CAJ | 학술논문

从航运企业市场价值与航运业市场环境关系的理论视角分析航运个股股价波动与波罗的海干散货运价指数（BDI）的关系，建立VAR模型和VEC模型，并对中国远洋H股股价进行方差分解，深入探讨其与BDI的关系，得出BDI对中国远洋H股股价波动有很强的引导作用。
종항운기업시장개치여항운업시장배경관계적이론시각분석항운개고고개파동여파라적해간산화운개지수（BDI）적관계，건립VAR모형화VEC모형，병대중국원양H고고개진행방차분해，심입탐토기여BDI적관계，득출BDI대중국원양H고고개파동유흔강적인도작용。
The relationship between BDI and shipping companies＇ share price is focused on from the theoretical perspective of the interactions among shipping companies＇ market value and the shipping industry. Then VAR and VEC modals are built for deeper analysis, along with the variance decomposition of COSCO＇ s share price of H. It is concluded that BDI leads a strong role to the fluctuation of COSCO＇ s share price of H.