我国ETF指数型基金发展研究

发布时间：2018-06-11 12:56

本文选题：交易型开放式指数基金(ETF) + 风险　；参考：《北京林业大学》2012年硕士论文

【摘要】：自2004年底我国第一只交易型开放式指数基金(ETF)推出至今已有七年的时间。在国际ETF市场蓬勃发展的同时,我国ETF市场规模也在逐年增加。但从2010年和2011年我国ETF市场的运行情况看,我国ETF的发展似乎开始进入瓶颈期。针对这种趋势,本文对国内ETF市场发展现状及存在的问题展开了研究,并且,根据研究结论,本文也将提出相应的改进建议,希望能对我国ETF市场的相关管理机构有所启发。本文采用了理论与实证相结合的研究方法。研究内容主要分为六大部分。第一,本文阐述了该研究的背景、目的和意义,评述了国内外学者对ETF的相关研究成果。第二,从理论角度剖析了ETF产品的理论基础及相关概念,比较研究了ETF基金与一般指数基金、封闭式基金、开放式基金、LOF产品的异同。第三,本文在借鉴美国、欧洲、日本、香港ETF发展经验的基础上,总结了三点适合我国国情的能够有效推动ETF发展的经验,包括ETF的产品及其衍生产品的创新、交易制度的创新和配套法规的构建。第四,介绍了我国ETF的发展历程及当前基本情况。第五,通过大量的数据收集和整理工作,从实证角度分析了国内ETF基金在运行过程中出现的问题,包括流动性较差、产品结构单一和投资者结构不合理等。最后,本文针对上述问题提出五点合理化建议,期望能对我国ETF市场的监管机构和基金管理人有所帮助。
[Abstract]:It has been seven years since ETF was launched in China at the end of 2004. With the rapid development of international ETF market, the scale of ETF market in China is increasing year by year. However, in 2010 and 2011, the development of ETFs in China seems to begin to enter the bottleneck period. In view of this trend, this paper has carried on the research to the domestic ETF market development present situation and the existence question, and, according to the research conclusion, this article will also put forward the corresponding improvement suggestion, It is hoped that it can enlighten the relevant management institutions of ETF market in China. This paper adopts the research method of combining theory with empirical research. The research contents are divided into six parts. Firstly, this paper describes the background, purpose and significance of this research, and reviews the related research results of domestic and foreign scholars. Secondly, the theoretical basis and related concepts of ETF products are analyzed from the theoretical point of view, and the similarities and differences between ETF funds and general index funds, closed-end funds and open-end funds are compared. Thirdly, based on the experience of ETF development in the United States, Europe, Japan and Hong Kong, this paper summarizes three experiences that can effectively promote the development of ETFs, including the innovation of ETF products and derivatives. The innovation of transaction system and the construction of supporting regulations. Fourth, introduces the development of ETF in China and the current basic situation. Fifthly, through a large amount of data collection and collation, the paper analyzes the problems of domestic ETF funds in the process of operation from the perspective of empirical analysis, including poor liquidity, single product structure and unreasonable structure of investors and so on. Finally, this paper puts forward five reasonable suggestions to solve the above problems, which is expected to be helpful to the regulators and fund managers of ETF market in China.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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