| Index funds is a result of the security market development, so the investment value of index funds will be different due to different states of the market, in addition, the investment value of index also be influenced by the legal system and conditions of trade of market. So in different market and different stage of the same market, index funds can be of different investment value.Index funds have a very short history in China, and it doesn't behave well from the created day. However, Shanghai Stock Exchange 50ETF which offered in February 2005 brings the index funds of China into a new stage. Then whether the index funds including ETF is worth investing become the focus that people generally pay attention to. According to the conditions in which the index funds will be of investment value,this paper analyse the investment value of index funds in different market situations, trade systems and legal systems through quantify and definition methods. Furthemore, this paper analyse the value of ETF.The clue of the article is to analyse the advantage in operation of index funds from the basises and management styles,and compare the achievments of index funds and common funds. Then overall annlyse the value of index funds by combined other factors can influenced the value or index funds.At last, this paper draws a conclusion of whether the index funds are worth of investing. The article is composed of four parts:Chapter one introduce the definition , the theoretical foundations , background , current situation of the development and operation principle of the index funds, then introduce the new development of the index funds --ETF.Chapter two analyse investment value of the index funds and ETF in the representive of developed capital markets -market of U.S.A.Chapter three is the key part of article, this part analyse the investment value in China by analysing all factors which can influence the value of index funds and quanfied empirical researchThe fourth part is a conclusion of the paper. |
PDF Full Text Request