我國現(xiàn)階段推廣ETF的可行性研究.pdf

1、Y7711317梗旦大擎碩士學(xué)位論文我國現(xiàn)階段推廣ETF的可行性研究院系(所)：經(jīng)濟學(xué)院專業(yè)：姓名：指導(dǎo)教師：完成日期：金融學(xué)顧凌云陳建安教授2005年4月30日束g哮董!辱師商蘊勿盒文公布。4’學(xué)校代碼；學(xué)號102460220t5270AbstractThispaperconductsextensivereviewandthoroughthoughtsregardingtheETFinstrument，whichCOVerSfunda

2、mentaltheory，thehistoryofETFsdevelopmentworldwide，threatandchallengethatconfronttheETFapplicationinChina，etcFinally，itdrawstheconclusionthatincurrentstage，itisnotquitelikelytosuccessfullylaunchETFsinChinaInthefirstpartof

3、thispaper，theauthorattemptstostudyETFsbyapplyingthefundamentalinvestmenttheory，suchas“EfficientMarketTheory”，“ModernPortfolioInvestmentPrinciple”Nevertheless。itmakesageneralintroductionoftheETFdevelopment，fromthetheoryto

4、application，whichpresentsastructuralpicturethatencompasses‘relativetheory’，‘indexinvestment’，fundoffunds，andETFsFinally，theETFdefinition，classification，variousapplicationmodelandstructure，generalfeatures，erearealsodiscus

5、sedinthepartWithinthesecondpart，bystudyingempiricalevidencesoftheETFapplicationanddevelopmentinUSmarketandAsianPacificareas，thispapertriestoenlightenthesuccessiveissuesthatcanbefollowedinChinamarketInthethirdpart，basedup

6、onbothpositiveandnegativeimpactsthatdrawnfromtheETFdevelopmenthistoryinforeignfinancialmarket，theauthordeclaresthatthekeyissuestosuccessfullylaunchanddevelopETFsarenamely，passiveinvestmentmethodology，soundinvestmentenvir

7、onment，precisetargetindex，andtheinvestoracceptableequityportfolioFurthermore，1inkingthenatureofthecurrentfinancialmarketinChina，forexample，the‘efficientmarketassumption’isnotapproved，lackofsoundtargetindex，beshortofunder

8、valuedshares，theperformanceofactiveinvestmentstrategyprevailpassiveinvestmentstrategy，etc，theauthorannouncesthatitisnotfeasibletoinitiateETFsbroadlyInthefourthpart，thepaperemphasizesagainthatduetovariousreasons，suchasthe