【作者】 李勇；

【导师】 华俊；

【作者基本信息】 华东师范大学 ， 世界经济， 2005， 硕士

【摘要】 自上世纪90年代以来,国际股票市场投资理念有了新的变化:趋势投资和专业基金管理代表着低成本、专业化的投资理念。交易所交易基金(ETF)正是集合了基金专业化管理和趋势投资理念产生的新金融商品,其巧妙的一/二级市场申购赎回机制,使得二级市场交易价格得以拟合指数表现,成功分享指数增长的收益,是一种低成本、交易简便、收益稳定的指数基金。近年来,在国际上资产规模成倍增长。中国股票市场由于缺乏指数投资理念、不具备卖空机制,导致一般投资者很难将投资风险分散,机构投资者也缺乏高效的资产配置和风险防范工具。本文采用定性和比较的分析方法,以国际ETF发展的最新情况为背景,较为详尽的介绍了ETF的特点和基本投资理念;指出运用ETF来发展我国指数基金的必要性和可行性,实证分析了上证50ETF的推出、市场表现与不足。首先,本文通过比较分析,运用投资学的原理,将国际上开放式基金、封闭式基金和ETF的一般特性进行比较,从而阐明其特殊的申购-赎回机制以及指数化投资理念,简要介绍了全球主要ETF商品,并分析借鉴国际上建立ETF的主要条件。其次,结合我国基金业发展的实际,指出我国目前主动管理型基金的主要缺陷,说明我国发展指数投资的现实意义;并详尽论述了引入ETF发展我国指数投资基金的必要性和可行性。最后,本文的创新之处在于对上证50ETF从其如何推出到其市场表现进行分析,指出其不足之处,并在此基础上,参考国际ETF发展的经验,提出了健康培育我国ETF产品的若干建议。更多还原

【Abstract】 Since 1990s, new financial views are appearing among world stock markets. As the relations and effects strengthening among world stock markets, asset portfolio globalization gradually becomes an essential way for investors to get more and risk less; trend investment represents low investment cost and funds management means professional. Exchange Traded Funds (ETF) is a particular financial species, which combines open-ended funds and ordinary index funds. From its naissance, ETF asset amounts increase with paces.Absent from index finance views in Chinese stock markets, it is rather difficult for domestic investors to distract from risks, especially individual risk, if no overselling mechanism concerned again. Organizational investors are lack of high-efficiency assets collocates. We should know, one healthy stock market should be full of investing views not of speculating views.This paper mainly adopts nature determination and comparison methods. There are exhaustive introductions about ETF specialty and marketing mechanism, requirements and feasibility for china to import it. In the end, the author analyzed the SH50ETF’ s recent performance.At first, based on investing theory, by comparison among open-ended funds, closed funds and ETF, this paper indicates ETF special declaration and redemption structure. Based on the descriptions about global main ETF, some crucial experiences for ETF development are concluded.Then, the importance of Chinese index investment is pointed out; and why ETF is the compatible ware is demonstrated fully.Importantly, SH50ETF is analyzed concretely from its production to behavior, and resulted as regularity. In the end of this paper, some constructive proposes are referred.更多还原