The Study On The Development Of Futures Fund In China

The futures fund emerged when the futures market had developed for a long time and became larger with the development of futures market and the mutual fund.The fast developing of futures fund creat a good circumstance for the development of futures fund.Futures fund is an indirect way of investment and it is one species of investment fund.It take part in future trading through capital aggregating,professional management and profit sharing.It drived the increase of the scale of future market and the fluidity of the market.As the fund grown up,the operation manner of fund that has been proved effective and mature meets the investment requirement in future market. Then the futures fund comes into working. In the year of 1949,Richard D.Donchain set up a brand-new fund in the American market.This new kind of fund,managed by professional investors,invests into derivative tools such as futures and option.It is thus called futures fund.On the basis of Markwiz's asset portfolio theory, if add a low-corelated asset to an asset portfolio,it will decrease the risk of the asset portfolio. A great amount of research show that future just has this quality.Then,future is not only a good invest tool,but also can make an asset portfolio run more effectively,and this is also proved by foreign research.Because of this, in the recent 20 years,futures fund developed fastly in foreign country and it was selected abroadly by investors for its ability of improving the performance of traditional asset portfolio.However,such a good investment tool is not in common people's eyes in a very long time in china.The research and application of futures fund are very rare.This paper try to make up this limitation by introducing futures fund and its research in foreign country deeply.It also show the rationality and necessity that develop futures fund in china on the basis of which put forward rational policy suggestion.this paper pulls together existing theories and empirical evidences to assess the development of china's futures fund.First,a basic introduction to futures fund,whereby its characteristics and operation modes have been discussed and its mean-variance analyzed.Second,this paper looks into the historical development of the U.S futures fund as well as its status quo,comparing with that of other countries and regions.Then,based on the historical development of china's futures market and the status quo,this paper examines its pitfails and weaknesses,seeks explanations and purports out relevant responding strategies.Finally,with feasibility study of china's...