發(fā)布時間：2018-03-27 17:17

  本文選題：對沖基金　切入點：鉆石模型　出處：《上海交通大學》2013年碩士論文

【摘要】：本文撰寫于金融創(chuàng)新的關鍵時期，融資融券與股指期貨的推出，，金融衍生品種類和數量的不斷完善，私募型資產管理產品的監(jiān)管放松，使得對沖策略的運用成為可能。目前，對沖基金在國內尚處于初步發(fā)展階段，相關研究還十分欠缺，本文的研究內容具有初步的領先價值。 首先，文章介紹了美國對沖基金的發(fā)展歷史及其模式適應性變化。美國對沖基金發(fā)展經歷了初步發(fā)展期、緩慢發(fā)展期、黃金發(fā)展期和發(fā)展轉型期。整個行業(yè)從自發(fā)發(fā)展起步，隨著市場形勢的變化做出了適應性調整；成熟以后，發(fā)展模式變?yōu)樽园l(fā)發(fā)展，間接監(jiān)管。2008年金融危機至今，美國政府顯示了主動監(jiān)管的趨勢。 其次，文章以鉆石模型作為框架，分析了中國對沖基金行業(yè)的資源要素、需求條件、相關及支持產業(yè)、企業(yè)戰(zhàn)略結構和行業(yè)競爭四個關鍵要素。同時在考慮這四個要素的同時，剖析每個要素中的機遇、挑戰(zhàn)和政策情況。在研究過程中，文章把“政策”作為一個內生變量，用演繹法推導出我國對沖基金行業(yè)的健康發(fā)展模式，并以此推導出有利于行業(yè)發(fā)展的政策。 最后，文章通過對比美國對沖基金行業(yè)的發(fā)展模式，基于鉆石模型，提出了中國應當堅持政策開放、市場主導的發(fā)展模式。政策開放必須要有創(chuàng)新容忍度，市場主導旨在提高市場在資源配置中的效率。文章最后提出了具體的政策建議。
[Abstract]:This paper is written in the key period of financial innovation, the introduction of margin and stock index futures, the continuous improvement of the types and quantity of financial derivatives, the relaxation of supervision of private equity asset management products, which makes the use of hedging strategy possible. Hedge funds are still in the initial stage of development in China, the relevant research is still very lacking, the research content of this paper has the preliminary leading value. First of all, the paper introduces the history of the development of American hedge funds and their adaptive changes. The development of American hedge funds has experienced a period of initial development, a period of slow development, a period of gold development and a period of transition. With the change of market situation, adaptive adjustment has been made; after mature, the development mode has changed into spontaneous development and indirect supervision. Since the 2008 financial crisis, the American government has shown the trend of active supervision. Secondly, using diamond model as the framework, the paper analyzes the resource factors, demand conditions, related and supporting industries of the hedge fund industry in China. At the same time, it analyzes the opportunity, challenge and policy situation of each element. In the course of the research, the article regards "policy" as an endogenous variable, while considering the four key elements of enterprise strategic structure and industry competition, at the same time, analyze the opportunity, challenge and policy situation of each element. Deductive method is used to deduce the healthy development model of hedge fund industry in China, and the policy that is beneficial to the development of the industry is deduced. Finally, by comparing the development model of the American hedge fund industry, based on the diamond model, the paper puts forward that China should adhere to the policy opening, market-led development model, policy opening must have innovative tolerance, The purpose of market dominance is to improve the efficiency of market in resource allocation.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F224

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1 呂錦\

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