我国保本基金发展中保本机制研究
发布时间：2018-10-31 21:21
【摘要】：保本基金是20世纪80年代面市于美国的金融创新产品,我国首支保本基金发行成立于2003年,在国内属起步较晚的基金品种。保本基金初入我国市场时,由于金融衍生产品缺乏和对担保人资质的严格要求,制约了保本基金发展,投资工具缺乏和担保资源难求成了保本基金发展的主要瓶颈,再加上我国有关保本基金的政策指导迟迟未能出台,致使保本基金在2010年前发展缓慢。直至2010年10月证监会正式发布了《关于保本基金的指导意见》,对保本基金发行运作进行了明确规范,投资范围和担保人资质要求得到明确,标志着国内保本基金由探索阶段步入真正的发展时期。近年来,我国金融市场深入发展,股指期货等投资工具的推出丰富了保本基金投资范围,为更多保本投资策略的使用提供了基础。在政策引导和市场深化的共同推动下,进一步激发了保本基金的市场热情,仅2011年当年就有19支保本基金获批,并成立运作17支,加上此前存续的5支,截止2011年末市场共有保本基金22支,进入快速发展期。 在我国现有的金融体制和政策环境下,保本基金发展仍存在局限,投资工具选用还较为保守,银行、保险和证券机构虽被明确列为可选担保人但实践中却面临诸多限制,一些瓶颈问题并未彻底解决,这都是保本基金未来健康发展和市场化运作需要面对的问题。保本基金中保本投资策略和担保设置是保本运作的关键环节，近年国内不乏这两方面的研究,本文将这两方面综合归纳为保本机制,提出保本机制的概念,同时进行独立分析和关联性研究,并结合案例分析说明其在保本基金运作中的安全保障作用。 论文第一章绪论部分结合当前保本基金市场总体情况和政策环境提出了研究背景、目的及意义,并对国内外相关研究成果进行梳理；第二章列举了发达国家和地区保本基金的发展情况及现状,着重介绍我国基金业及保本基金发展状况,并分析了保本基金市场运作业绩和运作模式；第三章主要研究我国保本基金投资策略的选择,保本基金担保设置的法律基础和可选担保人分析三方面,并就保本机制进行总结分析；第四章通过案例分析展示保本机制的实际运行情况和效率；第五章根据国内金融市场和政策发展趋势进行了研究展望：结语部分就本文的研究成果进行阶段性总结。 本文在研究中,首先,对我国市场现有保本基金运作模式进行比较,总结运作特点和存在不足；其次,通过对现有政策下保本基金担保设置的分析,发现我国保本基金运作市场化程度不够,金融政策间的兼容性有待提高；最后,以案例分析的方式,揭示保本机制各环节运作方式,指出保本机制的安全保障效用,以期许未来政策制定和产品设计更加宽松灵活。 保本基金属于小类别证券投资基金产品,虽然所占市场份额不大,但在丰富基金产品线,迎合特定的市场需求,推广金融创新等方面具有重要意义,因此,推动保本基金健康发展和市场化运作符合我国金融市场深入发展的要求。本文研究分析建立在《关于保本基金的指导意见》出台之后,相关数据和基础材料均来自实践整理,通过对保本机制的研究,进一步揭示保本基金的运作特点,展示保本基金的保障基础,提出发展中面临的相关问题和建议,希望能进一步丰富我国保本基金研究成果,并为涉及保本基金的相关政策的完善和市场参与各方提供一定的参考。
[Abstract]:The fund is the financial innovation product of the USA in the 1980s, and the first branch of the fund was established in 2003, which is a late fund variety in China. in that early entry of the fund into our country, due to the lack of financial derivative products and the strict requirements on the qualification of the guarantor, the development of the fund, the lack of investment tools and the difficulty of guarantee resources have become the main bottleneck of the development of the fund. Coupled with the delay in the policy guidance of our country concerned with the fund, this fund has developed slowly by 2010. Until October 2010, the CSRC officially issued the Guidance Opinions on the Protection of the Fund, and the issuance and operation of the Fund were clearly regulated, and the investment scope and the qualification requirements of the guarantor were clearly marked, and the domestic guaranteed fund was entered into a real development period from the exploration stage. In recent years, the development of financial market in our country, the introduction of investment tools such as stock index futures have enriched the investment scope of the fund, and provided the basis for the use of more investment strategies. Under the co-promotion of policy guidance and market deepening, the market enthusiasm of the fund was further stimulated. Only 19 of the funds were approved in 2011, and 17 branches were established, plus the remaining five branches, and the market share of 22 branches in the end of 2011. Enter the fast development period. Under the existing financial system and policy environment of our country, the development of the fund is still limited, the choice of investment instruments is still more conservative, the banks, insurance and securities institutions are clearly listed as the guarantor but the practice is faced with many limitations, and some bottleneck problems are not thorough Solved, this is the future health development of the fund and the market-oriented operation needs to face The investment strategy and guarantee setting in the fund are the key links of keeping the operation. In recent years there are no shortage of research in these two aspects. This paper summarizes the two aspects as the guarantee mechanism, puts forward the concept of keeping the mechanism, and carries on independent analysis and correlation. Study and use case analysis to explain its safety guarantee in the operation of the fund The first chapter introduces the background, purpose and significance of the research background, purpose and significance of the present general situation and policy environment of the fund market, and combs the relevant research results at home and abroad. The second chapter lists the development of the developed countries and regions. The third chapter mainly studies the choice of the investment strategy of our country's insurance fund, the legal basis and the optional guarantor of the guarantee setting of the fund. Based on the analysis of three aspects, the paper summarizes and analyzes the mechanism; Chapter 4 shows the actual operation and efficiency of the mechanism through case analysis; the fifth chapter looks forward to the development trend of domestic financial market and policy: the conclusion part is carried out in this paper. Based on the analysis of the guarantee setting of the fund under the existing policy, it is found that China's insurance fund has been shipped in China. The degree of marketization is not enough, and the compatibility between financial policies is to be improved. Finally, in the way of case analysis, the operation ways of each link of the mechanism are revealed, and the safety guarantee effectiveness of the mechanism is pointed out, so that the future policy development and products can be formulated in the future. The design is more flexible and flexible. The fund belongs to the small-category securities investment fund products, although the market share is not large, but in the rich fund product line, cater to the specific market demand, promote financial innovation, etc. It is of great significance to promote the healthy development and market operation of the fund in line with our country Requirements for in-depth development of financial markets. After the analysis and analysis, the relevant data and basic materials come from the practice arrangement after the guidance opinion of the fund has been introduced. Through the research of this mechanism, the operation characteristics of the fund are further revealed. To demonstrate the guarantee base of the fund, put forward the relevant problems and suggestions in the development, hope to further enrich our country's research results, and to improve and market the relevant policies related to the fund.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F842;F832.5
