WT投资管理有限公司阳光私募基金风险管理研究

发布时间：2018-03-11 09:29

本文选题：投资管理　切入点：阳光私募基金　出处：《广东商学院》2013年硕士论文　论文类型：学位论文

【摘要】：自2004年2月我国第一支阳光私募基金——深国投“赤子之心”证券投资集合资金信托计划发行以来，私募基金以信托计划的形式非公开募集资金；修订后的《证券投资基金法》于2013年6月1日起施行，将非公开募集基金纳入监管，阳光私募基金取得了明确合法的法律地位。阳光私募基金近九年来发展迅速，其数量和资金规模不断扩大，如何进行阳光私募基金风险管理，进行风险识别和测量，做到风险的研究、识别、报告、预防、控制，有效地进行风险防范和规避，是各个投资管理公司面临的重要问题。本文以MBA学习中掌握的国内外风险管理相关理论，结合WT投资管理有限公司阳光私募基金风险管理的实际，，运用SWOT分析法分析WT公司阳光私募基金风险管理的现状及存在问题，提出从公司的风险管理制度、风险管理程序、风险管理技术等三个方面加强和改进WT公司的风险管理。本文主要分为四个部分：第一部分通过分析我国阳光私募基金的发展以及出现的各种风险，提出进行阳光私募基金风险管理的问题及研究意义，同时也就该问题对国内外有关风险管理的理论进行介绍并进行了简要评述。第二部分以WT投资管理有限公司为案例，介绍了WT投资管理有限公司概况和该公司管理的阳光私募基金风险管理概况，主要从资金的投资方向、资金运用程序、资金操作行为等方面介绍了目前的风险管理设计和运作现状。第三部分分析了WT投资管理有限公司阳光私募基金风险管理存在的问题和原因，指出该公司阳光私募基金风险管理问题原因，主要是风险管理决策机构功能较弱和风险管理运作效率低下，风险管理的相关措施得不到有效执行，如对风险管理相关部门设置不科学，风险管理制度不完善，风险管理专业人才缺乏，风险管理过程中对风险的识别和测量缺乏科学依据等。第四部分根据WT投资管理有限公司阳光私募基金风险管理的问题和原因，提出了该公司风险管理的改进措施，主要包括四个方面，第一是风险管理的制度设计与运用，第二是风险管理的程序设计与运用，第三是风险管理的技术设计与运用，第四是将前三项措施协调统一在公司的经营管理过程中，以达到对阳光私募基金风险的有效管理。本文最后提出，我国新的《证券投资基金法》实施后，投资管理公司可开展更多新的业务，如允许投资管理公司从业人员在备案条件下可以进行证券投资，券商信托也可做基金托管人，可买托管行股票等，新的业务给WT投资管理有限公司阳光私募基金风险管理提出了新的课题，这也是该公司阳光私募基金风险管理需要进一步研究的问题。
[Abstract]:Since February 2004, when the first sunshine private equity fund in China, "the Heart of the Child", was issued, the private equity fund raised funds in the form of trust plan. The revised Securities Investment Fund Law came into effect on June 1st 2013, bringing private raising funds under supervision. Sunshine private equity funds have achieved a clear and legal legal status, and sunshine private equity funds have developed rapidly in the past nine years. The number and the scale of funds are expanding constantly. How to carry out risk management, risk identification and measurement, risk research, identification, report, prevention, control, effective risk prevention and avoidance, Is each investment management company faces the important problem. Based on the theory of risk management at home and abroad and the practice of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd. This paper analyzes the present situation and existing problems of risk management of Sunshine Private Fund of WT Company by using SWOT analysis method, and proposes to strengthen and improve the risk management of WT Company from three aspects: risk management system, risk management procedure and risk management technology. This paper is divided into four parts:. The first part through the analysis of the development of sunshine private equity fund and the emergence of various risks, put forward the issue of risk management of sunshine private equity fund and the significance of research. At the same time, the theory of risk management at home and abroad is introduced and briefly reviewed. The second part takes WT Investment Management Co., Ltd. as an example, introduces the general situation of WT Investment Management Co., Ltd and the risk management of Sunshine Private Fund, mainly from the direction of investment, the application procedure of funds. This paper introduces the current design and operation of risk management in the aspects of fund operation. The third part analyzes the problems and causes of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd., and points out the reasons for the risk management problems of Sunshine Private Fund in WT Investment Management Co., Ltd. It is mainly because of the weak function of the risk management decision-making organization and the low efficiency of the risk management operation, and the lack of effective implementation of the relevant measures of risk management, such as the unscientific setting of the risk management departments and the imperfect risk management system. Lack of professional risk management personnel, risk management process to identify and measure the lack of scientific basis. In 4th, according to the problems and reasons of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd., the author puts forward the improvement measures of risk management in this company, mainly including four aspects. The first is the design and application of risk management system. The second is the procedure design and application of risk management, the third is the technical design and application of risk management, and the 4th is to coordinate the first three measures in the management process of the company, in order to achieve the effective management of the risk of sunshine private equity fund. Finally, this paper suggests that after the implementation of the new Securities Investment Fund Law, investment management companies can carry out more new business, such as allowing employees of investment management companies to invest in securities under the conditions of filing. The securities trust can also act as the fund custodian, can buy the stock of the custodian bank, etc., the new business has put forward a new topic to the risk management of the sunshine private equity fund of WT Investment Management Co., Ltd. This is also the company's sunshine private equity fund risk management needs further research.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.3;F832.51

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