证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2013年
1期
4~7
,共null页
交易所交易基金 合成型ETF 融资融券
交易所交易基金 閤成型ETF 融資融券
교역소교역기금 합성형ETF 융자융권
Exchange-Traded Fund （ETF）, synthetic ETF, margin trading
交易所交易基金（ETF）是近年来全球市场最受瞩目的创新投资工具，ETF市场快速发展。然而，有观点认为ETF会助长危机事件下的恐慌性抛售、引发系统性风险。本文对ETF的市场影响进行探讨，认为ETF的推出对于规避系统性风险、稳定市场起到积极作用。在ETF纳入融资融券标的后，期现套利过程更加顺畅，进一步缩小期现价差，增加市场流动性。我国当前正面临ETF市场发展的新契机，应积极推进ETF产品向多元化方向发展。
交易所交易基金（ETF）是近年來全毬市場最受矚目的創新投資工具，ETF市場快速髮展。然而，有觀點認為ETF會助長危機事件下的恐慌性拋售、引髮繫統性風險。本文對ETF的市場影響進行探討，認為ETF的推齣對于規避繫統性風險、穩定市場起到積極作用。在ETF納入融資融券標的後，期現套利過程更加順暢，進一步縮小期現價差，增加市場流動性。我國噹前正麵臨ETF市場髮展的新契機，應積極推進ETF產品嚮多元化方嚮髮展。
교역소교역기금（ETF）시근년래전구시장최수촉목적창신투자공구，ETF시장쾌속발전。연이，유관점인위ETF회조장위궤사건하적공황성포수、인발계통성풍험。본문대ETF적시장영향진행탐토，인위ETF적추출대우규피계통성풍험、은정시장기도적겁작용。재ETF납입융자융권표적후，기현투리과정경가순창，진일보축소기현개차，증가시장류동성。아국당전정면림ETF시장발전적신계궤，응적겁추진ETF산품향다원화방향발전。
Exchange-traded funds （ETFs） are the most eye-catching innovative investment tool in recent years around global markets, and are rapidly developing. However, some reports point out that ETFs could contribute to the panic selling crises and systemic risk. We analyze the market influence of ETFs and conclude that ETFs play a positive role in avoiding systemic risk and stabilizing the capital market. As part of ETFs become the margin securities, the arbitrage process between futures market and spot market become smoother, narrowing the price difference and increasing market liquidity. China is currently facing opportunities of ETFs, and we should actively promote the development of various ETFs to the market.
