ETF基金投资价值与策略的研究

发布时间：2018-03-03 09:23

本文选题：交易所交易基金　切入点：投资策略　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：1990年以后,在全球股票交易市场上新的投资思想代替了原有的投资思想,即专门的基金管理与投资趋势代表一个专门的,低费用的投资思想。交易所交易基金是集趋势投资思想与专门化管理于一身的创新金融产品,它在发行、交易市场采取高明的实物申、赎制机制,让拟合指数表现在二级市场交易价格上得以充分呈现,ETF是费用低、组合现金比率低、交易灵活简便的一类指数基金。 ETF利用非主动投资管理方法尽可能的减少费用和完全分散化的投资策略减少非系统风险,因此获取市场平均获益水平的一类新型金融类产品。20年多来,在资本交易市场上ETF是非常时兴的一种投资产物,被全世界投资者所青睐。在2004年ETF被引入了中国金融市场,之后其得到了迅猛发展,取得了令人瞩目的成绩。根据20年来国内ETF的成长情况,本文研究ETF的投资价值,分析ETF的投资收益和风险以及业绩评估和运作效率,分析研究ETF的投资策略,为各类投资者做出指导,以期实现降低投资成本和投资风险,从而达到收益最大化的目的。从不同的角度分析ETF和开放式指数基金,得出ETF的优势所在。分析研究ETF与开放式指数基金的替代效应和客户效应,认为个人投资者适合投资开放式指数基金,机构投资者适合投资ETF的结论。但由于每个投资者的规模都是不一样的,资本规模有大有小,所以,在ETF投资方略上也会根据投资规模有所不同。在当今国内金融产品交易市场上,ETF和开放式指数基金的共存,表明不完全替代关系在其两者之间是完全存在的,而客户效应则为ETF与开放式指数基金各自的存在提供了市场。
[Abstract]:After 1990, the new investment thought in the global stock market replaced the original investment thought, that is, the special fund management and investment trend represent a special, Exchange traded funds are innovative financial products that incorporate both trend investment ideas and specialized management. They adopt smart physical claims and foreclosure mechanisms in the issuing and trading markets. So that the performance of fitting index in the secondary market trading prices can fully show that ETFs are a class of index funds with low cost, low combination cash ratio, flexible and easy to trade. ETF uses non-active investment management methods to minimize costs and completely decentralize investment strategies to reduce non-systemic risk, thus obtaining the average market benefit level of a new class of financial products for more than 20 years. In the capital trading market, ETF is a very popular investment product, which is favored by investors all over the world. In 2004, ETF was introduced into Chinese financial market, and then it developed rapidly and made remarkable achievements. Based on the growth of ETF in China in the past 20 years, this paper studies the investment value of ETF, analyzes the investment returns and risks of ETF, as well as the performance evaluation and operation efficiency, analyzes the investment strategy of ETF, and provides guidance for all kinds of investors. The aim is to reduce the investment cost and investment risk and to maximize the income. By analyzing ETF and open-end index fund from different angles, the advantages of ETF are obtained. The substitution effect and customer effect of ETF and open-end index fund are analyzed and studied, and it is concluded that individual investor is suitable to invest in open-end index fund. The conclusion that institutional investors are suitable for investing in ETF. But because the size of each investor is different and the size of the capital is large and small, so, The ETF investment strategy also varies according to the scale of investment. The coexistence of ETFs and open-end index funds in the domestic financial product trading market shows that the incomplete substitution relationship exists completely between the two. The customer effect provides a market for the existence of ETF and open-end index funds.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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