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基本面加权指数值得考虑

股票市场发展计划的重点在于激励措施、上市和信息披露，但指数的构建方式也值得关注。

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    • 海峡时报指数（STI）是按市值加权的指数，因此受其最大权重成分股的显著影响，即三大银行、Singtel和房地产巨头。
    • 海峡时报指数（STI）是按市值加权的指数，因此受其最大权重成分股的显著影响，即三大银行、Singtel和房地产巨头。 摄影：YEN MENG JIIN，《商业时报》

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    R Sivanithy

    Published Tue, Jan 6, 2026 · 07:00 AM

    本文由AI辅助翻译

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    一个好的股市指数，是应该仅仅反映市场的规模和广度，还是也应该提供投资价值？

    2005年，Robert Arnott、Jason Hsu和Philip Moore挑战了指数必须按市值加权的行业惯例。他们的批评简单直接但影响深远：市值加权指数会机械地将更多资本分配给价格涨幅最大的股票，而不考虑这些价格上涨是否有基本面支撑。

    长此以往，这可能导致指数系统性地偏向估值过高的公司，而那些业务基本面稳健但股价表现滞后的公司，其权重则可能被低估。

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