文化与金融融合发展的风险传导效应  

Risk Transmission Effects of Integration Development of Culture and Finance

作　　者：陈广[1] 水心勇 CHEN Guang SHUI Xin-yong

机构地区：[1]南京大学商学院国家文化产业研究中心

出　　处：《金融论坛》2016年第12期70-78,共9页Finance Forum

基　　金：国家自然科学基金面上项目:演化经济地理视角下创意产业空间演化动力机制研究(71373119);国家社科一般项目:国有转制传媒企业特殊管理股制度构建的政策路径研究(14BXW013)

摘　　要：本文对文化艺术品市场与证券投资市场间的风险传导效应进行分析。研究发现:沪深300指数对文化艺术品市场存在单向溢出效应;文化艺术品市场和创业板指数是相互影响的,二者具有正的双向波动溢出效应;另外,文化艺术品市场与创业板指数的动态波动溢出效应更明显,二者具有典型的"同上同下"趋势。基于此,本文从完善市场交易规则、健全市场准入制度、建立艺术品投资对冲机制等方面提出相关对策建议。This paper presents an analysis of the risk transmission effects between cultural art market and securities investment market. It is found that the Shanghai and Shenzhen 300 index have one-way spillover effects on the cultural art market; the cultural art market and the GEM index are mutually impacted, and the two have positive two-way fluctuation spillover effects; in addition, the dynamic spillover effects of the cultural art market and the GEM index are more obvious, and the two have a typical＂the same upwardor down-trend＂. Therefore, the authors of this paper make policy suggestions to perfect market trading rules, improve market access system, and form art investment hedging mechanism and so on.

关 键 词：文化金融 艺术品投资 文化艺术品市场 证券投资市场 风险传导效应 

分 类 号：J124[艺术—艺术理论] F832.51[经济管理—金融学]