美国对冲基金法律监管制度研究

发布时间：2018-07-10 05:17

本文选题：对冲基金 + 法律监管　；参考：《湖南师范大学》2012年硕士论文

【摘要】：对冲基金起端于美国,其发展与成熟的轨迹见诸于金融全球化过程中的各个方面,凭借其独特的投资策略和高效业绩,迅速赢得了业界富有的私人和机构投资者的青睐,至今仍成为金融市场上最赚钱的金融产品之一。从全球地域分布看,至今美国对冲基金规模和影响都牢牢占据着主导地位,其成熟发达的法律监管体系特别对新兴国家金融市场在发展和监管路径上起着引领示范作用。1997年亚洲金融危机和2006年伊始美国次贷危机的出现让我国政府对对冲基金一直持不信任态度,其法律准入门槛也一直没放开,但随着今年来中国资本市场的不断开放和发展需要,包括对冲基金在内的各种金融衍生产品进入也是大势所趋。鉴于此,我国可以逐步放开对冲基金的准入范围,在发展过程中不断完善相关法律监管体系。一方面充分利用对冲基金对我国金融市场发展的巨大推动作用,另一方面要把对冲基金对金融市场带来的系统风险掌握在可控范围内,维护国家金融市场安全。近年国内学者对对冲基金的理论和实务操作层面研究点逐渐扩散深入,但整体上还远远未形成体系性和共识,实务层面详述的比较浅显,因此还需要致力于在对冲基金的深度和广度上的进一步探讨。本文在前入研究的基础上,结合近年来对冲基金的发展现状,把着眼点放在美国对冲基金市场法律监管这。一板块。全文共分为四大章来概括全文主旨,具体分为：第一章,美国对冲基金基本概述。对冲基金在法律上该如何定性,这么多年在国际上并未达成共识。本章从源头介绍了对冲基金的定义、特征,给出自己的观点。接下来对美国对冲基金市场的发展现状作出侧重分析,为下面的法律监管提供立法参考的土壤。第二章,美国对冲基金法律监管基本法律制度。本章通过对美国对冲基金法律监管基本制度层面作出全面剖析,包括内涵、主体、原理、必要性和法律体系,另外对国际组织的法律监管也作了比较分析。第三章,美国对冲基金法律监管具体法律制度。本章包括SEC对对冲基金监管模式的调整,现有的与对冲基金有关的几部法律,未来对冲基金法律条款的发展趋势和美国监管模式对国际社会的深远影响。美国在对冲基金长期发展过程中逐步通过一系列法律如《1933年证券法》、《1936年商品交易法》、《1940年投资公司法》、《1940年投资顾问法》、《1940年证券交易法》等对对冲基金市场实行间接监控,尽管对冲基金通过其独特的运作方式会规避这些法律、法规的监管。第四章,美国对冲基金监管对中国的启示。本章包括我国对冲基金发展现状,美国对冲基金对我国的几点启示,完善我国对冲基金监管的相关建议。
[Abstract]:Hedge funds originated in the United States, and their development and maturity have been seen in all aspects of the process of financial globalization. With their unique investment strategies and efficient performance, hedge funds have quickly won the favor of wealthy private and institutional investors in the industry. It is still one of the most profitable financial products in the financial market. From the perspective of global geographical distribution, the size and influence of American hedge funds are firmly in the leading position. Its mature and developed legal regulatory system plays a leading role in the development and regulatory path of financial markets in emerging countries. The emergence of the Asian financial crisis in 1997 and the subprime mortgage crisis in the United States at the beginning of 2006 made our government hedge against the situation. The Fund has always held a distrust, The legal entry threshold has not been lifted, but as China's capital markets continue to open and develop this year, the entry of various financial derivatives, including hedge funds, is also a general trend. In view of this, China can gradually liberalize the access scope of hedge funds and improve the relevant legal regulatory system in the process of development. On the one hand, it is necessary to make full use of the huge role of hedge funds in promoting the development of financial markets in China, and on the other hand, to keep the system risks brought by hedge funds to financial markets under control and to maintain the security of national financial markets. In recent years, the theoretical and practical research points of hedge funds have been gradually diffused by domestic scholars, but on the whole, they have not yet formed a systematic and common understanding, and the details on the practical level are relatively simple. So there is a need to focus on the depth and breadth of hedge funds. Based on the previous research and the development of hedge funds in recent years, this paper focuses on the legal supervision of American hedge fund market. A plate. The full text is divided into four chapters to summarize the main thrust, specifically divided into: the first chapter, the basic overview of American hedge funds. There has been no international consensus over the years on how hedge funds should be legally qualified. This chapter introduces the definition and characteristics of hedge funds from the source, and gives their own views. Then the development of the U.S. hedge fund market is analyzed in order to provide legislative reference for the following legal regulation. Chapter two, the basic legal system of American hedge fund regulation. This chapter makes a comprehensive analysis of the basic system of American hedge fund legal supervision, including connotation, subject, principle, necessity and legal system, and also makes a comparative analysis of the legal supervision of international organizations. The third chapter, American hedge fund legal regulation specific legal system. This chapter includes adjustments to the SEC's regulatory model for hedge funds, several existing laws relating to hedge funds, trends in future hedge fund legal provisions and the far-reaching impact of the U.S. regulatory model on the international community. In the long-term development of hedge funds, the United States has adopted a series of laws such as the Securities Act of 1933, the Commodities Trading Act of 1936, the Investment companies Act of 1940, the Investment Advisers Act of 1940, and the Securities Exchange Act of 1940 to exercise indirect supervision over the hedge fund market. Although hedge funds through their unique way of operating will circumvent these laws, regulations and regulations. The fourth chapter, American hedge fund regulation to China's enlightenment. This chapter includes the current situation of hedge fund development in China, the enlightenment of American hedge fund to our country, and the relevant suggestions to perfect the supervision of hedge fund in China.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D971.2;DD912.28;F837.12

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