月度數(shù)據(jù),構建VAR模型與VEC模型,通過模型的結果,加以分析討論,最終找出兩者間內在的影響關系與規(guī)律。 通過研究與討論,本文最終得到了三點結論。第一,在2003年至2013年這十年間,紅酒指數(shù)在逐步升高,在面對經濟危機時,其波動較為平緩,因而具有很好的避險保值功能,可以加入投資組合,豐富投資組合多樣性；第二,收藏型紅酒投資會受到世界主流貨幣(美元、英鎊、歐元)的影響,影響的程度不盡相同,在主要國家(美國、歐洲國家)中扮演著投資品、收藏品以及二者融合的角色；第三,由于收藏型紅酒市場認可度的不斷攀升以及其“富人指數(shù)”的特性,紅酒指數(shù)能提前洞察到市場的變化。 在此基礎上,本文結合行為金融的相關理論,從市場和投資者兩個角度分析了紅酒投資的一些現(xiàn)象,并給出了相關的應對策略。最終將視角鎖定中國紅酒投資市場,探討了中國紅酒投資的發(fā)展趨勢,并為中國投資者提供了合理建議。
[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.
【學位授予單位】：北京郵電大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F224;F832.48

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