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| 文章编号：1672-3104(2013)06-0048-06 |
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商品金融化下大宗商品价格对股市的影响：
一个文献综述 |
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饶育蕾，雷湘媛，彭叠峰 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 随着商品指数基金大量涌入大宗商品衍生品市场，大宗商品的金融化程度不断提高，不同类别商品价格变化之间的相关性以及与金融资产的价格联动不断提高。在商品金融化这一现实背景下，分类综述了能源与非能源商品价格影响股票市场的国内外文献，发现大宗商品价格变化对股票市场的影响模式发生了变化，尤其是次贷危机所带来金融动荡对这种影响模式的冲击较大。 |
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| 关键词： 商品金融化；商品期货；商品指数基金；股票市场；价格联动；相关性 |
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The Impacts of Commodity Price on Stock Market under the Financialization: A Review |
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RAO Yulei, LEI Xiangyuan, PENG Diefeng |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: With the large influx of Commodity Index Fund into the commodity derivatives markets, commodities became increasingly “financialized”. Prices of different commodities became increasingly correlated with each other and with other financial assets. In this context, this paper reviews literatures on the impacts of prices of commodities, both energy and non-energy, on the stock market, with particular interests in the transition of this mechanism during the financial turbulences arising from the subprime crisis. |
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Key words: commodity financialization; commodity futures; commodity index fund; stock market; price comovement; correlation |
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