被动投资理论研究

Research on the Theory of Passive Investment

相对于传统形式的主动投资,被动投资属于一类新型的投资方式。其核心理论基础是复利原理,通过长期持有能够获得高收益证券获得理想可观的投资收益。同时,其主要理论依据包括三个方面:(1)"两类投资者理论"主要论证了主动投资者基本上是无法战胜社会市场,然而被动投资是对社会市场指数进行复制,其社会收益主要包括市场收益。因此,主动投资总体劣于被动投资。(2)资本资产定价模型(CAPM)主要是指在一致性预期目标的理想条件下,风险资产最优化理想组合主要包括市场组合M,即为指数化。同时指数化能够完全避免非系统性的经济风险,以此为理论依据,被动投资的经济组合构造模式运用指数化的理论方法。(3)长期投资理论属于被动投资,其期限选择主要提供可行的理论依据。长期性投资方式具有降低经济风险的实际作用,这已经成为美国证券市场领域的经济数据所证实。因此,指数基金主张的是"买入并持有"的长期性经济投资对策。

Different from the traditional forms of active investment,passive investment is a new type of investment featuring a core theoretical basis of compound interest,which means obtaining good investment gains by holing high income securities for a long time. Meanwhile,there are mainly 3 aspects."Theory of two types of investors"demonstrates that generally active investment is inferior to passive investment for the former is always defeated by the market while the latter duplicates the market index and takes market returns as the main social income. The Capital Asset Pricing Model( CAPM) means that under the ideal condition of consistent expectations,the ideal combination of risk assets mainly includes market combination M,the index system,which can completely avoid the non-systematical economic risk. Taking this theory,the economic portfolio construction mode of passive investment is based on index theory. The long-term investment theory is passive,and its term selection is mainly provided with a feasible theoretical basis. The long-term investment has a practical effect on reducing economic risks,which has been confirmed by the economic data of the US securities market. Therefore,the index fund advocates the long-term economic investment strategy of "buying and holding".