基金子公司新规对公募基金发展的影响问题研究

发布时间：2018-01-07 07:44

  本文关键词：基金子公司新规对公募基金发展的影响问题研究　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

  更多相关文章： 公募基金 基金子公司 新规 发展研究

【摘要】：公募基金垄断牌照在二0一二年被打破后,行业面临激烈竞争。二0一三年基金子公司获批成立,成为众多公募基金突破发展瓶颈的主要增长点。但部分基金子公司盲目追求发展速度和规模,风险意识淡漠,违约事件逐渐暴露,甚至在股灾中成为违法配资的通道。为促进行业回归资产管理的本业、规范经营、健康长久发展,二0一六年十二月二日下午,证监会颁布《基金管理公司子公司管理规定》及《基金管理公司特定客户资产管理子公司风险控制指标管理暂行规定》(简称“两新规”),将基金子公司作为金融机构正式纳入以准入、净资本约束和风险指标等为核心的监管框架。文本将通过对两新规的解读,分析新规对现有业务的影响,受此影响下基金母公司今后如何定位基金子公司业务,基金子公司的业务如何调整。结合对私募基金和美国共同基金的优势分析,提出对我国公募基金发展的借鉴意义。通过以上分析,对于基金子公司和公募基金的发展提出以下发展建议:一、基金子公司须立即进行业务调整:全面清退资金池和通道业务,规范结构化、投顾业务,加快发展ABS、PE等业务。母公司对母、子公司业务进行划分,避免同业竞争,并在定增、新三板以及商品期货等市场寻找发展机遇。二、公募基金需要借鉴其在市场反应、产品设计、收入机制等方面的优势,逐步赢回客户,缩小与私募规模的差距。三、借鉴美国共同基金经验,通过FOF等产品的稳健收益吸引以养老金为代表的长期机构投资者,积极布局全球市场以分散风险、分享全球经济增长的收益,通过科技金融创新向投资者提供更优质服务。
[Abstract]:After the monopoly license of public offering fund was broken in 12, the industry faced fierce competition. In 13, the fund subsidiary was approved and established. It has become the main growth point for many public funds to break through the bottleneck of development, but some fund subsidiaries blindly pursue the development speed and scale, the risk consciousness is indifferent, and the default events are exposed gradually. In order to promote the return of the industry to the industry of asset management, standardized management, healthy and long-term development, 20 December 2nd 16 afternoon. The Securities Regulatory Commission promulgated the "regulations on the Management of subsidiaries of Fund Management companies" and the "interim provisions on risk Control Index Management of subsidiaries of specific customer assets Management of Fund Management companies" (referred to as "the two new rules"). Fund subsidiaries as financial institutions will be formally incorporated into the regulatory framework with access, net capital constraints and risk indicators as the core. The text will analyze the impact of the new rules on the existing business through the interpretation of the two new rules. Under the influence of the fund parent company how to locate the fund subsidiary business in the future and how to adjust the fund subsidiary business. Combined with the analysis of the advantages of private equity funds and American mutual funds. Through the above analysis, the author puts forward the following suggestions for the development of the fund subsidiary and the public offering fund: 1. The subsidiary company of the fund should adjust its business immediately: clear the fund pool and channel business completely, standardize the structure, invest in the business, speed up the development of ABSPE and other business. The parent company divides the parent and subsidiary business. Avoid peer competition and seek opportunities for development in fixed growth, new third board and commodity futures markets. Second, public offering funds need to learn from their advantages in market response, product design, revenue mechanism, and so on. Gradually win back customers, reduce the gap between the size of private equity. Third, learn from the experience of American mutual funds, through FOF and other products to attract long-term institutional investors represented by pension benefits. Actively layout global markets to spread risks, share the benefits of global economic growth, and provide better services to investors through technological and financial innovation.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.39
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本文编号：1391652