FOF基金的发展趋势与实证分析

学校代码：10285学号：20144513001硕士学位论文（专业学位）FOF基金的发展趋势与实证分析TrendsFOFFundandEmpiricalAnalysis研究生姓名刘凯指导教师姓名王过京专业名称金融硕士研究方向金融工程所在院部金融工程研究中心论文提交日期2016年5月FOF基金的发展趋势与实证分析中文摘要IFOF基金的发展趋势与实证分析中文摘要金融市场的剧烈动荡，股票市场、债券市场、房地产市场、大宗商品市场以及P2P市场接连出现不同程度的问题。全球经济持续探底下行，我国利率不断下调，相对较高稳定收益的理财产品越来越受到人们的欢迎。人们经历了2015年中国股市的疯牛与股灾，相对稳定的，能够有效控制风险的产品得到了市场的认可。随着大资管时代的来临，资产的多元化配置开始兴起。作为沉寂已久的FOF基金随着私募基金数量与私募基金产品的爆发而活跃在目前的金融产品领域。FOF基金在资产配置方面具有独到的优势，不仅能够获得基金产品的额外收益还能有效的规避不同市场的下跌，从而为投资者保持财富的稳定增长。FOF基金目前已经成为美国基金市场的重要组成部分，而目前国内的FOF基金在基金市场所占的比重相对较小，未来将有足够大的发展空间。本文主要研究FOF基金的发展历程与现状，并且采用实例分析FOF基金的优势。FOF基金产品成功的关键在于对宏观经济及整个资本市场的判断，然后采取此时刻最有利的子基金投资策略来构建FOF母基金，根据市场动态调整策略池的子基金是获得稳定收益的前提。关键词：FOF基金，私募基金，策略池，回撤作者：刘凯指导教师：王过京英文摘要FOF基金的发展趋势与实证分析IITrendsFOFFundandEmpiricalAnalysisAbstractUpheavalinfinancialmarkets,thestockmarket,bondmarket,therealestatemarket,commoditymarketsandP2Pmarketspateofvaryingdegreesofproblems.Theglobaleconomycontinuedtodipdown,ourinterestratescontinuetodrop,arelativelyhighandstableincomefinancialproductsmoreandmorepopular.Peoplehaveexperiencedthe2015stockmarketcrashandmadcowChinesestockmarketisrelativelystable,caneffectivelycontroltheriskofproducthasbeenrecognizedbythemarket.Withtheadventoftheeraoflargeinformationmanagement,diversifiedassetallocationbegantorise.Asalong-silentFOFfundwithprivateequityfundsandthenumberofoutbreaksandactiveprivateequityfundproductsinthecurrentfinancialproducts.FOFfundhasuniqueadvantagesinassetallocation,notonlytoobtainadditionalrevenuefundproductscaneffectivelyavoidfallingindifferentmarkets,soastomaintainastablegrowthininvestorwealth.FOFfundhasbecomeanimportantpartoftheUSfundmarket,whilecurrentdomesticFOFfundinthefundmarketshareisrelativelysmall,therewillbesufficientspaceforfuturedevelopment.DevelopmentandCurrentSituationpaperstudiesFOFfund,andusescasestudyadvantagesFOFFund.FOFfundproductskeytosuccessliesinmacroeconomicandcapitalmarketjudgment,thentakethistimemostfavorablesub-fundinvestmentstrategytobuildFOFparentfund,accordingtomarketdynamicsadjustmentstrategypoolsub-fundistoobtainthepremiseofstableincome.Keywords:FOFfunds,PrivateEquity,Policypool,RetracementWrittenbyLiukaiSupervisedbyGuojingWang目录第一章绪论......................................................................................................................................11.1研究背景.......................................................................................................................................11.2研究的目的与意义.......................................................................................................................21.3研究的创新与不足之处...............................................................................................................31.4文献回顾.......................................................................................................................................41.4.1国外文献综述......................................................................................................................41.4.2国内文献综述......................................................................................................................51.4.3对文献的见解......................................................................................................................6第二章FOF基金的发展与现状........................................................................................................72.1研究对象的定义..........................................................................................................................72.1.1私募基金..............................................................................................................................72.1.2FOF基金...............................................................................................................................72.2国外及其它地区FOF基金的发展与现状...................................................................................82.2.1FOF的萌芽...........................................................................................................................82.2.2美国FOF基金的发展与现状............................................................................................102.2.3欧洲FOF基金的发展与现状............................................................................................112.2.4台湾FOF基金的发展与现状............................................................................................132.2.5香港FOF基金的发展与现状............................................................................................142.3我国FOF基金的发展与现状....................................................................................................152.3.1我国FOF基金的发展........................................................................................................152.3.2我国FOF基金的现状........................................................................................................172.3.3我国私募基金FOF产品的发展机遇................................................................................18第三章FOF基金的优点与缺点......................................................................................................203.1F