本文關(guān)鍵詞： 分級(jí)基金 現(xiàn)金流折現(xiàn)法　出處：《遼寧大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：本文旨在分析分級(jí)基金的特點(diǎn)，綜合分析目前國(guó)內(nèi)市場(chǎng)上各類普通封閉式基金與分級(jí)基金的區(qū)別、贏利模式和自身的特點(diǎn)。我國(guó)自2007年7月國(guó)投瑞銀基金管理公司推出第一只分級(jí)基金——國(guó)投瑞銀瑞福分級(jí)基金至今，分級(jí)基金迅猛發(fā)展。該金融產(chǎn)品利用杠桿倍數(shù)的差異及風(fēng)險(xiǎn)收益特性與原基金的不同，創(chuàng)造出了一系列風(fēng)險(xiǎn)不同、杠桿系數(shù)不同、適應(yīng)不同人群的投資產(chǎn)品。隨著產(chǎn)品數(shù)量的增加，我國(guó)的分級(jí)基金產(chǎn)品設(shè)計(jì)也逐漸走向了持續(xù)發(fā)展。在投資標(biāo)的、運(yùn)作方式、組織形式上都進(jìn)行了有效地創(chuàng)新與探索。目前，分級(jí)基金在我國(guó)投資市場(chǎng)上發(fā)揮著越來越重要的作用。 從風(fēng)險(xiǎn)收益分割來看，分級(jí)基金開始更為清晰地劃分收益與風(fēng)險(xiǎn)。從收益風(fēng)格來看，被動(dòng)指數(shù)型投資成為越來越明顯的發(fā)展趨勢(shì)。指數(shù)化投資有利于保證收益風(fēng)格的穩(wěn)定性，強(qiáng)化了分級(jí)基金場(chǎng)內(nèi)交易工具的價(jià)值。從運(yùn)作方式來看，基于不同投資目標(biāo)需要，運(yùn)作方式選擇更為靈活。從募集方式上來看，整體募集、分離交易的模式促進(jìn)了分級(jí)基金的快速發(fā)展。 對(duì)于分級(jí)基金，我們有一系列的問題需要得到回答：能否找到一個(gè)能觀測(cè)并量化的指標(biāo)來作為此類產(chǎn)品市場(chǎng)價(jià)格的主要影響因素，，以及分級(jí)基金的理論價(jià)值如何來確定。本文將通過對(duì)分級(jí)基金的分級(jí)方案和定價(jià)進(jìn)行研究，對(duì)上述問題提供答案并求解。 文章主要分為四個(gè)部分：一，首先介紹了分級(jí)基金的內(nèi)涵和特征。二，根據(jù)分級(jí)基金發(fā)展歷程和主要問題的闡述來分析我國(guó)分級(jí)基金面臨的問題。三，介紹設(shè)計(jì)和運(yùn)作分級(jí)基金的方案。四，采用現(xiàn)金流折現(xiàn)定價(jià)方法對(duì)分級(jí)基金進(jìn)行定價(jià)，并通過情景舉例的方式對(duì)分級(jí)基金的定價(jià)進(jìn)行模擬分析。
[Abstract]:The purpose of this paper is to analyze the characteristics of classified funds and the differences between general closed-end funds and classified funds in the domestic market. Profit pattern and its own characteristics. Since July 2007, China has launched its first classified fund, UBS Ruife rating Fund. The financial product makes use of the difference of leverage ratio and the characteristics of risk return to create a series of different risk and different leverage coefficient. With the increase of the number of products, the design of the graded fund products in China has gradually moved towards the sustainable development. In the investment target, the mode of operation. At present, hierarchical funds play a more and more important role in China's investment market. From the perspective of risk income segmentation, classified funds begin to distinguish income and risk more clearly. Passive index-type investment has become a more and more obvious trend of development. Indexed investment helps to ensure the stability of income style and strengthens the value of the trading tools of graded funds. Based on the needs of different investment objectives, the choice of operation mode is more flexible. From the point of view of raising mode, the mode of whole raising and separating transaction promotes the rapid development of graded funds. For hierarchical funds, we have a series of questions to be answered: whether we can find an observable and quantifiable indicator to be the main factor influencing the market price of such products. And how to determine the theoretical value of the graded fund. This paper will provide answers and solutions to the above problems by studying the hierarchical scheme and pricing of the graded fund. The article is mainly divided into four parts: first, introduced the connotation and characteristics of classified funds. Second, according to the development of classified funds and the main problems to analyze the problems faced by the classification fund. 3. This paper introduces the scheme of designing and operating the graded fund. Fourthly, the paper uses the cash flow discount pricing method to price the graded fund, and simulates the pricing of the graded fund by way of scenario examples.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5

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