中国房地产业与其他行业的关联性——基于行业股价收益率的连通性分析  

The Relevance of China's Real Estate Industry with Other Industries——Connectedness Analysis of Industry Stock Price Return

作　　者：王守峰 陈阳[1] 岑彩云[1] WANG Shou-feng;CHEN Yang;CEN Cai-yun(School of Economics and Management,Qingdao University of Science and Technology,Qingdao 266061,China)

机构地区：[1]青岛科技大学经济与管理学院,青岛266061

出　　处：《青岛大学学报（自然科学版）》2020年第4期101-109,共9页Journal of Qingdao University(Natural Science Edition)

基　　金：教育部人文社会科学研究青年基金(批准号:18YJC790013)资助;山东省自然科学基金(批准号:ZR2017BG005)资助。

摘　　要：基于2007-2019年的同花顺行业指数日数据,通过测算相关股价收益率的连通性指数,研究中国房地产业与其他行业的关联性。研究结果表明,中国房地产业与其他行业存在关联性,且存在行业间的显著差异。房地产业与下游行业整体表现为稳定的高度关联态势,主要表现为房地产业驱动下游行业的发展;房地产业与上游、中游行业的总连通性居中,房地产业受到中上游行业整体的拉动;房地产业与支撑行业总体的关联性最弱,但波动性最强。研究有利于确定房地产业在经济中的地位,同时为政府的调控政策提供参考。Based on the daily data of the Royal Flush Industry Index from 2007 to 2019,the connectedness index of the relevant stock price returns is measured to study the relevance of China's real estate industry with other industries.The research results show that China's real estate industry is related to other industries,and the relationship is various among different industries.Specifically,the real estate industry and downstream industries as a whole show a stable and highly correlated situation,which is mainly manifested in the real estate industry driving the development of downstream industries.The total connectedness between the real estate industry and upstream and midstream industries are in the middle,and the real estate industry is driven by the overall midstream and upstream industries.The overall correlation between the real estate industry and the supporting industries is the weakest,but the volatility is the strongest.This research is conducive to determining the status of the real estate industry in the economy,and at the same time provides a reference for the government's regulatory policies.

关 键 词：房地产业 股价收益率 连通性指数 

分 类 号：F832.5[经济管理—金融学]