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題名 釋放機會：探索印尼 ETF 的潛力和投資吸引力
Unlocking Opportunities: Exploring the Potential and Investment Appeal of Indonesian ETFs作者 劉金輝
Pratama, Felix貢獻者 郭維裕
Kuo, Weiyu George
劉金輝
Felix Pratama關鍵詞 ETF
保管費
報酬率
股票指數
多元化
ETF
Expense Ratio
Total Return
Stock Index
Diversification日期 2024 上傳時間 3-Jun-2024 11:40:57 (UTC+8) 摘要 本研究旨在探討印尼 ETF 作為印尼投資者投資選擇的潛力，並為投資印尼 ETF 提供寶貴的見解。 重點關注指數ETF，選取印尼幾隻著名ETF，與美國、日本、台灣等較成熟市場的ETF進行比較。 用於比較的主要參數是費用率、績效和流動性。 分析顯示，對ETF的了解不足、現有ETF的費用率較高、市場上產品缺乏多樣性是印尼ETF面臨的挑戰。 借鑒台灣的經驗，印尼可以與現有的金融影響者和投資平台合作，透過社群媒體提供有關 ETF 的知識和活動。 由於ETF提供的便利性以及超過50%的印尼人是千禧世代和Z世代，印尼ETF作為投資選擇擁有很高的機會。
This research aims to examine the potential of Indonesian ETFs as an investment alternative among Indonesian investors and provide valuable insights into investing in Indonesian ETFs. Focusing on index-based ETFs, several famous Indonesian ETFs are selected and compared with the ETFs from more mature markets, namely the United States, Japan, and Taiwan. The main parameters used for the comparison are expense ratio, performance, and liquidity. The analysis reveals that a lack of knowledge about ETFs, high expense ratios of the existing ETFs, and a lack of product variations in the market are the challenges faced by Indonesian ETFs. Learning from Taiwan’s experience, Indonesia could collaborate with existing financial influencers and investment platforms to provide knowledge and campaigns about ETFs through social media. With the convenience provided by ETFs and more than 50% of Indonesian people are millennials and Gen Z, Indonesian ETFs possess high opportunities as the investment alternative.參考文獻 Antoniewicz, R., & Heinrichs, J. (2014). Understanding Exchange-Traded Funds: How ETFs Work. ICI Research Perspective. Au, S. (2023, December 14). Asia-Pacific’s ETF industry is taking off, says Invesco executive. Retrieved from Financial Times: https://www.ft.com/content/6161940f-906c-4a47-8736-d124babdb73d Bartolini, M. J. (2024, January 5). December ETF Flows: ETFs Break Records. Retrieved from State Street Corporation: https://www.ssga.com/us/en/intermediary/etfs/insights/december-etf-flows--etfs-break-records Beers, B. (2023, December 10). What's the Smallest Number of Shares I Can Buy? Retrieved from Investopedia: https://www.investopedia.com/ask/answers/whats-the-smallest-number-shares-i-can-buy/#:~:text=There%20is%20no%20minimum%20order,which%20don't%20have%20commissions. Berk, J., & DeMarzo, P. (2020). Corporate Finance, 5th ed., Global Edition. Pearson. BlackRock. (2021, October). 4 TRENDS DRIVING ETF GROWTH. Retrieved from BlackRock: https://www.blackrock.com/sg/en/ishares/insights/growth-trends Bodie, Z., Kane, A., & Marcus, A. (2021). Investments (12th ed.). McGraw-Hill Education. Caporal, J. (2023, November 1). How Many Americans Own Stock? About 158 Million -- But the Wealthiest 1% Own More Than Half. Retrieved from The Motley Fool: https://www.fool.com/research/how-many-americans-own-stock/#toc_stock-ownership-by-generation Chen, J. (2022, May 27). What Is an Authorized Participant? Definition, Examples, Benefits. Retrieved from Investopedia: https://www.investopedia.com/terms/a/authorizedparticipant.asp#:~:text=Instead%2C%20authorized%20participants%20are%20compensated,to%20resell%20for%20a%20profit. Chen, J. (2023, Feburary 