本文選題：公募基金　切入點：產(chǎn)品創(chuàng)新　出處：《西南財經(jīng)大學》2013年碩士論文

【摘要】：我國基金業(yè)自1998年第一只封閉式基金出現(xiàn)至今已有近15個年頭,而在經(jīng)歷了2006、2007年爆發(fā)式的行情后,基金公司經(jīng)歷了粗放式和野蠻的增長過程,目前所處的經(jīng)營環(huán)境日益惡劣：規(guī)模停滯不前,渠道成本不斷抬升,客戶信任度降至最低,而券商資管、保險資管、信托、私募基金等虎視眈眈,所以轉(zhuǎn)型和創(chuàng)新特別是產(chǎn)品創(chuàng)新開始走向臺前。因此本文主要從以下幾個角度探討我國公募基金行業(yè)的產(chǎn)品創(chuàng)新： 第一部分比較和探討我國和國外基金行業(yè)的發(fā)展現(xiàn)狀和各種環(huán)境。我國的基金產(chǎn)品結(jié)構(gòu)是股票獨大,固定收益產(chǎn)品占比過小且品種不夠,這就導致了當資本市場波動過大時,基金業(yè)也會受較大影響。另外工具類產(chǎn)品發(fā)展迅速但是品種還不夠豐富,而國外基金業(yè)的龍頭老大先鋒基金正是指數(shù)化的代表。再有就是功能導向的產(chǎn)品才剛剛開始,但投資人對此認識不夠加上業(yè)績不被認可,而國外的養(yǎng)老,生命型產(chǎn)品在其獨特的制度設(shè)計下綻放了較強的生命力。最后就是QDⅡ和另類產(chǎn)品的發(fā)展,成立之初頗受波折,但是也被寄予了后望。從以上來看我國基金行業(yè)必須堅持產(chǎn)品創(chuàng)新。 第二部分探討了我國和國外基金產(chǎn)品創(chuàng)新的趨勢。指出了創(chuàng)新趨勢是指數(shù)化、ETF化、分級結(jié)構(gòu)化、固定收益產(chǎn)品化、產(chǎn)品功能化和另類化幾個大方向,而我國現(xiàn)階段的產(chǎn)品創(chuàng)新也正是基于這幾個方向來進行的。特別是ETF、分級、固定收益和QDⅡ產(chǎn)品目前是我國主要的創(chuàng)新立足點,并在這些領(lǐng)域開始對國際領(lǐng)先發(fā)起沖擊。另類投資是國際市場近二三十年來機構(gòu)投資者的主要動向,國外主要基金公司也都涉足這個領(lǐng)域,而我國的另類投資由ETF、分級、QDⅡ開始,在專戶上取得了較大進展,特別是2012年允許基金公司成立專戶子公司后,基金公司開始謀求向真正的財富管理機構(gòu)轉(zhuǎn)型。 最后一部分則探討了我國基金業(yè)產(chǎn)品創(chuàng)新出現(xiàn)的問題和對這些問題的思考。其中從管理、技術(shù)、外部因素幾個方面就體制問題、產(chǎn)品創(chuàng)新氛圍和環(huán)境、監(jiān)管和內(nèi)控、產(chǎn)品的保護期以及基礎(chǔ)市場的發(fā)展等進行了思考和提出建議。
[Abstract]:It has been nearly 15 years since the first closed-end fund appeared in 1998 in our country. However, after the exploding market in 2006 and 2007, the fund company has experienced an extensive and barbaric growth process. At present, the business environment is getting worse and worse: the scale is stagnant, the channel cost is rising, the trust degree of the customer is reduced to the lowest, and the securities firms, the insurance management, the trust, the private equity fund, etc., are eyeing covetously and covetously. Therefore, the transformation and innovation, especially the product innovation, began to go to the front stage. Therefore, this paper mainly discusses the product innovation of China's public fund industry from the following angles:. The first part compares and discusses the current situation and various environments of fund industry in China and abroad. The structure of fund products in our country is dominated by stocks, the proportion of fixed income products is too small and the variety is not enough, which leads to the excessive volatility of capital market. The fund industry will also be greatly affected. In addition, tool products are developing rapidly but the variety is not rich enough, and the leading pioneer fund in the foreign fund industry is the representative of indexation. Another is that function-oriented products are just beginning. However, investors do not have enough knowledge of this and their performance is not recognized, while overseas old-age care and life-type products have bloomed stronger vitality under their unique institutional design. Finally, the development of QD 鈪，

本文編號：1676778