论我国房地产业与股票市场间的区隔与整合——基于APT投资组合理论模型的分析

On the Segmentation and Integration Between Real Estate and Stock Market——Analysis Based on APT Portfolio Theoretical Model

本文研究结论表明,在我国,全国房地产报酬、上海房地产报酬均与股票资产不存在关联。因此,投资者在构建自身的投资组合时,可以将房地产商品与股票资产同时纳入,并因此达到分散风险的效果。此外,APT理论模型的这种非相关性还表明,我国房地产业与股票市场之间,尽管存在一定的相关性,但二者之间的区隔仍然较为严重。而要弥合房股区隔,就应该建立多层次的资本市场。

This paper drawed a conclusion that,in our country,there exists no relation between the national real estate returns,Shanghai real estate returns and the stock assets.Therefore,investors can bring real estate commodities and stock assets simultaneously in bulilding their portfolio,and thus to diversify the risk.Apart that,the non-related property of APT theoretical model also shows that in China,the real estate and stock market are still seriously segmented though certain relation exists between them.In order to bridge the housing-stock segment,we should establish a multi-level capital market.