10). Annualized Total Return Formula and Calculation. Retrieved from Investopedia: https://www.investopedia.com/terms/a/annualized-total-return.asp Chen, J. (2024, January 20). Exchange-Traded Fund (ETF) Explanation With Pro and Cons. Retrieved from Investopedia: https://www.investopedia.com/terms/e/etf.asp#toc-what-is-an-exchange-traded-fund-etf Cohen, S. (2024, January 17). Global ETF Market Facts: three things to know from Q4 2023. Retrieved from iShares by Blackrock: https://www.ishares.com/us/insights/global-etf-facts-q4-2023 DataReportal. (2024, February 21). Digital 2024: Indonesia. Retrieved from DataReportal: https://datareportal.com/reports/digital-2024-indonesia Dwi, C. (2023, December 6). Deretan 10 Saham IPO 2023 Terboncos, Ada yang Turun 89%. Retrieved from CNBC Indonesia: https://www.cnbcindonesia.com/market/20231206005553-17-494832/deretan-10-saham-ipo-2023-terboncos-ada-yang-turun-89 ETF.com. (2023). ETF efficiency: How to evaluate an ETF. Retrieved from Fidelity: https://www.fidelity.com/learning-center/investment-products/etf/etf-efficiency ETFGI. (2024, January 18). ETFGI reports assets invested in the ETFs industry in the United States reached a new milestone of US$8.12 trillion at the end of 2023. Retrieved from ETFGI: https://etfgi.com/news/press-releases/2024/01/etfgi-reports-assets-invested-etfs-industry-united-states-reached-new Federal Reserve. (2023, December 15). Distribution of Household Wealth in the U.S. since 1989. Retrieved from Federal Reserve: https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:136;series:Corporate%20equities%20and%20mutual%20fund%20shares;demographic:generation;population:all;units:shares;range:2004.2,2021.2 Focus Taiwan. (2023, December 8). Taiwan ETFs top NT$3 trillion in 20 years. Retrieved from Focus Taiwan: https://focustaiwan.tw/business/202308120008 Foelber, D. (2023, December 27). The Dow Jones Just Hit an All-Time High. Here's Why It Could Beat the Nasdaq in 2024. Retrieved from Nasdaq: https://www.nasdaq.com/articles/the-dow-jones-just-hit-an-all-time-high.-heres-why-it-could-beat-the-nasdaq-in-2024. Gallup. (2023, May 24). What Percentage of Americans Own Stock? Retrieved from Gallup: https://news.gallup.com/poll/266807/percentage-americans-owns-stock.aspx Goodkind, N., & Buchwald, E. (2023, December 29). Stocks went gangbusters in 2023. Here are the biggest winners and losers. Retrieved from CNN Business: https://edition.cnn.com/2023/12/29/investing/stock-market-record-winners-and-losers-2023/index.html Hamdhi, A. (2023, November 25). Dana Kelolaan ETF Hanya Naik 42% Saat Jumlah Produk ETF Melesat 108%. Retrieved from Kontan.co.id: https://investasi.kontan.co.id/news/dana-kelolaan-etf-hanya-naik-42-saat-jumlah-produk-etf-melesat-108 Hayes, A. (2024, February 6). Dollar-Cost Averaging (DCA) Explained With Examples and Considerations. Retrieved from Investopedia: https://www.investopedia.com/terms/d/dollarcostaveraging.asp Hill, J. M., Nadig, D., & Hougan, M. (2015). A Comprehensive Guide to Exchange-Traded Funds (ETFs). The CFA Institute Research Foundation. Huhulea, I. (2024, February 01). The Future of ETFs: An Advanced Investor's Guide. Retrieved from Investopedia: