發(fā)布時(shí)間：2018-01-07 07:44

  本文關(guān)鍵詞：基金子公司新規(guī)對公募基金發(fā)展的影響問題研究　出處：《對外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 公募基金 基金子公司 新規(guī) 發(fā)展研究

【摘要】：公募基金壟斷牌照在二0一二年被打破后,行業(yè)面臨激烈競爭。二0一三年基金子公司獲批成立,成為眾多公募基金突破發(fā)展瓶頸的主要增長點(diǎn)。但部分基金子公司盲目追求發(fā)展速度和規(guī)模,風(fēng)險(xiǎn)意識(shí)淡漠,違約事件逐漸暴露,甚至在股災(zāi)中成為違法配資的通道。為促進(jìn)行業(yè)回歸資產(chǎn)管理的本業(yè)、規(guī)范經(jīng)營、健康長久發(fā)展,二0一六年十二月二日下午,證監(jiān)會(huì)頒布《基金管理公司子公司管理規(guī)定》及《基金管理公司特定客戶資產(chǎn)管理子公司風(fēng)險(xiǎn)控制指標(biāo)管理暫行規(guī)定》(簡稱“兩新規(guī)”),將基金子公司作為金融機(jī)構(gòu)正式納入以準(zhǔn)入、凈資本約束和風(fēng)險(xiǎn)指標(biāo)等為核心的監(jiān)管框架。文本將通過對兩新規(guī)的解讀,分析新規(guī)對現(xiàn)有業(yè)務(wù)的影響,受此影響下基金母公司今后如何定位基金子公司業(yè)務(wù),基金子公司的業(yè)務(wù)如何調(diào)整。結(jié)合對私募基金和美國共同基金的優(yōu)勢分析,提出對我國公募基金發(fā)展的借鑒意義。通過以上分析,對于基金子公司和公募基金的發(fā)展提出以下發(fā)展建議:一、基金子公司須立即進(jìn)行業(yè)務(wù)調(diào)整:全面清退資金池和通道業(yè)務(wù),規(guī)范結(jié)構(gòu)化、投顧業(yè)務(wù),加快發(fā)展ABS、PE等業(yè)務(wù)。母公司對母、子公司業(yè)務(wù)進(jìn)行劃分,避免同業(yè)競爭,并在定增、新三板以及商品期貨等市場尋找發(fā)展機(jī)遇。二、公募基金需要借鑒其在市場反應(yīng)、產(chǎn)品設(shè)計(jì)、收入機(jī)制等方面的優(yōu)勢,逐步贏回客戶,縮小與私募規(guī)模的差距。三、借鑒美國共同基金經(jīng)驗(yàn),通過FOF等產(chǎn)品的穩(wěn)健收益吸引以養(yǎng)老金為代表的長期機(jī)構(gòu)投資者,積極布局全球市場以分散風(fēng)險(xiǎn)、分享全球經(jīng)濟(jì)增長的收益,通過科技金融創(chuàng)新向投資者提供更優(yōu)質(zhì)服務(wù)。
[Abstract]:After the monopoly license of public offering fund was broken in 12, the industry faced fierce competition. In 13, the fund subsidiary was approved and established. It has become the main growth point for many public funds to break through the bottleneck of development, but some fund subsidiaries blindly pursue the development speed and scale, the risk consciousness is indifferent, and the default events are exposed gradually. In order to promote the return of the industry to the industry of asset management, standardized management, healthy and long-term development, 20 December 2nd 16 afternoon. The Securities Regulatory Commission promulgated the "regulations on the Management of subsidiaries of Fund Management companies" and the "interim provisions on risk Control Index Management of subsidiaries of specific customer assets Management of Fund Management companies" (referred to as "the two new rules"). Fund subsidiaries as financial institutions will be formally incorporated into the regulatory framework with access, net capital constraints and risk indicators as the core. The text will analyze the impact of the new rules on the existing business through the interpretation of the two new rules. Under the influence of the fund parent company how to locate the fund subsidiary business in the future and how to adjust the fund subsidiary business. Combined with the analysis of the advantages of private equity funds and American mutual funds. Through the above analysis, the author puts forward the following suggestions for the development of the fund subsidiary and the public offering fund: 1. The subsidiary company of the fund should adjust its business immediately: clear the fund pool and channel business completely, standardize the structure, invest in the business, speed up the development of ABSPE and other business. The parent company divides the parent and subsidiary business. Avoid peer competition and seek opportunities for development in fixed growth, new third board and commodity futures markets. Second, public offering funds need to learn from their advantages in market response, product design, revenue mechanism, and so on. Gradually win back customers, reduce the gap between the size of private equity. Third, learn from the experience of American mutual funds, through FOF and other products to attract long-term institutional investors represented by pension benefits. Actively layout global markets to spread risks, share the benefits of global economic growth, and provide better services to investors through technological and financial innovation.
【學(xué)位授予單位】：對外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F832.39
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本文編號(hào)：1391652