艺术品证券化的风险分析与现实反思

Risk Analysis and Reflections on the Art Securitization

从艺术品证券化发展历程中的特点可以看出艺术品证券化模式是一把"双刃剑",从实证分析中可以看出它的收益与系统性风险呈负相关关系,违背了"高风险高收益"的基本投资原则,不存在CAPM所设想的系统性风险与收益之间的显著线性相关关系,说明中国艺术品证券投资市场是一个不成熟不健全的投资市场。目前艺术品证券化模式已经被叫停,因此有必要对这种模式进行反思总结,并探索一条适合中国艺术品投资实际的新路子。

As we can see from the characteristics of the development process of the artwork securitization, artwork securitization model is a double--edged sword. Empirical analysis shows that there is a negative correlation between revenues and systemic risk, which goes against the basic investment principle--higher risk, higher yield. There is no significant linear relationship between the systemic risk and revenues as the CAPM supposes, which indicates that the artwork securities investment market in China is immature. Now, the artwork securitization model has been stopped, so we need to rethink and draw on past experiences from this mode, to explore a new and suitable way for the artwork investment.