https://www.investopedia.com/the-future-of-etfs-4772514 IDN Times. (2024). Indonesia Gen Z Report 2024. Retrieved from https://cdn.idntimes.com/content-documents/indonesia-gen-z-report-2024.pdf IDN Times. (2024). Indonesia Millenial Report 2024. Retrieved from https://cdn.idntimes.com/content-documents/indonesia-millennial-report-2024.pdf IDX. (2023, December 29). Melalui Berbagai Pencapaian Tahun 2023, Pasar Modal Indonesia Tunjukkan Optimisme Hadapi Tahun 2024. Retrieved from Indonesia Stock Exchange (IDX): https://www.idx.co.id/en/news/press-release/2080 Iguchi, K. (2023, December 30). Japan stocks' 28% jump in 2023 fueled by reform, Buffett and M&A. Retrieved from Nikkei Asia: https://asia.nikkei.com/Business/Markets/Japan-stocks-28-jump-in-2023-fueled-by-reform-Buffett-and-M-A Indonesia Central Securities Depository. (2023, December). Statistik Pasar Modal Indonesia December 2023. Retrieved from https://www.ksei.co.id/files/Statistik_Publik_Desember_2023_v4.pdf Indonesia Stock Exchange. (2023, December). Average Daily Trading Value All Instrument Activities - Q4 2023. Retrieved from https://idx.co.id/id/data-pasar/laporan-statistik/digital-statistic/yearly/trading-summary/average-daily-trading-value-all-instrument-activities?filter=eyJ5ZWFyIjoyMDIzLCJtb250aCI6MCwicXVhcnRlciI6NCwidHlwZSI6InllYXJseSJ9 Indonesia Stock Exchange. (2023, December). Exchange Traded Fund (ETF) Activities - Q4 2023. Retrieved from https://idx.co.id/id/data-pasar/laporan-statistik/digital-statistic/yearly/trading-summary/etf-activities?filter=eyJ5ZWFyIjoyMDIzLCJtb250aCI6MCwicXVhcnRlciI6NCwidHlwZSI6InllYXJseSJ9 Indonesian Ministry of Trade. (2023, December 18). Bappebti Records Crypto Asset Customers Reaching 18.25 Million. Retrieved from Indonesian Ministry of Trade: https://www.kemendag.go.id/berita/pojok-media/bappebti-catat-pelanggan-aset-kripto-tembus-1825-juta Japan Securities Dealers Association. (2023, September). 個人株主の動向について. Retrieved from https://www.jsda.or.jp/shiryoshitsu/toukei/2022kozinkabunusidoukou.pdf JPX Market Innovation & Research, Inc. (2023, December 29). Historical TOPIX Index Value. Retrieved from https://www.jpx.co.jp/english/markets/indices/topix/tvdivq00000030ne-att/topixyear_e.xls Jung-feng, C., Ming-yan, J., & Hsiu-chuan, S. (2023, December 29). Taiwan stock market achieves second-largest gain in history in 2023. 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Retrieved from Financial Times: https://www.ft.com/content/210172fb-6bc6-489d-b9ab-e34b0da14f13 Marszk, A., Lechman, E., & Kato, Y. (2019). The Emegence of ETFs in Asia-Pacific. Springer. Murwani, S. (2023, September 01). Ingin Cepat Kaya, Gen Z Pilih Investasi Berisiko Tinggi. Retrieved from tirto.id: https://tirto.id/ingin-cepat-kaya-gen-z-pilih-investasi-berisiko-tinggi-gPtZ#google_vignette Napoletano, E. (2023, March 21). How To Invest with Dollar Cost Averaging. Retrieved from Forbes Advisor: https://www.forbes.com/advisor/investing/dollar-cost-averaging/ Otoritas Jasa Keuangan. (2024, January 30). Capital Market Weekly Statistics: Fourth Week of January 2024. Retrieved from https://ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Documents/4.%20STATISTIK%20JANUARI%20MGG%20KE-4%202024.pdf Poser, S. W. (2024, January 11). 