7374 
6204近年来，中国艺术品投资迅速发展成为全球艺术品市场的主导力量。国内市场的主流观点认为，相对于证券投资而言，艺术品投资收益高、风险低，这与相关研究的结论并不一致。因此，文章使用国内2000-2015年间雅昌艺术市场指数和上证综指等相关数据对艺术品市场与证券市场的收益率和风险进行实证分析，研究发现：（1）国内艺术品市场的平均收益率高于证券市场，但统计检验不显著；（2）国内艺术品市场的风险水平显著高于证券市场，但相对风险水平低于证券市场；（3）国内艺术品市场投资收益与证券市场存在弱相关关系，通过投资组合可以有效降低风险。上述研究发现有助于我们更加全面认识艺术品市场投资的收益与风险，更加深入了解艺术品市场和证券市场投资的风险对冲效应以及两者对货币供给增长响应的时序差异。
中国艺术品市场投资真的是高收益、低风险吗？
摘要
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引用本文
乔明哲, 方艳, 黄祥芸, 等. 中国艺术品市场投资真的是高收益、低风险吗？[J]. 上海财经大学学报, 2017, 19(2): 63–76.
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