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论文编号：	8469
作者编号：	2220132314
上传时间：	2016/6/13 12:43:16
中文题目：	艺术品投资金融化创新模式与管理研究
英文题目：	The research on art investment management and
指导老师：	许晖
中文关键字：	艺术品 投资 金融化
英文关键字：	art industry investment financialization
中文摘要：	摘 要 艺术品与普通商品间存在着较大不同，最大的差异在于艺术品交易隐含着金融属性。从艺术品自身的价值来看，艺术品的物理价值往往并不高，艺术品价值更多体现在其精神价值方面。艺术品的精神价值又可以分解为欣赏价值和投资价值两个方面，艺术品的艺术欣赏价值使其具有可经营特征，艺术品投资企业可以通过经营艺术品而获取持续的现金流收益，艺术品的投资价值在于其本身的价值增值可以给投资者带来资本利得，在将艺术品投资进行抽象后，完全可以将其转化为金融投资产品。艺术品金融化后得到了更大的发展空间，首先是艺术品投资的受众大幅增加，以往艺术品投资者主要集中在艺术家或艺术品收藏家领域，普通大众参与得少，但在将艺术品份额化后，可将整件艺术品拆分为若干个小份额。投资者投资单个份额的成本自然大幅降低。其次是艺术品与其它金融产品组合降低了投资风险，艺术品与其它金融投资品的相关性较低，在投资组合中引入艺术品可以有效降低投资风险。再者，艺术品金融化后可以在一个组合中投资多个艺术品，能够有效规避单件艺术品投资不确定性给投资者所带来的风险。 天津市的艺术品投资市场发展较早，是我国北方重要的艺术品投资中心，近年来政府重视发展艺术品投资领域，成立了文交所，并初步形成了艺术品投资交易的活跃市场。但天津市市场上存在着市场封闭，容量有限，监管不到位，政府过度干预等问题，若要得到进一步发展必须依靠民间力量，走出一条政府引导，艺术品投资企业快速发展，艺术投资与金融相结合，艺术品投资文化氛围形成这样一条路径。A公司是天津市的艺术品投资企业，虽经过多年发展在艺术品投资领域积累了一定经验，但也遭遇了瓶颈，未来A公司继续深耕艺术品投资市场，主动促进艺术品金融化，形成及艺术品投资、经营管理、金融化、辅助领域协同发展的有效路径。 本文的研究将艺术品金融化理论与我国实践相结合，一方面丰富了艺术品投资领域的研究成果，另一方面也为我国艺术品投资行业的发展提供借鉴，具有重要的理论和现实意义。 关键词：艺术品 投资 金融化
英文摘要：	Abstract There are very different between art and common commodities, most of them is the art has financial characters. From the values of art point of view, the physical value is not very high, most value of the art embodied on spiritual value aspect. The spiritual value can be separated to two aspects: first of them is the operating value become it can be appreciated, the art investment companies can obtain persistent cash flow to use its operating value. The another aspect is price increment value, the art price increase can bring capital gains to investors. If we abstracted the characters of art investment, the art can be seen like a financial investments. The financialization make art industry obtains bigger development space: first of all, the art group of investor can be extended immediately. Before finanicalization, the art industry only exists in field of artists and collectors, there are very small number of common people can be involved in this field. But we this financialization was carried out, the entire art can be separated to many parts on equity point of view. It makes the investment threshold of common investors be decreased efficiently. Secondly, the assembly of art and other investments can significantly decrease the investment risk. Thirdly, many arts can be combined to a investment basket, investors no longer need to put all there money into one or few expensive arts. It can reduce the risk brought by uncertain of one art price fluctuate. The market of art investment in Tianjin is developed from many years ago, Tianjin has became the one of important art transaction center in north China. In this years, the government very focus on development of art investment market, they leaded the instrument of art exchange, and the activate art transaction market has been established. But there are still problems are existed in Tianjin market, such as: sealing market , limited capacity, regulation absence, over interfere of government. The development of art industry in Tianjin has to rely on the power of government. It need a road to be leaded by government but to be embodied by art investment company, and the art industry and finance industry have to be combined. Only when the art investment atmosphere takes shape the art industry will mature. Company A is a art investment company in Tianjin. Through many years development, although the company A accumulates experiences, but it faces choke point right now. In the future the company A have to deep tillage the art investment market, push the art financialization going forward, to make the collaborative development of art investment, art operating, art financialization, art related field. In this article we combined the art financialization theory and the experience of art industry development in China. On the one hand, we enriched the theory research achievement of art financialization; on the other hand, we gave example to development of art industry. So this paper has significant theory and experience meaning. Key words: art industry; investment; financialization
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