2023: The Year in U.S. ETPs, Part 1 - The big picture. 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A Brief History of Exchange-Traded Funds. Retrieved from Investopedia: https://www.investopedia.com/articles/exchangetradedfunds/12/brief-history-exchange-traded-funds.asp#toc-the-growth-of-an-industry Smith, L. (2024, January 15). How ETFs Are Constructed. Retrieved from Investopedia: https://www.investopedia.com/articles/mutualfund/05/062705.asp#:~:text=An%20ETF%20manager%20or%20sponsor%20files%20a%20plan%20with%20the,to%20form%20ETF%20creation%20units. Statista. (2024). Social media in Indonesia. Statista. Taiwan Index Plus. (2023, January 10). December 2022 Indexed Investment Report. Retrieved from https://backend.taiwanindex.com.tw/api/downloadFile/InvestmentReports/80/en Taiwan Index Plus. (2024, January 10). December 2023 Indexed Investment Report. Retrieved from https://backend.taiwanindex.com.tw/api/downloadFile/InvestmentReports/95/en Taiwan Stock Exchange. (2023, December). 2023/12 Investors with Trading Accounts by Age. 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ETF Beneficiary Survey (July 2023). Retrieved from https://www.jpx.co.jp/english/markets/statistics-equities/examination/tvdivq0000001x67-att/ETF202307.pdf Tokyo Stock Exchange. (2023, December). Investment Trusts. Retrieved from https://www.jpx.co.jp/english/markets/statistics-equities/monthly/u5j7e50000000q9x-att/07_etf2312.pdf Tokyo Stock Exchange. (2023, December). Key Statistics for Stocks. Retrieved from https://www.jpx.co.jp/english/markets/statistics-equities/monthly/u5j7e50000000q9x-att/01_sokatu2312.pdf U.S. Securities and Exchange Commission. (2023, September). Mutual Funds and ETFs – A Guide for Investors. Retrieved from Investor.gov: U.S. Securities and Exchange Commission: https://www.sec.gov/investor/pubs/sec-guide-to-mutual-funds.pdf 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
111933031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111933031 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.advisor Kuo, Weiyu George en_US dc.contributor.author (Authors) 劉金輝 zh_TW dc.contributor.author (Authors) Felix Pratama en_US dc.creator (作者) 劉金輝 zh_TW dc.creator (作者) Pratama, Felix en_US dc.date (日期) 2024 en_US dc.date.accessioned 3-Jun-2024 11:40:57 (UTC+8) - dc.date.available 3-Jun-2024 11:40:57 (UTC+8) - dc.date.issued (上傳時間) 3-Jun-2024 11:40:57 (UTC+8) - dc.identifier (Other Identifiers) G0111933031 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/151499 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 111933031 zh_TW dc.description.abstract (摘要) 本研究旨在探討印尼 ETF 作為印尼投資者投資選擇的潛力，並為投資印尼 ETF 提供寶貴的見解。 重點關注指數ETF，選取印尼幾隻著名ETF，與美國、日本、台灣等較成熟市場的ETF進行比較。 用於比較的主要參數是費用率、績效和流動性。 分析顯示，對ETF的了解不足、現有ETF的費用率較高、市場上產品缺乏多樣性是印尼ETF面臨的挑戰。 借鑒台灣的經驗，印尼可以與現有的金融影響者和投資平台合作，透過社群媒體提供有關 ETF 的知識和活動。 由於ETF提供的便利性以及超過50%的印尼人是千禧世代和Z世代，印尼ETF作為投資選擇擁有很高的機會。 