论文部分内容阅读
本文通过回顾指数化投资模式的产生、发展与争议,探讨以我国A股市场上市公司的会计信息编制基本面指数,并采用历史数据进行投资回测检验。我们发现,该基本面指数在A股市场具有与海外市场基本一致的特征。此例说明,研究开发一些适合我国资本市场发展阶段的可投资的策略性指数产品,有利于增加市场的长线投资需求,引导多种投资理念,培养多元投资方式,改进市场对风险定价的效率,这也是我国证券市场建设成长乃至国际化的一条重要路径。
By reviewing the emergence, development and controversy of indexed investment patterns, this paper discusses the compilation of fundamental indexes of accounting information of listed companies in China’s A-share market, and conducts investment back-testing tests using historical data. We find that the fundamental index has the same features in the A-share market as overseas markets. This example shows that researching and developing some strategically indexable products that are suitable for the stage of capital market development in our country is conducive to increasing long-term investment demand in the market, guiding diversified investment concepts, cultivating diversified investment modes, improving market efficiency in pricing risks, This is also an important path for the growth and internationalization of China’s securities market.