关于“ETF风险论”的辨析  

About the ETF Risks

作　　者：杨枫[1] 张力健[1] 

机构地区：[1]上海证券交易所,上海200120

出　　处：《证券市场导报》2013年第1期4-7,14,共5页Securities Market Herald

摘　　要：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。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.

关 键 词：交易所交易基金 合成型ETF 融资融券 

分 类 号：F831[经济管理—金融学]