發(fā)布時(shí)間：2018-10-31 21:21

【摘要】：保本基金是20世紀(jì)80年代面市于美國(guó)的金融創(chuàng)新產(chǎn)品,我國(guó)首支保本基金發(fā)行成立于2003年,在國(guó)內(nèi)屬起步較晚的基金品種。保本基金初入我國(guó)市場(chǎng)時(shí),由于金融衍生產(chǎn)品缺乏和對(duì)擔(dān)保人資質(zhì)的嚴(yán)格要求,制約了保本基金發(fā)展,投資工具缺乏和擔(dān)保資源難求成了保本基金發(fā)展的主要瓶頸,再加上我國(guó)有關(guān)保本基金的政策指導(dǎo)遲遲未能出臺(tái),致使保本基金在2010年前發(fā)展緩慢。直至2010年10月證監(jiān)會(huì)正式發(fā)布了《關(guān)于保本基金的指導(dǎo)意見》,對(duì)保本基金發(fā)行運(yùn)作進(jìn)行了明確規(guī)范,投資范圍和擔(dān)保人資質(zhì)要求得到明確,標(biāo)志著國(guó)內(nèi)保本基金由探索階段步入真正的發(fā)展時(shí)期。近年來,我國(guó)金融市場(chǎng)深入發(fā)展,股指期貨等投資工具的推出豐富了保本基金投資范圍,為更多保本投資策略的使用提供了基礎(chǔ)。在政策引導(dǎo)和市場(chǎng)深化的共同推動(dòng)下,進(jìn)一步激發(fā)了保本基金的市場(chǎng)熱情,僅2011年當(dāng)年就有19支保本基金獲批,并成立運(yùn)作17支,加上此前存續(xù)的5支,截止2011年末市場(chǎng)共有保本基金22支,進(jìn)入快速發(fā)展期。 在我國(guó)現(xiàn)有的金融體制和政策環(huán)境下,保本基金發(fā)展仍存在局限,投資工具選用還較為保守,銀行、保險(xiǎn)和證券機(jī)構(gòu)雖被明確列為可選擔(dān)保人但實(shí)踐中卻面臨諸多限制,一些瓶頸問題并未徹底解決,這都是保本基金未來健康發(fā)展和市場(chǎng)化運(yùn)作需要面對(duì)的問題。保本基金中保本投資策略和擔(dān)保設(shè)置是保本運(yùn)作的關(guān)鍵環(huán)節(jié)，近年國(guó)內(nèi)不乏這兩方面的研究,本文將這兩方面綜合歸納為保本機(jī)制,提出保本機(jī)制的概念,同時(shí)進(jìn)行獨(dú)立分析和關(guān)聯(lián)性研究,并結(jié)合案例分析說明其在保本基金運(yùn)作中的安全保障作用。 論文第一章緒論部分結(jié)合當(dāng)前保本基金市場(chǎng)總體情況和政策環(huán)境提出了研究背景、目的及意義,并對(duì)國(guó)內(nèi)外相關(guān)研究成果進(jìn)行梳理；第二章列舉了發(fā)達(dá)國(guó)家和地區(qū)保本基金的發(fā)展情況及現(xiàn)狀,著重介紹我國(guó)基金業(yè)及保本基金發(fā)展?fàn)顩r,并分析了保本基金市場(chǎng)運(yùn)作業(yè)績(jī)和運(yùn)作模式；第三章主要研究我國(guó)保本基金投資策略的選擇,保本基金擔(dān)保設(shè)置的法律基礎(chǔ)和可選擔(dān)保人分析三方面,并就保本機(jī)制進(jìn)行總結(jié)分析；第四章通過案例分析展示保本機(jī)制的實(shí)際運(yùn)行情況和效率；第五章根據(jù)國(guó)內(nèi)金融市場(chǎng)和政策發(fā)展趨勢(shì)進(jìn)行了研究展望：結(jié)語(yǔ)部分就本文的研究成果進(jìn)行階段性總結(jié)。 本文在研究中,首先,對(duì)我國(guó)市場(chǎng)現(xiàn)有保本基金運(yùn)作模式進(jìn)行比較,總結(jié)運(yùn)作特點(diǎn)和存在不足；其次,通過對(duì)現(xiàn)有政策下保本基金擔(dān)保設(shè)置的分析,發(fā)現(xiàn)我國(guó)保本基金運(yùn)作市場(chǎng)化程度不夠,金融政策間的兼容性有待提高；最后,以案例分析的方式,揭示保本機(jī)制各環(huán)節(jié)運(yùn)作方式,指出保本機(jī)制的安全保障效用,以期許未來政策制定和產(chǎn)品設(shè)計(jì)更加寬松靈活。 保本基金屬于小類別證券投資基金產(chǎn)品,雖然所占市場(chǎng)份額不大,但在豐富基金產(chǎn)品線,迎合特定的市場(chǎng)需求,推廣金融創(chuàng)新等方面具有重要意義,因此,推動(dòng)保本基金健康發(fā)展和市場(chǎng)化運(yùn)作符合我國(guó)金融市場(chǎng)深入發(fā)展的要求。本文研究分析建立在《關(guān)于保本基金的指導(dǎo)意見》出臺(tái)之后,相關(guān)數(shù)據(jù)和基礎(chǔ)材料均來自實(shí)踐整理,通過對(duì)保本機(jī)制的研究,進(jìn)一步揭示保本基金的運(yùn)作特點(diǎn),展示保本基金的保障基礎(chǔ),提出發(fā)展中面臨的相關(guān)問題和建議,希望能進(jìn)一步豐富我國(guó)保本基金研究成果,并為涉及保本基金的相關(guān)政策的完善和市場(chǎng)參與各方提供一定的參考。
[Abstract]:The fund is the financial innovation product of the USA in the 1980s, and the first branch of the fund was established in 2003, which is a late fund variety in China. in that early entry of the fund into our country, due to the lack of financial derivative products and the strict requirements on the qualification of the guarantor, the development of the fund, the lack of investment tools and the difficulty of guarantee resources have become the main bottleneck of the development of the fund. Coupled with the delay in the policy guidance of our country concerned with the fund, this fund has developed slowly by 2010. Until October 2010, the CSRC officially issued the Guidance Opinions on the Protection of the Fund, and the issuance and operation of the Fund were clearly regulated, and the investment scope and the qualification requirements of the guarantor were clearly marked, and the domestic guaranteed fund was entered into a real development period from the exploration stage. In recent years, the development of financial market in our country, the introduction of investment tools such as stock index futures have enriched the investment scope of the fund, and provided the basis for the use of more investment strategies. Under the co-promotion of policy guidance and market