2011 年，有一种金融创新撬动了上百亿的民间资金参与其中，更使得艺术 领域和金融领域共同对该创新展开了学术大讨论。这种金融创新就是“艺术品股 票”。所谓“艺术品股票”就是将一件艺术品或多件艺术品组合而成的资产包进 行分割，分割后的每一份份额都享有该资产包的部分权益且每一份份额享有的权 益相同的一种有价证券。 本文的最终目的就是希望通过相关的研究，来分析“艺术品股票”这种金融 创新是不是有效可行的。而如果可行的话，具体的交易规则如何制定，才能降低 风险。 本文第一章首先介绍了目前国内的艺术品投资环境，进而推出“艺术品股票” 的创新是有实际市场的。然后我们对“艺术品股票”投资进行了解释，并介绍了 目前市场的创新情况，以及国家对于这种创新的态度。最后，我们介绍了一下目 前学术界对于这种创新的研究成果。从而抛出本文的观点，“艺术品股票”投资 可行，但是规则的制定尤为重要。 第二章，我们分析了当前拍卖市场和股票市场的功能，进而总结出“艺术品 股票”投资市场应该继承什么功能。然后，我们通过比较艺术品、股票、“艺术 品股票”这三者的关系，得出我们要进行哪些创新。最后，我们分析“艺术品股 票”的主要投资市场——天津文化艺术品交易所的规则，从而得出该市场是否进 行了很好的继承和创新。 在第三章，我们通过分析天津文化艺术品交易所运行一年来的数据，分析出 目前这个市场的规则有哪些漏洞和风险。 第四章，我们通过借鉴成熟的拍卖市场和股票市场的规则，来指导“艺术品 股票”市场规则制定的时候需要注意哪些地方。 最后一章，我们总结以上四章的研究成果，制定出“艺术品股票”交易规则， 并总结一下本报告的创新点和不足。 关键词，艺术品；股票；艺术品股票；金融创新；部分物权ABSTRACT In 2011, there is a kind of financial innovation which involved billions of private capital, more make art field and financial field to the discussion of this innovation. The financial innovation is the art of stock. The so-called art stock is a work of art segmentation, every share after segmentation is entitled to the part rights of each art and every share has the same rights and interests. The ultimate aim of this paper is the research, which analyze the art stock is an effective innovation. And if possible, how to formulate trade rules in order to reduce the risk. The first chapter of this article introduces the current domestic art investment environment, which launched the art of stock innovation has actual market. Then we explained which is art stock, and introduced the present market action, and the attitude of the government for this innovation. Finally, we introduce current results of the academic circles. To throw this view: art investment stock is feasible, but the formulation of the rules is very important. The second chapter, we analyze the auction market's function, and stock market's function, then summarized the art stock market should inherit what function. Then, we compared works of art, art of stock and stock, the three's different, to release which innovation should be created. Finally, we analyze the main investment market of art stock -- Tianjin culture art exchange rules, so that to analyzed, whether this market has good inheritance and innovation. In the third chapter, we through the Tianjin Culture Artwork Exchange trade data to analyze the market rule's vulnerability and risk. The fourth chapter, we introduced stock market rules, to guide the art stock market how to make rules. The last chapter, we summarize the above four chapters research results, developed the art stock trading rules, and summarize the innovation and deficiency of this thesis. Key words，Artwork; Stock; Art stock; Financial innovation; Part of the propertyI 目 录 目 录........................................................................................................................I 第一章 绪论.............................................................................................................1 1.1 选题背景............................................................................................... 1 1.2 相关概念介绍 ....................................................................................... 3 1.2.1 艺术品及艺术品投资.................................................................. 3 1.2.2 股票及股票投资 ......................................................................... 4 1.2.3 “艺术品股票”及其投资.......................................................... 5 1.3 相关法律介绍 ....................................................................................... 5 1.3.1 物权法关于对“艺术品份额化”的合法性说明 ....................... 6 1.3.2 目前国家对于 “艺术品股票”投资的态度 ............................. 6 1.4 目前学术界研究现状............................................................................ 7 1.4.1 “艺术品股票”投资是一种有效的金融创新 ........................... 7 1.4.2 “艺术品股票”投资风险巨大，应该叫停 ............................... 9 1.5 本报告的研究视角及意义 .................................................................. 10 第二章 “艺术品股票”投资市场 ........................................................................ 11 2.1 传统市场的功能和特点...................................................................... 11 2.1.1 艺术品拍卖市场的功能和特点 ................................................ 11 2.1.2 股票二级市场的功能和特点 .................................................... 12 2.1.3 “艺术品股票”投资市场应该继承的功能和特点..................... 13 2.2 艺术品、股票、“艺术品股票” ........................................................ 13 2.2.1 “艺术品股票”与艺术品 ............................................................. 13 2.2.2 “艺术品股票”与股票............................................................ 13 2.3 天津文化艺术品交易所“艺术品股票”交易规则............................ 15 2.3.1 艺术品份额在天津文交所的上市发行流程 ............................. 16 2.3.2 艺术品份额在天津文交所的申购 ............................................ 18 2.3.3 艺术品份额在天津文交所的日间交易规则 ............................. 19 2.3.4 天津文交所艺术品份额的退市规则......................................... 22 2.4 其他“艺术品股票”交易所有特色的交易规则 ............................... 24 2.4.1 泰山文交所的规则特色............................................................ 24II 2.4.2 郑州文交所的规则特色............................................................ 25 2.4.3 香港国际艺术品交易中心的规则特色..................................... 25 2.5 “艺术品股票”投资市场存在理由................................................... 26 第三章 天津文交所市场数据分析 ........................................................................27 3.1 月均开户数分析 ................................................................................. 27 3.2 拟上市艺术品发行定价分析 .............................................................. 29 3.3 买卖意愿分析 ..................................................................................... 30 3.4 成交分析............................................................................................. 33 3.5 份额价格走势 ..................................................................................... 35 3.6 总结..................................................................................................... 37 第四章 股票市场交易规则的借鉴 ........................................................................38 4.1 上市资格审查 ..................................................................................... 38 4.2 上市艺术品发行价的确定 .................................................................. 39 4.3 上市艺术品份额的日间交易规则....................................................... 42 4.4 上市艺术品份额的退市...................................................................... 44 第五章 总结...........................................................................................................46 5.1 本文主要成果及结论.......................................................................... 46 5.2 本文的不足和进一步研究方向 .......................................................... 47