許多研究致力於探討股票、房地產、黃金和總體經濟因素之間的關
係。本研究利用經典的共整合測試和模型，包括 Johansen 共整合測
試、Granger 因果關係測試、向量誤差修正模型以及預測誤差脈衝響
應函數，試圖填補文獻中的空白，引入比特幣作為研究對象。本研
究對黃金、房地產、比特幣、股票和總體經濟因素的月度數據進行
了多個共整合測試的分析。結果顯示，比特幣在長期中對黃金和房
價指數具有單向領先效應，並且房價指數對黃金也具有單向領先效
應。預測誤差脈衝響應顯示，黃金和房價指數的震盪對比特幣具有
積極影響。

Many studies have been dedicated to examining the relationships between stocks, real estate, gold and macroeconomic variables. By utilizing classic cointegration tests and models, including the Johansen Cointegration test,
Granger-Causality test, Vector Error Correction Models, and Forecast Error Impulse Response Function for analysis, this study attempts to fill in the gap in literature by introducing Bitcoin to the mix. Monthly data on gold, real estate, Bitcoin, stock, and macroeconomic variables undergo
analysis in multiple cointegration tests. Results suggest that Bitcoin has a unidirectional leading effect from both gold and house prices in the longrun and a unidirectional leading effect from house prices to gold. The forecast error impulse response shows that shocks from both gold and house prices are found to have positive impacts on BTC.

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