阳光私募基金投资行为与监管实证研究

发布时间：2018-02-22 04:24

本文关键词： 阳光私募基金投资行为监管　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国金融监管部门提出大力发展机构投资者的背景下，阳光私募基金得到了蓬勃发展，同时阳光私募基金作为机构投资者的地位也在不断提高。作为新生事物，阳光私募基金投资行为亟待规范，监管水平也有待提高，研究阳光私募基金的投资行为和监管对于我国证券市场的发展具有重要的意义。本文基于行为金融学的理论，对阳光私募基金从投资行为和监管两个角度进行研究。首先，通过对私募基金概念的阐述，界定了阳光私募基金的内涵和特点；其次，以证券投资信托产品为例，在分析证券投资信托行业发展现状的基础上，从信托公司投资行为的角度出发，主要采用图表、对比等实证分析方法，得出我国信托公司的投资行为具有持股行业集中度较高、低换手率、存在一定的窗饰效应、持股比例与股价波动弱负相关的特点；再次，在总结了信托公司投资行为特点的基础上，，对阳光私募基金的监管现状、监管问题进行分析，找出阳光私募基金多头监管，监管混乱且效率低下的原因，并对阳光私募基金进行外部监管博弈分析；最后，总结阳光私募基金投资行为特点、监管存在的问题、原因和博弈分析的结论，提出优化阳光私募基金监管的对策建议，即统一阳光私募基金的监管体系，完善阳光私募基金的监管内容和措施，采用内外相结合的阳光私募基金监管策略。
[Abstract]:Under the background of financial supervision department of our country to develop institutional investors vigorously, sunshine private equity fund has been flourishing, and the status of sunshine private equity fund as institutional investor has also been continuously improved. As a new thing, The investment behavior of sunshine private equity fund needs to be standardized and the level of supervision needs to be improved. It is of great significance to study the investment behavior and supervision of sunshine private equity fund for the development of our country's securities market. Based on the theory of behavioral finance, this paper studies sunshine private equity fund from two angles of investment behavior and supervision. Firstly, it defines the connotation and characteristics of sunshine private equity fund by expounding the concept of private equity fund. Taking the securities investment trust products as an example, based on the analysis of the present situation of the securities investment trust industry, and from the perspective of the investment behavior of the trust company, the paper mainly adopts the empirical analysis methods such as chart, contrast and so on. It is concluded that the investment behavior of trust companies in China has the characteristics of high concentration of shareholding industry, low turnover rate, certain window decoration effect, and weak negative correlation between shareholding ratio and stock price volatility. On the basis of summing up the characteristics of investment behavior of trust companies, this paper analyzes the current situation and problems of supervision of sunshine private equity funds, and finds out the reasons for the confusion and inefficiency of the supervision of sunshine private equity funds. Finally, it summarizes the characteristics of investment behavior, supervision problems, reasons and conclusions of game analysis, and puts forward the countermeasures and suggestions to optimize the supervision of sunshine private equity fund. That is, unifying the supervision system of sunshine private equity fund, perfecting the supervision content and measure of sunshine private equity fund, adopting the inside and outside combination of sunshine private equity fund supervision strategy.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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