我国公募基金的产品创新研究

发布时间：2018-03-28 14:43

  本文选题：公募基金　切入点：产品创新　出处：《西南财经大学》2013年硕士论文

【摘要】：我国基金业自1998年第一只封闭式基金出现至今已有近15个年头,而在经历了2006、2007年爆发式的行情后,基金公司经历了粗放式和野蛮的增长过程,目前所处的经营环境日益恶劣：规模停滞不前,渠道成本不断抬升,客户信任度降至最低,而券商资管、保险资管、信托、私募基金等虎视眈眈,所以转型和创新特别是产品创新开始走向台前。因此本文主要从以下几个角度探讨我国公募基金行业的产品创新： 第一部分比较和探讨我国和国外基金行业的发展现状和各种环境。我国的基金产品结构是股票独大,固定收益产品占比过小且品种不够,这就导致了当资本市场波动过大时,基金业也会受较大影响。另外工具类产品发展迅速但是品种还不够丰富,而国外基金业的龙头老大先锋基金正是指数化的代表。再有就是功能导向的产品才刚刚开始,但投资人对此认识不够加上业绩不被认可,而国外的养老,生命型产品在其独特的制度设计下绽放了较强的生命力。最后就是QDⅡ和另类产品的发展,成立之初颇受波折,但是也被寄予了后望。从以上来看我国基金行业必须坚持产品创新。 第二部分探讨了我国和国外基金产品创新的趋势。指出了创新趋势是指数化、ETF化、分级结构化、固定收益产品化、产品功能化和另类化几个大方向,而我国现阶段的产品创新也正是基于这几个方向来进行的。特别是ETF、分级、固定收益和QDⅡ产品目前是我国主要的创新立足点,并在这些领域开始对国际领先发起冲击。另类投资是国际市场近二三十年来机构投资者的主要动向,国外主要基金公司也都涉足这个领域,而我国的另类投资由ETF、分级、QDⅡ开始,在专户上取得了较大进展,特别是2012年允许基金公司成立专户子公司后,基金公司开始谋求向真正的财富管理机构转型。 最后一部分则探讨了我国基金业产品创新出现的问题和对这些问题的思考。其中从管理、技术、外部因素几个方面就体制问题、产品创新氛围和环境、监管和内控、产品的保护期以及基础市场的发展等进行了思考和提出建议。
[Abstract]:It has been nearly 15 years since the first closed-end fund appeared in 1998 in our country. However, after the exploding market in 2006 and 2007, the fund company has experienced an extensive and barbaric growth process. At present, the business environment is getting worse and worse: the scale is stagnant, the channel cost is rising, the trust degree of the customer is reduced to the lowest, and the securities firms, the insurance management, the trust, the private equity fund, etc., are eyeing covetously and covetously. Therefore, the transformation and innovation, especially the product innovation, began to go to the front stage. Therefore, this paper mainly discusses the product innovation of China's public fund industry from the following angles:. The first part compares and discusses the current situation and various environments of fund industry in China and abroad. The structure of fund products in our country is dominated by stocks, the proportion of fixed income products is too small and the variety is not enough, which leads to the excessive volatility of capital market. The fund industry will also be greatly affected. In addition, tool products are developing rapidly but the variety is not rich enough, and the leading pioneer fund in the foreign fund industry is the representative of indexation. Another is that function-oriented products are just beginning. However, investors do not have enough knowledge of this and their performance is not recognized, while overseas old-age care and life-type products have bloomed stronger vitality under their unique institutional design. Finally, the development of QD 鈪，

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