Morgan Stanley Capital International (MSCI) is an international company that provides global indexes and related derivatives. Its MSCI index is widely referenced by investors, and it is used by investment professionals all over the world, including portfolio managers, brokers, exchanges, investment consultants, scholars and financial media. MSCI index is the most widely used investment target among global portfolio managers. According to MSCI estimates, in North America and Asia, more than 90% of institutional international stock assets are based on MSCI index. According to Merrill Lynch/Gallup survey, about two-thirds of continental European fund managers use MSCI as an index supplier. The MSCI index is also the target of mutual funds, and it is chartered to evaluate funds, research and proprietary products related to the index. At present, there are more than 1 in the world? 400 customers use MSCI as their target.

In May, 20001year, MSCI announced that the index would be compiled by the weight calculation method of "number of freely circulating stocks", and the market value of the new index would also be increased from 60% to 85%. MSCI plans to complete the calculation of free circulation in two stages, one is 2001165438+1October 30th, and the other is 2002. The financial market estimates that MSCI's unprecedented adjustment of index weight calculation will trigger a global capital flow of nearly 630 billion US dollars, which will have a great impact on funds operating with MSCI as the target, with an estimated amount of 3.5 trillion US dollars. The impact of MSCI on global financial markets can be seen.

Headquartered in new york, MSCI has offices in Geneva and Singapore, responsible for global business operations, and regional representative offices in London, Tokyo, China, Hongkong and San Francisco. Its employees come from all over the world, with more than 100 full-time employees.

The MSCI index can be recognized by international institutions as a reference for fund allocation, mainly based on the following factors:

Objectivity: When MSCI compiles indexes, professionals should first study the politics and economy of various countries, and then compile them in a scientific way to unify the calculation formulas of each index, so as to make long-term performance comparison among indexes.

Fairness: MSCI maintains a high degree of confidentiality in the process of compiling the index; In the future tracking, maintain a high degree of rigor; When changing the calculation formula, maintain a high degree of neutrality to avoid a large amount of funds flowing into the local market and increase instability.

Practicality: MSCI not only calculates the index denominated in local currency, but also compiles the stock price index denominated in US dollars, which is convenient for international investors to compare.

Reference: For international fund managers and investment institutions, only by establishing a portfolio with good performance can we beat the broader market. However, the compilation methods of stock price index are different in different countries, and the exchange rate changes in different countries will also affect the return on investment, which will lead to problems in investment reference and performance appraisal? MSCI has considered the above factors when compiling the index.

Liquidity: With the changes of the company's finance and stock price, or the changes of political, economic and legal restrictions, the stock price index will lose its reference value after a period of time? MSCI adjusts its constituent stocks every quarter to avoid this problem.

Openness: The index compiled by MSCI is spread through many media, and information such as daily index changes or index content changes is quickly spread around the world through websites and international media such as Reuters and Bloomberg.

MSCI provides a series of indices used by international investors, mainly including:

Morgan Stanley Capital International ACWI (All Countries World Index) Freedom Index: An index to measure the performance of the global securities market, adjusted by the freely circulating market value. As of April 2002, the index consists of 49 developed countries and emerging market countries (regions);

MSCI World Index: It consists of 23 developed countries.

MSCI EAFE Index (Europe, Australia and the Far East) consists of other developed countries except the United States and Canada;

MSCI EMF (Emerging Market Freedom Index) Indexsm: composed of 28 emerging market countries;

MSCI EMF Latin America Index (Indexsm) consists of seven emerging market countries in Latin America;

MSCI EM (Emerging Markets) Eastern Europe Index sm consists of 10 emerging market countries in Eastern Europe, the Middle East and Africa;

MSCI Europe Index SM consists of Europe 16 developed countries;

MSCI EMU (European Economic and Monetary Union) Indexsm: It consists of the euro zone 1 1 countries;

Morgan Stanley Capital International AC (All Countries) Far East Freedom (Except Japan) Index: It includes nine developed and emerging market countries except Japan.

In addition, it also includes some characteristic indexes and fixed income indexes. The launch time of various indexes is as follows:

1969, developed market series; 1987, emerging market series; 1995, all country series; 1997, value and growth index (value and; The growth index of DM & EM series); 1998, small and medium-sized board index and fixed income index? Small stocks and expansion index; Fixed income index; 1999, Euro index; In 2000, China and Jinlong Index.