本文選題：對(duì)沖基金 + 經(jīng)理人收益��； 參考：《寧波大學(xué)》2014年碩士論文

【摘要】：隨著世界經(jīng)濟(jì)的蓬勃發(fā)展，各種金融衍生工具應(yīng)運(yùn)而生，對(duì)沖基金也受到了越來(lái)越多投資者的青睞。據(jù)統(tǒng)計(jì)，截止于2011年底，，全球?qū)_基金管理資產(chǎn)總規(guī)模約2.12萬(wàn)億美元，是2002年對(duì)沖基金規(guī)模的4倍，對(duì)沖基金市場(chǎng)欣欣向榮。廣大投資者關(guān)注對(duì)沖基金的同時(shí)也有許多人開(kāi)始關(guān)注對(duì)沖基金經(jīng)理人的收益問(wèn)題，開(kāi)始考慮如何使得經(jīng)理人報(bào)酬最大化以及采取何種激勵(lì)方式能讓沖基金經(jīng)理人能竭盡全力經(jīng)營(yíng)對(duì)沖基金，防止對(duì)沖基金經(jīng)理人的投機(jī)行為。當(dāng)前我國(guó)金融環(huán)境已日趨成熟，具備發(fā)展對(duì)沖基金的有利條件，因此研究對(duì)沖基金經(jīng)理人的收益問(wèn)題以及激勵(lì)機(jī)制十分必要。 本文首先對(duì)對(duì)沖基金的發(fā)展?fàn)顩r、面臨問(wèn)題以及國(guó)內(nèi)外學(xué)者針對(duì)對(duì)沖基金經(jīng)理人收益和激勵(lì)問(wèn)題的研究情況進(jìn)行綜述。接著對(duì)對(duì)沖基金的定義、分類(lèi)、發(fā)展以及當(dāng)前經(jīng)理人的激勵(lì)機(jī)制進(jìn)行介紹，并且分別在不同的激勵(lì)機(jī)制下建立數(shù)學(xué)模型，得到對(duì)沖基金經(jīng)理人報(bào)酬的最大值，得出為避免對(duì)沖基金經(jīng)理人的投機(jī)行為需采用兩種機(jī)制相結(jié)合的激勵(lì)機(jī)制。最后總結(jié)美國(guó)日本兩國(guó)對(duì)沖基金發(fā)展的國(guó)際經(jīng)驗(yàn)，歸納出我國(guó)對(duì)沖基金發(fā)展制約因素以及當(dāng)前對(duì)沖基金經(jīng)理人的激勵(lì)機(jī)制和存在問(wèn)題，對(duì)我國(guó)對(duì)沖基金發(fā)展提出可行性分析，并提出經(jīng)理人激勵(lì)方式的建議。
[Abstract]:With the rapid development of the world economy, various financial derivatives emerge as the times require, and hedge funds are favored by more and more investors. Global hedge funds had about $2.12 trillion in assets under management at the end of 2011, four times the size of hedge funds in 2002, and the hedge fund market was booming, according to statistics. While the majority of investors are concerned about hedge funds, many people are beginning to pay attention to the return of hedge fund managers. Start thinking about how to maximise managers' compensation and how incentives will enable hedge fund managers to do their best to prevent hedge fund managers from speculating. At present, the financial environment of our country has matured day by day and has the favorable condition to develop the hedge fund, so it is necessary to study the income of the hedge fund manager and the incentive mechanism. Firstly, this paper summarizes the development of hedge funds, the problems they face and the research of hedge fund managers' returns and incentives at home and abroad. Then the definition, classification, development and current incentive mechanism of hedge funds are introduced, and mathematical models are established under different incentive mechanisms to obtain the maximum compensation of hedge fund managers. In order to avoid the speculative behavior of hedge fund managers, the incentive mechanism combined with two mechanisms should be adopted. Finally, this paper summarizes the international experiences of the development of hedge funds in the United States and Japan, and concludes the restrictive factors of the development of hedge funds in China, as well as the incentive mechanism and existing problems of the current hedge fund managers, and puts forward a feasibility analysis on the development of hedge funds in China. And puts forward the manager incentive way suggestion.
【學(xué)位授予單位】：寧波大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51

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