CAJ | 학술논문

基于丰富的实践经验，约翰·博格用常识与逻辑构建了简明、实用的指数化投资理论，形成了独立的指数化投资思想。成本重要假说是他的一个重大理论贡献，这一假说作为指数化投资的理论基础，比有效市场假说更有说服力与普遍价值。他关于指数化投资的收益来源与投资本质、简单化的原则及以投资者为本的服务宗旨等方面的基本观点，都有非常重要的价值。通过对比可以看到，我国指数化投资研究中存在一些认识错误与混乱；其主要原因是教条化、视野狭窄、违背常识与脱离现实。
기우봉부적실천경험，약한·박격용상식여라집구건료간명、실용적지수화투자이론，형성료독립적지수화투자사상。성본중요가설시타적일개중대이론공헌，저일가설작위지수화투자적이론기출，비유효시장가설경유설복력여보편개치。타관우지수화투자적수익래원여투자본질、간단화적원칙급이투자자위본적복무종지등방면적기본관점，도유비상중요적개치。통과대비가이간도，아국지수화투자연구중존재일사인식착오여혼란；기주요원인시교조화、시야협착、위배상식여탈리현실。
With a wealth of practical experience, John C. Bogle constructed a concise and practical theory of indexation investment and formed independent investment ideas with common sense and logic. Cost Matters Hypothesis (CMH) is one of his major theoretical contributions. CMH, as the theoretical basis of indexation investment, is more convincing than Efficient Market Hypothesis (EMH) and boasts universal values. His basic ideas regarding the revenue sources of indexation investment and the nature of investment, simplistic principles and investor-oriented service philosophy, etc., are of a significant value. By contrast, some misunderstandings and confusions in China's index-based investment research can be found, the main reasons of which are dogmatic, narrow-minded, deviate from common sense and divorced from reality.