论艺术品价格形成机制与投资策略※

艺术品投资和金融投资、房地产投资被称为世界上收益最好的三大投资项目。从上个世纪90年代以来，随着中国经济体制的逐步转型,市场经济体制在各行各业逐渐确立，艺术品作为一种商品交易也日趋频繁,艺术品投资作为一种新兴的投资渠道开始被人们所重视。该文首先分析了艺术品的价值表现形式，认为艺术品的价值主要表现为精神属性和物质属性。在此基础上，探讨了艺术品价格的形成机制，认为艺术品自身内部因素、市场供求、艺术品投资及投机价值、炫耀性消费以及社会文化教育水平将影响艺术品价格的形成。最后，针对艺术品价格的形成机制．提出对艺术品投资的相应策略。     

当代中国书画市场的发展研究

中国书画艺术品市场惟有立足于现实,在参照西方艺术品市场发展规律的基础上,理性调整,用学术加以规范,强劲的市场潜力才能被逐步挖掘,中国书画艺术品市场才能够稳步向前发展.     

青花瓷定价研究

我国经济持续快速的发展使得国民积累了一定的财富。为了获得资产增值,艺术品市场也越来越受到投资者的关注。但是在艺术品市场繁荣的背后依然存在着艺术品价格虚高、人为炒作等不健康的市场问题,造成上述问题的主要原因是艺术品市场缺乏合理的定价机制。本文尝试将特征价格模型应用于青花瓷的定价研究之中,将量化后的七个特征因素作为解释变量引入特征价格模型,依据回归结果确定了青花瓷价格的五个影响因素。     

点击京沪文物艺术品拍卖市场

文物艺术品拍卖始终是上海拍卖业的软肋,目前上海文物艺术品市场面临的形势如何？振兴上海文物艺术品拍卖市场的关键何在？笔者在此略作探讨.     

市场机制下会计诚信的经济价值探析

文章分析了场机制下会计诚信的经济价值,认为会计诚信建设有利于降低企业交易成本、提高运行效率、增强市场竞争力,能够对企业进行评价和激励,能够促使企业实现规模经济效益、促进社会资本的形成和发展.     

“沪拍”应重振雄风

上海是中国文物艺术品拍卖市场的发源地之一,1993年上海朵云轩艺术品拍卖公司首次成功地举办了新中国第一场艺术品拍卖会,被公认为开创了内地艺术品拍卖的先河.     

艺术品市场供给锁定型市场结构研究

]艺术品和其它商品一样都具备商品的基本属性——使用价值和价值,但作为商品的艺术品区别于一般的商品,受艺术品本身因素和艺术品外部因素影响,其价格形成与波动具有特殊性。通过对艺术品市场的研究,发现艺术品价格形成与波动的原因,不仅与艺术品本身的价值以及投资者行为有关,更重要的是与艺术品市场的市场结构有关。艺术品市场不是完全竞争市场,也不是一般的垄断市场,而是一种特殊的市场结构——供给锁定型市场。     

艺术品行业内部控制的探寻

艺术品市场交易的异常火爆,壮大了艺术品行业的规模.但是,在这个过程中,艺术品行业的内部控制问题也逐渐呈现出来,这些问题对于艺术品行业的发展非常不利.本文对我国艺术品行业在实施内部控制时可能面临的风险进行了分析,并且对可采取的管控措施进行了探寻.     

临沂土地市场诚信体系建设情况调查

一、全市土地市场诚信体系建设试点取得明显成效2014年底,国土资源部批准临沂市成为全国六个土地市场诚信体系建设试点城市之一。近年来,全市不断健全机制,强化措施,深入推进土地市场诚信体系建设,初步建立起以信用档案为基础、以信甩等级评价为标准、以信息公示为核心、以守信激励和失信惩戒为手段、以政策制度为保障、以信息平台建设为支撑的“六位一体”的土地市场诚信体系和运行机制,为全国推进土地市场诚信体系建设提供了有益借鉴。     

艺术品网上拍卖春天来临

以互联网为基础的艺术品市场从无到有迅速发展起来,形成一股艺术品网上交易的热潮,给沿袭了千百年的传统艺术品经营方式带来一场深刻的变革.     

The economics of aesthetics and record prices for art since 1701

Aggregate art price patterns mask a lot of underlying variation—both in the time series and in the cross-section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature, and illustrate the potential of this approach through a historical study of record prices for art at auction since 1701.     

