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

【摘要】：收藏型紅酒同時(shí)兼顧了收藏品的特性以及投資品的特性,具有較好的避險(xiǎn)保值能力,已在國(guó)際市場(chǎng)成為投資新貴。由于其自身的特點(diǎn),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(lǐng)域的熱點(diǎn)問(wèn)題。貨幣是反映世界經(jīng)濟(jì)形勢(shì)、投資市場(chǎng)表現(xiàn)的重要指標(biāo),探討貨幣對(duì)于收藏型紅酒投資的影響將有助于預(yù)測(cè)紅酒投資市場(chǎng)的走勢(shì),達(dá)到正確制定投資策略的目的。紅酒投資的市場(chǎng)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(duì)于紅酒投資的影響關(guān)系、影響特點(diǎn)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(jié)合的方式,將研究時(shí)期確定為2003年至2013年,利用這十年間貨幣相關(guān)指標(biāo)與紅酒投資表現(xiàn)相關(guān)指標(biāo)的月度數(shù)據(jù),構(gòu)建VAR模型與VEC模型,通過(guò)模型的結(jié)果,加以分析討論,最終找出兩者間內(nèi)在的影響關(guān)系與規(guī)律。 通過(guò)研究與討論,本文最終得到了三點(diǎn)結(jié)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(duì)經(jīng)濟(jì)危機(jī)時(shí),其波動(dòng)較為平緩,因而具有很好的避險(xiǎn)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(huì)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(guó)家(美國(guó)、歐洲國(guó)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(chǎng)認(rèn)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(chǎng)的變化。 在此基礎(chǔ)上,本文結(jié)合行為金融的相關(guān)理論,從市場(chǎng)和投資者兩個(gè)角度分析了紅酒投資的一些現(xiàn)象,并給出了相關(guān)的應(yīng)對(duì)策略。最終將視角鎖定中國(guó)紅酒投資市場(chǎng),探討了中國(guó)紅酒投資的發(fā)展趨勢(shì),并為中國(guó)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(xué)位授予單位】：北京郵電大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F832.48

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