deepening, the market enthusiasm of the fund was further stimulated. Only 19 of the funds were approved in 2011, and 17 branches were established, plus the remaining five branches, and the market share of 22 branches in the end of 2011. Enter the fast development period. Under the existing financial system and policy environment of our country, the development of the fund is still limited, the choice of investment instruments is still more conservative, the banks, insurance and securities institutions are clearly listed as the guarantor but the practice is faced with many limitations, and some bottleneck problems are not thorough Solved, this is the future health development of the fund and the market-oriented operation needs to face The investment strategy and guarantee setting in the fund are the key links of keeping the operation. In recent years there are no shortage of research in these two aspects. This paper summarizes the two aspects as the guarantee mechanism, puts forward the concept of keeping the mechanism, and carries on independent analysis and correlation. Study and use case analysis to explain its safety guarantee in the operation of the fund The first chapter introduces the background, purpose and significance of the research background, purpose and significance of the present general situation and policy environment of the fund market, and combs the relevant research results at home and abroad. The second chapter lists the development of the developed countries and regions. The third chapter mainly studies the choice of the investment strategy of our country's insurance fund, the legal basis and the optional guarantor of the guarantee setting of the fund. Based on the analysis of three aspects, the paper summarizes and analyzes the mechanism; Chapter 4 shows the actual operation and efficiency of the mechanism through case analysis; the fifth chapter looks forward to the development trend of domestic financial market and policy: the conclusion part is carried out in this paper. Based on the analysis of the guarantee setting of the fund under the existing policy, it is found that China's insurance fund has been shipped in China. The degree of marketization is not enough, and the compatibility between financial policies is to be improved. Finally, in the way of case analysis, the operation ways of each link of the mechanism are revealed, and the safety guarantee effectiveness of the mechanism is pointed out, so that the future policy development and products can be formulated in the future. The design is more flexible and flexible. The fund belongs to the small-category securities investment fund products, although the market share is not large, but in the rich fund product line, cater to the specific market demand, promote financial innovation, etc. It is of great significance to promote the healthy development and market operation of the fund in line with our country Requirements for in-depth development of financial markets. After the analysis and analysis, the relevant data and basic materials come from the practice arrangement after the guidance opinion of the fund has been introduced. Through the research of this mechanism, the operation characteristics of the fund are further revealed. To demonstrate the guarantee base of the fund, put forward the relevant problems and suggestions in the development, hope to further enrich our country's research results, and to improve and market the relevant policies related to the fund.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F224;F842;F832.5

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本文編號(hào)：2303593