| 1.Background and Significance of the ThemeFrom the 1990`s in the 20th centery, under the circumstance of high market validity, most of active-managed funds have a poor performance and have not demonstrated the apparent capability of time-choosing and securities-selecting, which increase the difficulty of choosing the proper funds for many investors. The investors eager to find a useful investment tool that is a way of one-off transaction to achieve in-kind. Considering the disadvantage of close funds and open funds, it is expected to creat one new financial derivation to meet the market investment requirement. Synchronously, the State Department has published an issue about advancing the reformation and promoting the stable development of the capital market, which brings about an index derivation, namely ETFs which is the production of sharing the growth of economy.As we know, the market consists of investors, traders and speculators. Before the emergence of ETFs, frequent transaction from the short-term investors and speculators engenders the profit loss of the long-term investors; but it will be changed after the introduction of ETFs. Exchange Traded Funds (ETFs) are the fastest growing financial products in history. They offer investors the benefits of both stock and mutual funds. Influenced by its great success in overseas markets, we investigate whether they are suitable for Chinese market, whether it is ready to develop ETFs in China, and how ETFs should be introduced in China. In the paper, the author emphasizes particularly on the product design of ETFs and feasibility of developing ETFs in China. All the author has done is just for getting more knowledge and making some contribution in this new field and giving some suggestion about the exploration of ETFs under the present economic surrounding and legal framework. 2.Train of Thoughts and Research MethodsFor his research, the author has read a mass of published literature and materials about ETFs. The fundamental question for the author in the whole process of writing is how to admit and inherit the predecessors` achievements and how to realize innovation and breakthrough on that basis. The train of thoughts of this thesis has been developed in the following steps. The author starts with the background of ETFs and overall characteristics of it compared with other investment tools, aiming at systematically and deeply understanding the nature of the new finance derivation. On the basis of the study, the author presents and construes the developments of theories, particularly introduces the ways and means that are running successful abroad and discusses the difference among the different countries; then explores the possible and feasible projects of ETFs that will be more suitable for the current economic running environment in China. Sticking to Marxian Dialectic and Historical Materialism, the author pursues in his research the unification of historical induction and logical deduction, demonstration analysis and criterion analysis, quantitative analysis and qualitative analysis, macrocosmic analysis and microcosmic analysis, generalization analysis and swatch analysis. Under such unification, the author uses more logical deduction than historical induction (embodied in every chapter), demonstration analysis (shown in the discussion of choosing tracking index which is embodied in the fourth chapter) and criterion analysis (especially shown in the analysis of the product design and the feasibility of ETFs). Adopting these methods synthetically makes the research about ETFs meaningful on the basis of predecessor's achievement. 3.Structure and ContentsThe paper is composed of four chapters.In the first chapter,"The conspectus of ETFs",the author emphasizes the background, recent status, classification, advantages and theoretical basic which gives us an overall understanding of the Chinese fund industry and new finance product will be extended in the following chapters. The author conclude... |
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