[Abstract]:The fund is the financial innovation product of the USA in the 1980s, and the first branch of the fund was established in 2003, which is a late fund variety in China. in that early entry of the fund into our country, due to the lack of financial derivative products and the strict requirements on the qualification of the guarantor, the development of the fund, the lack of investment tools and the difficulty of guarantee resources have become the main bottleneck of the development of the fund. Coupled with the delay in the policy guidance of our country concerned with the fund, this fund has developed slowly by 2010. Until October 2010, the CSRC officially issued the Guidance Opinions on the Protection of the Fund, and the issuance and operation of the Fund were clearly regulated, and the investment scope and the qualification requirements of the guarantor were clearly marked, and the domestic guaranteed fund was entered into a real development period from the exploration stage. In recent years, the development of financial market in our country, the introduction of investment tools such as stock index futures have enriched the investment scope of the fund, and provided the basis for the use of more investment strategies. Under the co-promotion of policy guidance and market deepening, the market enthusiasm of the fund was further stimulated. Only 19 of the funds were approved in 2011, and 17 branches were established, plus the remaining five branches, and the market share of 22 branches in the end of 2011. Enter the fast development period. Under the existing financial system and policy environment of our country, the development of the fund is still limited, the choice of investment instruments is still more conservative, the banks, insurance and securities institutions are clearly listed as the guarantor but the practice is faced with many limitations, and some bottleneck problems are not thorough Solved, this is the future health development of the fund and the market-oriented operation needs to face The investment strategy and guarantee setting in the fund are the key links of keeping the operation. In recent years there are no shortage of research in these two aspects. This paper summarizes the two aspects as the guarantee mechanism, puts forward the concept of keeping the mechanism, and carries on independent analysis and correlation. Study and use case analysis to explain its safety guarantee in the operation of the fund The first chapter introduces the background, purpose and significance of the research background, purpose and significance of the present general situation and policy environment of the fund market, and combs the relevant research results at home and abroad. The second chapter lists the development of the developed countries and regions. The third chapter mainly studies the choice of the investment strategy of our country's insurance fund, the legal basis and the optional guarantor of the guarantee setting of the fund. Based on the analysis of three aspects, the paper summarizes and analyzes the mechanism; Chapter 4 shows the actual operation and efficiency of the mechanism through case analysis; the fifth chapter looks forward to the development trend of domestic financial market and policy: the conclusion part is carried out in this paper. Based on the analysis of the guarantee setting of the fund under the existing policy, it is found that China's insurance fund has been shipped in China. The degree of marketization is not enough, and the compatibility between financial policies is to be improved. Finally, in the way of case analysis, the operation ways of each link of the mechanism are revealed, and the safety guarantee effectiveness of the mechanism is pointed out, so that the future policy development and products can be formulated in the future. The design is more flexible and flexible. The fund belongs to the small-category securities investment fund products, although the market share is not large, but in the rich fund product line, cater to the specific market demand, promote financial innovation, etc. It is of great significance to promote the healthy development and market operation of the fund in line with our country Requirements for in-depth development of financial markets. After the analysis and analysis, the relevant data and basic materials come from the practice arrangement after the guidance opinion of the fund has been introduced. Through the research of this mechanism, the operation characteristics of the fund are further revealed. To demonstrate the guarantee base of the fund, put forward the relevant problems and suggestions in the development, hope to further enrich our country's research results, and to improve and market the relevant policies related to the fund.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F842;F832.5
【参考文献】
相关期刊论文 前10条
1 尚文程;;中国居民储蓄行为研究[J];财经界;2011年05期
2 王涛;;新规后再看保本基金[J];大众理财顾问;2011年01期
3 王程旭;;保本基金投资策略及其在国内的发展[J];股市动态分析;2011年25期
4 辛f，
本文编号：2303593
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2303593.html
最近更新
教材专著
