私募基金运作机制探析

【作者】 黄东明；

【导师】 柴效武；

【作者基本信息】 浙江大学 ， 政治经济学， 2002， 硕士

【摘要】 20世纪90年代以来，私募基金在国际金融市场上发展十分迅速，并已占据十分重要的位置，同时也培育出了像巴菲特、索罗斯这样在国际金融市场上呼风唤雨的投资大师和国际金融“狙击手”。然而，目前国内证券市场上得到国家有关部门承认的有案可查的证券投资基金都是公募的，还没有公开合法的私募证券投资基金，国内现有私募基金性质的资金只能默默无闻地生存在不见阳光的地下世界里。许多人对私募基金谈虎色变，一提起私募基金就将它与非法集资、金融欺诈和股市动荡的罪魁祸首联系在一起。 那么，我们究竟应如何全面客观地看待私募基金这一新生事物?国外私募基金是如何运作的?我国私募基金现状如何，是否应该合法化?如何控制其潜在风险并使其发展更加规范和完善?针对这些问题，本文试图作一冷静的探讨。 全文共分5章，首先第一章对私募基金的概念作一介绍，将其与公募基金作了详细的比较，以加深对私募基金的理解，并说明其发展意义之所在。第二章介绍私募基金在发达国家市场的发展状况(以美国为例)，并探讨了运行机制、运作流程、分配模式、组织形式等方面的一些特点，以期能对发展我国私募基金提供一些借鉴。第三章对我国私募基金发展的历史、成因、规模及资金投向、组织形式、运作方式及存在的问题进行分析。第四章试图从博弈论和信息经济学的角度集中讨论我国私募基金的收益分配模式，通过对管理费和收益分成(包括保底分成和固定比例分成)这两种模式的对比分析，论证了在目前条件下采用收益分成模式是一种较好的选择。最后第五章阐明了我国私募基金合法化的必然趋势，并提出了一些政策建议和展望。 本文认为：虽然现阶段我国私募基金存在一些问题，但这是其发展过程中所不可避免的现象。随着我国金融市场与国际金融市场的进一步融合，随着私募基金的合法化，私募基金将会在我国获得快速、健康、规范的发展。更多还原

【Abstract】 Private Fund is a new development of less than 10 years in China, compared with over 50-year evolution of Hedge Fund (a typical Private Fund) in U.S.A.. Nevertheless, its rapid growth has imposed a huge positive & negative impact on China Security Market. The proper authorities differ from each other on its emergence. Then, what can we do with the emerging Private Fund in China? This paper tries to offer a detailed and stringent analysis to meet this purpose.This paper is composed of 5 chapters.Chapter 1 presents a brief but precise explanation of Private Fund and makes a comparison with Public Fund, aiming to a better understanding of its significance.Chapter 2 provides a clear description of Private Fund development in the current financial markets of such advanced countries as U.S.A. and explores thoroughly its operation mechanism, income distribution mode and organizational form etc., hoping to draw forth some valuable lessons for reference therewith.Chapter 3 extends an overall perspective of China Private Fund with analysis of its development history, origin, fund scale and investment, organizational form, operational mechanism and its existing problems.Chapter 4 plans to focus on the income distribution mode in China from the angle of Game Theory and Information Economics. By comparison, income share mode is superior to managerial fee mode owing to its better incentive mechanism, therefore, demonstrating the cause of more rapid growth of Private Fund than Public Fund in China.Chapter 5 sets forth the necessity and inevitability of China Private Fund legalization and makes some suggestions in policy.This paper indicates that the further mergence of China financial market into international financial markets will surely promote the rapid and healthy growth of China Private Fund.更多还原