CPA职业声誉损害经济后果性研究——来自银广夏事件的初步发现和启示

独立审计是提高会计信息可信性和缓解委托代理成本的有效机制,其作用的发挥取决于审计质量,而职业声誉是市场衡量审计质量的便捷标准,CPA职业声誉的损害是否会削弱社会公众对审计质量的评价,进而影响市场对公司价值的判断？本文以银广夏事件作为研究切入点,发现银广夏造假公开日和中注协宣布将对中天勤进行严肃查处日其审计的其他上市公司异常报酬率显著为负,异常交易量显著不等于0。职业声誉损害的负面作用在中国得到了验证。     

社会主义市场经济条件下的诚信问题研究

本文分析了诚信缺失对市场经济的健康发展造成的种种危害,提出了加强我国社会主义市场经济诚信建设的战略对策和具体措施。     

The Value of Political Ties Versus Market Credibility: Evidence from Corporate Scandals in China

This paper compares the value of political ties and market credibility in China by examining the consequence of corporate scandals. We categorize Chinese corporate scandals by whether the scandal is primarily associated with the destruction of (i) the firm's political networks (political scandals), (ii) the firm's market credibility (market scandals), or (iii) both (mixed scandals). Consistent with our hypothesis that scandals signaling the destruction of political ties are associated with greater losses in firm value than scandals signaling the destruction of market credibility, we find that the stock market reacts more negatively to political and mixed scandals than to market scandals. In addition, the greater negative market reactions associated with political and mixed scandals are primarily driven by firms that rely more on political networks. We also find that, compared to market scandals, political and mixed scandals lead to larger decreases in operating performance, greater reduction in loans from state‐owned banks, and higher departure of political directors.     

刍议福州寿山石产业链的构建

目前,随着中国经济的稳定发展,艺术品投资已经与房地产、证券股票一起构成了目前中国三大投资热点。在国内,以产业链理论进行艺术品产业运作方面研究的文章尚不多见。寿山石行业与书画等其他艺术品行业有诸多相似之处,作者希望本文对福州寿山石产业链构建方面的分析和建议,能为我国艺术品产业的建设提供有益的参考。     

A reexamination of capital controls’ effectiveness: Recent experience of Thailand

This paper investigates the impact of the Unremunerated Reserve Requirement (URR) measure recently imposed in Thailand by applying three quantitative techniques of Edison and Reinhart (2001). We find that the URR measure was not completely effective in stabilizing the exchange rate, which was its original purpose. Although the THB onshore rate became more stable and less interdependent after the implementation of the URR, it was not completely isolated from other Asian currencies. Meanwhile, the URR measure was successful in reducing the total of net capital inflow and altering its composition toward preferable long-term investment, but it was unsuccessful in reducing short-term private external debt. In addition, since foreign equity investment was exempted from the measure, short-term capital inflows were forced to go mainly through the stock market; consequently, the URR had a limited impact on the equity market. Lastly, we find some side-effects of the measure, namely a wider spread between onshore and offshore rates, a bearish market sentiment, an obstacle to the debt market development, and a negative effect on the credibility of the Monetary Authority.     

结构性违约、信用分层与评级机构的策略性反应——来自中国信用债市场的证据

2014年以来,以主要集中于民企的"结构性违约"宣告了中国信用债市场刚性兑付的"结构性打破",债券市场进入了新的发展阶段。利用2013-2017年债券数据,本文深入分析了结构性违约对评级机构行为和效率的影响,主要有如下发现：首先,信用评级的市场公信力会因政府隐性担保导致的"刚性兑付"而削弱;其次,结构性违约爆发之后,信用评级的整体效率有所提升,但在不同发行主体呈现分化,对于非城投类企业,信用评级对发行利差的影响显著增大,意味着评级公信力的显著提升,而对于城投类企业,评级效率并未明显改善;进一步研究表明,出现这种情况的原因在于评级机构在违约后采取了差异化的评级策略,对于违约风险较大的非城投类债券,评级机构倾向采取"收紧评级"的策略;对于违约风险较低的城投债,评级机构倾向于采取"放宽评级"的策略。这种策略性行为是导致市场"信用分层"的重要原因,并有可能推升民营企业的融资成本。     

Partial credibility and policy announcements: The problem of time inconsistency in macroeconomics revisited

This paper studies the credibility of policy announcements in macroeconomics. This issue is exemplified by the problem of monetary policy design in light of an expectations-augmented Phillips curve. In contrast to reputational models of the repeated games literature, the credibility problem between the central bank and the private sector, which results from the policymaker's temptation to create surprise inflation to raise employment, cannot be eliminated. The paper shows that credibility in any sequential equilibrium is generally only partial, in that market participants do not fully believe policy announcements of low inflation rates, even if forthright policies have been implemented in all periods. Indicating reputation-building, credibility improves over time. The example is then used to show the policy implications of partial credibility.     

防范资产价格泡沫崩溃时的负面影响

资产价格泡沫崩溃时对经济的负面影响主要有摧毁市场信心，导致经济停滞，侵蚀企业资本，引发金融危机，导致经济紧缩等。防范资产价格泡沫崩溃对经济的负面冲击，应强化经济基础，优化产业结构，健全金融体系，提高抗风险能力，增加货币政策的公信力，稳定市场预期等。     

会计诚信建设的途径探析

会计造假现象不仅给国家的财产造成巨大的损失,而且给人民的生活也带来巨大危害,因此会计诚信成为消除会计造假现象的一剂良药。本文立足会计诚信的现状分析会计诚信缺失造成的危害,以及会计诚信缺失的原因,并提出建设良好会计诚信的建议。