对冲基金及其经理人在不同激励机制下的收益问题

发布时间：2018-05-30 20:41

本文选题：对冲基金 + 经理人收益　；参考：《宁波大学》2014年硕士论文

【摘要】：随着世界经济的蓬勃发展，各种金融衍生工具应运而生，对冲基金也受到了越来越多投资者的青睐。据统计，截止于2011年底，，全球对冲基金管理资产总规模约2.12万亿美元，是2002年对冲基金规模的4倍，对冲基金市场欣欣向荣。广大投资者关注对冲基金的同时也有许多人开始关注对冲基金经理人的收益问题，开始考虑如何使得经理人报酬最大化以及采取何种激励方式能让冲基金经理人能竭尽全力经营对冲基金，防止对冲基金经理人的投机行为。当前我国金融环境已日趋成熟，具备发展对冲基金的有利条件，因此研究对冲基金经理人的收益问题以及激励机制十分必要。本文首先对对冲基金的发展状况、面临问题以及国内外学者针对对冲基金经理人收益和激励问题的研究情况进行综述。接着对对冲基金的定义、分类、发展以及当前经理人的激励机制进行介绍，并且分别在不同的激励机制下建立数学模型，得到对冲基金经理人报酬的最大值，得出为避免对冲基金经理人的投机行为需采用两种机制相结合的激励机制。最后总结美国日本两国对冲基金发展的国际经验，归纳出我国对冲基金发展制约因素以及当前对冲基金经理人的激励机制和存在问题，对我国对冲基金发展提出可行性分析，并提出经理人激励方式的建议。
[Abstract]:With the rapid development of the world economy, various financial derivatives emerge as the times require, and hedge funds are favored by more and more investors. Global hedge funds had about $2.12 trillion in assets under management at the end of 2011, four times the size of hedge funds in 2002, and the hedge fund market was booming, according to statistics. While the majority of investors are concerned about hedge funds, many people are beginning to pay attention to the return of hedge fund managers. Start thinking about how to maximise managers' compensation and how incentives will enable hedge fund managers to do their best to prevent hedge fund managers from speculating. At present, the financial environment of our country has matured day by day and has the favorable condition to develop the hedge fund, so it is necessary to study the income of the hedge fund manager and the incentive mechanism. Firstly, this paper summarizes the development of hedge funds, the problems they face and the research of hedge fund managers' returns and incentives at home and abroad. Then the definition, classification, development and current incentive mechanism of hedge funds are introduced, and mathematical models are established under different incentive mechanisms to obtain the maximum compensation of hedge fund managers. In order to avoid the speculative behavior of hedge fund managers, the incentive mechanism combined with two mechanisms should be adopted. Finally, this paper summarizes the international experiences of the development of hedge funds in the United States and Japan, and concludes the restrictive factors of the development of hedge funds in China, as well as the incentive mechanism and existing problems of the current hedge fund managers, and puts forward a feasibility analysis on the development of hedge funds in China. And puts forward the manager incentive way suggestion.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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