Research On The Risk And Profit Of QDII

QDII is the couterpart of QFII.In narure,it is an open-out system ,which is applied in the controlled securities market,as well as a feasible way to utilize the offshore capital market to optimize deploying the resources in the securities market. In the 1990s,such emerging markets as Korea,India,Taiwan,took QDII to open their securities markets.On the basis of the experience of these countries or districts,China worked actively in QDII studying,and lauched QDII in April,2006.On the basis of making a thorough study about the securities investment theory,especially,the portfolio theory,the thesis makes a systematic study on China'QDII.First of all,the great significance of QDII is analyzed.For example,QDII promotes to balance the international payment,decrease the upward pressure of RMB,accelerate the internationalisation of the domestic capital market,and etc.Following, the risks of QDII are discussed in detail,including the risk of the foreign exchange rate ,the risk of the interest rate,and the risk of some systems,and etc.After that, the suggestions to facilitate the QDII policy are given,including the selection of the investment products and the markets,as well as the improvement of the risk control system within the domestic institutional investors,and the improvement of the securities' supervision system.Finally, the thesis selects the mainland stock market,the HongKong stock market,the NewYork stock market ang the London stock market as the research objects,and uses Markowitz model to calculate the risk and profit of the QDII investment portfolios.It concludes that if the investors deploy their assets on the worldwide basis,they not only can decrease the risk,but also can get the competitive rewards.