被动投资理论的思考与研究

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。其核心的理论基础是复利原理,通过长时期地持有能够获得高收益证券能够获得理想可观的投资收益。与此同时,其主要的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,因此是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,风险资产的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,以此作为理论依据,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。

Passive investment belongs to a new type of investment way compared to the traditional form of active investment.The theoretical basis of its core is the principle of compound interest,which can obtain good investment gains by holding high income securities for a long time.At the same time,the main theoretical basis includes three aspects:(1)'two kinds of investors'theory mainly demonstrates that the active investors are basically unable to overcome the social market and the passive investment market is the reproduction of social market index.The social income mainly includes market returns.Thus the overall investment initiative is inferior to passive investment.(2)capital asset pricing model(CAPM)mainly refers to the ideal combination of risk assets under the ideal condition of consistent expectations.It mainly includes market combination M,namely index.At the same time,index system can completely avoid the non systematic economic risk.Based on this theory,the economic portfolio construction mode of passive investment is based on index theory.(3)the long-term investment theory is a passive investment,and its term selection is mainly provided with a feasible theoretical basis.Long term investment has a practical effect on reducing economic risk,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'.