CAJ | 학술논문

受英国SG100邮票价格指数启发，借鉴股票价格指数的建立方法，运用中国邮票互动网上提供的邮票收盘价和成交量计算出了中国邮票月度价格指数。在此基础上，将邮票价格指数的超额回报与股票价格指数的超额回报进行资本资产定价模型回归，结果显示中国邮票投资并不能为股票投资者提供多元化的可能，但英国邮票投资给中国股票投资者提供了多元化的可能，产生了超额收益，分散了风险。
수영국SG100유표개격지수계발，차감고표개격지수적건립방법，운용중국유표호동망상제공적유표수반개화성교량계산출료중국유표월도개격지수。재차기출상，장유표개격지수적초액회보여고표개격지수적초액회보진행자본자산정개모형회귀，결과현시중국유표투자병불능위고표투자자제공다원화적가능，단영국유표투자급중국고표투자자제공료다원화적가능，산생료초액수익，분산료풍험。
We are inspired by British SG100 Stamp Price Index to build Chinese Stamp Price Index by ourselves. We make use of closing price and trading volume of stamps which are available online to calculate the monthly price indexes of Chi-nese stamps. The results of the Capital Asset Pricing Model regression of the monthly stamp index excess returns and the excess returns of stock indexes show that investing in Chinese stamp can’t provide portfolio diversification benefits for stock investors. Adding British stamps to Chinese stock portfolios can improve the investment performance of investors.