zh_TW dc.description.abstract (摘要) This research aims to examine the potential of Indonesian ETFs as an investment alternative among Indonesian investors and provide valuable insights into investing in Indonesian ETFs. Focusing on index-based ETFs, several famous Indonesian ETFs are selected and compared with the ETFs from more mature markets, namely the United States, Japan, and Taiwan. The main parameters used for the comparison are expense ratio, performance, and liquidity. The analysis reveals that a lack of knowledge about ETFs, high expense ratios of the existing ETFs, and a lack of product variations in the market are the challenges faced by Indonesian ETFs. Learning from Taiwan’s experience, Indonesia could collaborate with existing financial influencers and investment platforms to provide knowledge and campaigns about ETFs through social media. With the convenience provided by ETFs and more than 50% of Indonesian people are millennials and Gen Z, Indonesian ETFs possess high opportunities as the investment alternative. en_US dc.description.tableofcontents ABSTRACT ii TABLE OF CONTENTS iii LIST OF FIGURES v LIST OF TABLES vii Chapter 1 - Introduction 1 1.1 Background 1 1.2 Methodology 2 1.3 Literature Review 3 1.3.1. Annualized Return 3 1.3.2. Volatility 3 1.3.3. Diversification 4 Chapter 2 - Overview of Exchange-Traded Funds 7 2.1 What is an Exchange-Traded Fund? 7 2.2 History of Exchange-Traded Fund 7 2.3 Global ETF Market 8 2.4 Types of ETFs 9 2.4.1 Index-Based ETFs 9 2.4.2 Actively Managed ETFs 10 2.5 How ETFs Are Traded 10 2.6 Creation and Redemption of ETF Shares 11 2.7 How Mutual Funds and ETFs Can Provide Returns to Investors 13 2.8 Trade Value and Arbitrage in ETFs 14 2.9 Evaluating ETFs 14 2.9.1 Expenses 14 2.9.2 Tracking Difference 15 2.10 Comparison between ETFs, Mutual Funds, and Stocks 15 Chapter 3 - The United States Market 17 3.1 ETF Development in the United States 19 3.2 ETF Products in the United States 21 3.3 S&P 500 Index 22 3.4 SPDR S&P 500 ETF Trust 25 Chapter 4 - Japanese Market 28 4.1. ETF Development in Japan 30 4.2. ETF Products in Japan 32 4.3. Tokyo Stock Price Index (TOPIX) 32 4.4. iFreeETF TOPIX (Yearly Dividend Type) 36 Chapter 5 - Taiwanese Market 38 5.1. ETF Development in Taiwan 39 5.2. ETF Products in Taiwan 41 5.3. FTSE TWSE Taiwan 50 Index 42 5.4. Yuanta/P-shares Taiwan Top 50 ETF 44 Chapter 6 - Indonesian Market 47 6.1. Mutual Funds and ETFs in Indonesia 48 6.2. ETF Development in Indonesia 49 6.3. ETF Products in Indonesia 51 6.4. LQ45 Index 52 6.5. Premier ETF LQ-45 54 Chapter 7 - Discussions 56 Chapter 8 - Suggestions 61 8.1. ETF Education Program in Indonesia 61 8.2. Social Media and Key Opinion Leader 62 8.3. Product Variations 63 8.4. Dollar-Cost Averaging 64 Chapter 9 - Conclusion 67 Reference 68 Appendices 74 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111933031 en_US dc.subject (關鍵詞) ETF zh_TW dc.subject (關鍵詞) 保管費 zh_TW dc.subject (關鍵詞) 報酬率 zh_TW dc.subject (關鍵詞) 股票指數 zh_TW dc.subject (關鍵詞) 多元化 zh_TW dc.subject (關鍵詞) ETF en_US dc.subject (關鍵詞) Expense Ratio en_US dc.subject (關鍵詞) Total Return en_US dc.subject (關鍵詞) Stock Index en_US dc.subject (關鍵詞) Diversification en_US dc.title (題名) 釋放機會：探索印尼 ETF 的潛力和投資吸引力 zh_TW dc.title (題名) Unlocking Opportunities: Exploring the Potential and Investment Appeal of Indonesian ETFs en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Antoniewicz, R., & Heinrichs, J. (2014). Understanding Exchange-Traded Funds: How ETFs Work. ICI Research Perspective. Au, S. (2023, December 14). Asia-Pacific’s ETF industry is taking off, says Invesco executive. 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