基于钻石模型的中国对冲基金行业发展模式研究

发布时间：2018-03-27 17:17

本文选题：对冲基金　切入点：钻石模型　出处：《上海交通大学》2013年硕士论文

【摘要】：本文撰写于金融创新的关键时期，融资融券与股指期货的推出，，金融衍生品种类和数量的不断完善，私募型资产管理产品的监管放松，使得对冲策略的运用成为可能。目前，对冲基金在国内尚处于初步发展阶段，相关研究还十分欠缺，本文的研究内容具有初步的领先价值。首先，文章介绍了美国对冲基金的发展历史及其模式适应性变化。美国对冲基金发展经历了初步发展期、缓慢发展期、黄金发展期和发展转型期。整个行业从自发发展起步，随着市场形势的变化做出了适应性调整；成熟以后，发展模式变为自发发展，间接监管。2008年金融危机至今，美国政府显示了主动监管的趋势。其次，文章以钻石模型作为框架，分析了中国对冲基金行业的资源要素、需求条件、相关及支持产业、企业战略结构和行业竞争四个关键要素。同时在考虑这四个要素的同时，剖析每个要素中的机遇、挑战和政策情况。在研究过程中，文章把“政策”作为一个内生变量，用演绎法推导出我国对冲基金行业的健康发展模式，并以此推导出有利于行业发展的政策。最后，文章通过对比美国对冲基金行业的发展模式，基于钻石模型，提出了中国应当坚持政策开放、市场主导的发展模式。政策开放必须要有创新容忍度，市场主导旨在提高市场在资源配置中的效率。文章最后提出了具体的政策建议。
[Abstract]:This paper is written in the key period of financial innovation, the introduction of margin and stock index futures, the continuous improvement of the types and quantity of financial derivatives, the relaxation of supervision of private equity asset management products, which makes the use of hedging strategy possible. Hedge funds are still in the initial stage of development in China, the relevant research is still very lacking, the research content of this paper has the preliminary leading value. First of all, the paper introduces the history of the development of American hedge funds and their adaptive changes. The development of American hedge funds has experienced a period of initial development, a period of slow development, a period of gold development and a period of transition. With the change of market situation, adaptive adjustment has been made; after mature, the development mode has changed into spontaneous development and indirect supervision. Since the 2008 financial crisis, the American government has shown the trend of active supervision. Secondly, using diamond model as the framework, the paper analyzes the resource factors, demand conditions, related and supporting industries of the hedge fund industry in China. At the same time, it analyzes the opportunity, challenge and policy situation of each element. In the course of the research, the article regards "policy" as an endogenous variable, while considering the four key elements of enterprise strategic structure and industry competition, at the same time, analyze the opportunity, challenge and policy situation of each element. Deductive method is used to deduce the healthy development model of hedge fund industry in China, and the policy that is beneficial to the development of the industry is deduced. Finally, by comparing the development model of the American hedge fund industry, based on the diamond model, the paper puts forward that China should adhere to the policy opening, market-led development model, policy opening must have innovative tolerance, The purpose of market dominance is to improve the efficiency of market in resource allocation.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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