本文選題：對沖基金 + 法律監(jiān)管�。� 參考：《湖南師范大學(xué)》2012年碩士論文

【摘要】：對沖基金起端于美國,其發(fā)展與成熟的軌跡見諸于金融全球化過程中的各個(gè)方面,憑借其獨(dú)特的投資策略和高效業(yè)績,迅速贏得了業(yè)界富有的私人和機(jī)構(gòu)投資者的青睞,至今仍成為金融市場上最賺錢的金融產(chǎn)品之一。從全球地域分布看,至今美國對沖基金規(guī)模和影響都牢牢占據(jù)著主導(dǎo)地位,其成熟發(fā)達(dá)的法律監(jiān)管體系特別對新興國家金融市場在發(fā)展和監(jiān)管路徑上起著引領(lǐng)示范作用。1997年亞洲金融危機(jī)和2006年伊始美國次貸危機(jī)的出現(xiàn)讓我國政府對對沖基金一直持不信任態(tài)度,其法律準(zhǔn)入門檻也一直沒放開,但隨著今年來中國資本市場的不斷開放和發(fā)展需要,包括對沖基金在內(nèi)的各種金融衍生產(chǎn)品進(jìn)入也是大勢所趨。鑒于此,我國可以逐步放開對沖基金的準(zhǔn)入范圍,在發(fā)展過程中不斷完善相關(guān)法律監(jiān)管體系。一方面充分利用對沖基金對我國金融市場發(fā)展的巨大推動(dòng)作用,另一方面要把對沖基金對金融市場帶來的系統(tǒng)風(fēng)險(xiǎn)掌握在可控范圍內(nèi),維護(hù)國家金融市場安全。近年國內(nèi)學(xué)者對對沖基金的理論和實(shí)務(wù)操作層面研究點(diǎn)逐漸擴(kuò)散深入,但整體上還遠(yuǎn)遠(yuǎn)未形成體系性和共識(shí),實(shí)務(wù)層面詳述的比較淺顯,因此還需要致力于在對沖基金的深度和廣度上的進(jìn)一步探討。 本文在前入研究的基礎(chǔ)上,結(jié)合近年來對沖基金的發(fā)展現(xiàn)狀,把著眼點(diǎn)放在美國對沖基金市場法律監(jiān)管這。一板塊。全文共分為四大章來概括全文主旨,具體分為： 第一章,美國對沖基金基本概述。對沖基金在法律上該如何定性,這么多年在國際上并未達(dá)成共識(shí)。本章從源頭介紹了對沖基金的定義、特征,給出自己的觀點(diǎn)。接下來對美國對沖基金市場的發(fā)展現(xiàn)狀作出側(cè)重分析,為下面的法律監(jiān)管提供立法參考的土壤。 第二章,美國對沖基金法律監(jiān)管基本法律制度。本章通過對美國對沖基金法律監(jiān)管基本制度層面作出全面剖析,包括內(nèi)涵、主體、原理、必要性和法律體系,另外對國際組織的法律監(jiān)管也作了比較分析。 第三章,美國對沖基金法律監(jiān)管具體法律制度。本章包括SEC對對沖基金監(jiān)管模式的調(diào)整,現(xiàn)有的與對沖基金有關(guān)的幾部法律,未來對沖基金法律條款的發(fā)展趨勢和美國監(jiān)管模式對國際社會(huì)的深遠(yuǎn)影響。美國在對沖基金長期發(fā)展過程中逐步通過一系列法律如《1933年證券法》、《1936年商品交易法》、《1940年投資公司法》、《1940年投資顧問法》、《1940年證券交易法》等對對沖基金市場實(shí)行間接監(jiān)控,盡管對沖基金通過其獨(dú)特的運(yùn)作方式會(huì)規(guī)避這些法律、法規(guī)的監(jiān)管。 第四章,美國對沖基金監(jiān)管對中國的啟示。本章包括我國對沖基金發(fā)展現(xiàn)狀,美國對沖基金對我國的幾點(diǎn)啟示,完善我國對沖基金監(jiān)管的相關(guān)建議。
[Abstract]:Hedge funds originated in the United States, and their development and maturity have been seen in all aspects of the process of financial globalization. With their unique investment strategies and efficient performance, hedge funds have quickly won the favor of wealthy private and institutional investors in the industry. It is still one of the most profitable financial products in the financial market. From the perspective of global geographical distribution, the size and influence of American hedge funds are firmly in the leading position. Its mature and developed legal regulatory system plays a leading role in the development and regulatory path of financial markets in emerging countries. The emergence of the Asian financial crisis in 1997 and the subprime mortgage crisis in the United States at the beginning of 2006 made our government hedge against the situation. The Fund has always held a distrust, The legal entry threshold has not been lifted, but as China's capital markets continue to open and develop this year, the entry of various financial derivatives, including hedge funds, is also a general trend. In view of this, China can gradually liberalize the access scope of hedge funds and improve the relevant legal regulatory system in the process of development. On the one hand, it is necessary to make full use of the huge role of hedge funds in promoting the development of financial markets in China, and on the other hand, to keep the system risks brought by hedge funds to financial markets under control and to maintain the security of national financial markets. In recent years, the theoretical and practical research points of hedge funds have been gradually diffused by domestic scholars, but on the whole, they have not yet formed a systematic and common understanding, and the details on the practical level are relatively simple. So there is a need to focus on the depth and breadth of hedge funds. Based on the previous research and the development of hedge funds in recent years, this paper focuses on the legal supervision of American hedge fund market. A plate. The full text is divided into four chapters to summarize the main thrust, specifically divided into: the first chapter, the basic overview of American hedge funds. There has been no international consensus over the years on how hedge funds should be legally qualified. This chapter introduces the definition and characteristics of hedge funds from the source, and gives their own views. Then the development of the U.S. hedge fund market is analyzed in order to provide legislative reference for the following legal regulation. Chapter two, the basic legal system of American hedge fund regulation. This chapter makes a comprehensive analysis of the basic system of American hedge fund legal supervision, including connotation, subject, principle, necessity and legal system, and also makes a comparative analysis of the legal supervision of international organizations. The third chapter, American hedge fund legal regulation specific legal system. This chapter includes adjustments to the SEC's regulatory model for hedge funds, several existing laws relating to hedge funds, trends in future hedge fund legal provisions and the far-reaching impact of the U.S. regulatory model on the international community. In the long-term development of hedge funds, the United States has adopted a series of laws such as the Securities Act of 1933, the Commodities Trading Act of 1936, the Investment companies Act of 1940, the Investment Advisers Act of 1940, and the Securities Exchange Act of 1940 to exercise indirect supervision over the hedge fund market. Although hedge funds through their unique way of operating will circumvent these laws, regulations and regulations. The fourth chapter, American hedge fund regulation to China's enlightenment. This chapter includes the current situation of hedge fund development in China, the enlightenment of American hedge fund to our country, and the relevant suggestions to perfect the supervision of hedge fund in China.
【學(xué)位授予單位】：湖南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D971.2;DD912.28;F837.12

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