發(fā)布時間：2018-05-26 06:15

  本文選題：因果關(guān)系檢驗 + Hong檢驗方法��； 參考：《華中科技大學》2012年碩士論文

【摘要】：本文對股票收益與黃金收益的期望之間，股票收益與白銀收益的期望之間，股票收益與黃金收益的方差之間以及股票收益與白銀收益的方差之間的關(guān)系進行發(fā)現(xiàn)和研究，試圖闡明貴金屬投資的特性及其所扮演保值、規(guī)避風險的角色，特別是在金融危機的背景下它所具有的避險功能，希望借此可以為風險對沖者、風險規(guī)避者、投資者和投機者進行投資決策時，提供富有洞察力的投資信息及投資指導。本文利用了Hong檢驗等方法對股票收益以及貴金屬收益之間的關(guān)系進行了詳盡地研究。研究發(fā)現(xiàn)金融危機的發(fā)生確實改變了股票市場與黃金市場之間的關(guān)系，也確實改變了股票市場與白銀市場之間的關(guān)系，但是股票市場與白銀市場之間關(guān)系的變化沒有股票市場與黃金市場之間關(guān)系的變化大，，這可能與我國白銀投資市場并未發(fā)展完全有關(guān)，也可能是與投資者對白銀投資未能熟知并掌握有關(guān)。長期而言，黃金投資規(guī)避股票市場風險的性能比白銀投資好，而在中短期，對白銀投資比較了解，認為可以在該市場進行操作的投資者可以選擇白銀投資來規(guī)避股票市場的風險，并有可能獲得比黃金投資還要可觀的收益。
[Abstract]:This paper explores the relationship between stock returns and gold returns, stock returns and silver returns, stock returns and gold returns, and the relationship between stock returns and silver returns. This paper attempts to clarify the characteristics of precious metal investment and its role in hedging and risk aversion, especially in the context of the financial crisis, in the hope that it can be used as a hedge against risk and risk aversion. Investors and speculators provide insightful investment information and investment guidance when making investment decisions. In this paper, the relationship between stock returns and precious metal returns is studied in detail by means of Hong test. The study found that the financial crisis did change the relationship between the stock market and the gold market, as well as the relationship between the stock market and the silver market. However, the change in the relationship between the stock market and the silver market is not as great as the relationship between the stock market and the gold market, which may have something to do with the fact that the silver investment market in China has not completely developed. It may also be related to investors' failure to know and master silver investments. In the long run, gold investment has better performance than silver investment in avoiding stock market risks, while in the medium and short term, silver investment is better understood. Investors who believe that they can operate in the market can choose silver to hedge against the risk of the stock market and may earn more than gold.
【學位授予單位】：華中科技大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：1936244