本文選題：交易所交易基金　切入點：投資策略　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：1990年以后,在全球股票交易市場上新的投資思想代替了原有的投資思想,即專門的基金管理與投資趨勢代表一個專門的,低費用的投資思想。交易所交易基金是集趨勢投資思想與專門化管理于一身的創(chuàng)新金融產(chǎn)品,它在發(fā)行、交易市場采取高明的實物申、贖制機(jī)制,讓擬合指數(shù)表現(xiàn)在二級市場交易價格上得以充分呈現(xiàn),ETF是費用低、組合現(xiàn)金比率低、交易靈活簡便的一類指數(shù)基金。 ETF利用非主動投資管理方法盡可能的減少費用和完全分散化的投資策略減少非系統(tǒng)風(fēng)險,因此獲取市場平均獲益水平的一類新型金融類產(chǎn)品。20年多來,在資本交易市場上ETF是非常時興的一種投資產(chǎn)物,被全世界投資者所青睞。在2004年ETF被引入了中國金融市場,之后其得到了迅猛發(fā)展,取得了令人矚目的成績。 根據(jù)20年來國內(nèi)ETF的成長情況,本文研究ETF的投資價值,分析ETF的投資收益和風(fēng)險以及業(yè)績評估和運作效率,分析研究ETF的投資策略,為各類投資者做出指導(dǎo),以期實現(xiàn)降低投資成本和投資風(fēng)險,從而達(dá)到收益最大化的目的。 從不同的角度分析ETF和開放式指數(shù)基金,得出ETF的優(yōu)勢所在。分析研究ETF與開放式指數(shù)基金的替代效應(yīng)和客戶效應(yīng),認(rèn)為個人投資者適合投資開放式指數(shù)基金,機(jī)構(gòu)投資者適合投資ETF的結(jié)論。但由于每個投資者的規(guī)模都是不一樣的,資本規(guī)模有大有小,所以,在ETF投資方略上也會根據(jù)投資規(guī)模有所不同。在當(dāng)今國內(nèi)金融產(chǎn)品交易市場上,ETF和開放式指數(shù)基金的共存,表明不完全替代關(guān)系在其兩者之間是完全存在的,而客戶效應(yīng)則為ETF與開放式指數(shù)基金各自的存在提供了市場。
[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.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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本文編號：1560442