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股票指数

股票指数(或称股市指数、股价指数)包含多种股票,是反映市场上组成股票价值的一个数据。它通常被用于展现组成股票的共通特性,例如在同一个证券交易所交易,属于同一个产业,或有相同的市值。许多指数是由报章或财经期刊编制作为投资组合(例如共同基金)绩效评估的基准点。

指数种类
股价指数编成方式有很多种。广基指数(broad-base index)代表整个股票市场的绩效,采用选样的方式反映投资人对经济现况的敏感度。最常被提及的广基指数多以包含一个国家最大的的证券交易所里最具规模的上市公司编制,例如美国道琼斯工业指数(Dow Jones Industrial Average)及标准普尔500指数(S&P 500 Index),伦敦金融时报指数(或伦敦金融时报100种股价指数,伦敦金融时报100指数,the British FTSE 100),法国证商公会指数(或法国证商公会40种股价指数,the French CAC 40),德国法兰克福股价指数(the German DAX)及日经指数(或日经225指数,Nikkei 225)。

这样的概念延伸可涵盖多于一个交易所。道琼斯威尔夏5000指数(Dow Jones Wilshire 5000 Total Stock Market Index)如同它的名字一般,代表了几乎所有在美国公开交易的公司股票:包括纽约证券交易所所有的股票、大部分在纳斯达克或美国证券交易所的股票。摩根斯坦利欧澳远东指数(The Europe, Australia, and Far East Index,简称EAFE)则是由摩根斯坦利资本国际公司(Morgan Stanley Capital International,简称MSCI)涵盖东半球发达经济个体的大公司编制。

另外有专门的指数追踨特定市场部门的绩效。例如摩根士丹利生物技术指数(Morgan Stanley Biotech Index)是由美国36间生化科技公司组成。其他指数则可追踪特定规模、特定管理模式或特殊条件公司的绩效,如一个由Linux周报(Linux Weekly News)编制的指数,即用来追踪使用Linux操作系统销货或提供劳务的公司股票绩效。

权重

指数亦可依其计算方式分类。价格加权指数(Price-weighted index),例如道琼斯工业指数及纽约证交所科技100指数(NYSE ARCA Tech 100 Index)仅以个别成份股的价格计算指数。因此,虽然可能价格变动对某高单价个股并不属重大,但却会显著影响指数,此外这个指数未考虑整体公司的相对规模。正好相反的是,另一种市值加权(market-value weighted)或资本加权(capitalization-weighted)指数是以公司规模为基础编制,例如标准普尔500指数、香港恒生指数(Hang Seng Index)及台湾的加权股价指数,因此大公司的小幅价格波动即会显著影响指数。另外,市占加权指数(market-share weighted index),其计算是依股数为基础加权平均,而非市值。

传统上,资本或市占加权指数是以整个市场资本总额或股数总额计算相对比率。但目前许多指数的权重计算已经改变为浮动调整(float-adjusted weighting)。

指数与被动投资管理
在近十年来被动投资管理(或称消极投资管理)基金有加速成长的趋势。这些基金依据市场指数定价,也就是指数基金。一般宣称指数基金常态性地击败大多数主动投资管理(或称积极投资管理)的基金;一个研究则指出,随着时间过去,主动管理的基金平均回报较S&P 500指数少1.8%。因为指数基金是模仿指数持股比例,相较一般主动管理的基金,所需的投资研究及成本较低,且周转率较低。

指数也是另一种相关的投资商品的计价基础,指数股票型证券投资信托基金(又称指数型股票基金,the exchange-traded fund,或简称ETF)。与指数基金(index fund)不同的是,指数基金每日计价,而ETF则是连续计价,并且可以买空及卖空。

美捷财智是一家全球商业和金融新闻股票行情以及市场数据和分析探索交易方法的社交平台,提供证券交易数据、股票数据分析、市场行情分析、智能选股软件、量化交易以及区块链资讯等内容服务。  

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