关于发展我国私募基金之研究分析

上海交通大学硕士学位论文关于发展我国私募基金之研究分析姓名：朱悦佳申请学位级别：硕士专业：金融指导教师：仲健心2005010177000??8TheResearchandAnalysisonthedevelopmentofPrivatelyOfferedFundinChinaAbstractPrivatelyOfferedFundhasn’tgotlegalstatusinChina,butithasexistedwiththedevelopmentofthesecuritymarket.XiaBing,thesupervisiongeneralofnon-bankfinancialinstitutionofPeople’sBankofChinasaidthescaleofPrivatelyOfferedFundisabout700billioninhisresearchreport.SECsaidthescaleofPrivatelyOfferedFundismuchbiggerthanthePubliclyOfferedFund.Someissuesarecomeupwithsuchasthescale,therationality,theimpactandthedevelopmentofPrivatelyOfferedFundinChina.ThisthesistriedtodisclosethenecessityofthedevelopmentofPrivatelyOfferedFundbyitsrationality.Thenitdevisedadevelopmentblueprintcomparedwiththeforeigndevelopmenthistorytoeludefromtherisks.OwingtotheillegalstatusofPrivatelyOfferedFund,theauthorwrotethethesisbythemajormeansofdeterminingthenatureandtheminormeansofdeterminingthequantitative.Theminormeansofdeterminingthequantitativeismainlydividedintoresearchanalysisandmodelconstruction.Atfirst,theauthordefinedthemeaning,style,charactersofPrivatelyOfferedFund.Then,thedevelopmenthistoryofChinaandAmericanwasintroducedtodisclosetherevelationbycomparisonbetweentwo.Moreover,thenecessityofPrivatelyOfferedFundwaspointedoutthattherationality,thegoodimpactandsomeeconomicfactorsresultedintheexistenceofPrivatelyOfferedFund.Thefifthchapterdevisedadevelopmentblueprintcomparedwiththeforeigndevelopmenthistorytoeludeformtherisks.Consideringmanyfactorssuchasexternalenvironment,majorparities,operationalstyleandprofitdivisionmeans,theauthortriedtodevisedanimprovedblueprintwhichconformedtotheChinesesituation.WemustnotonlyadmittheexistenceofPrivatelyOfferedFundbutalsoregulateit.Then,PrivatelyOfferedFundcanappearintheovergroundmarket.PrivatelyOfferedFundmeetstheneedofthebalanceofthemarket,solvethefinancingdifficultyofthemediumandsmallenterprisesandimplementthePubliclyOfferedFund.Theessenceofthethesisaimedattheadjustmentofthemarket9byanunseenhandwhichisdifferentfromthelawitself.ThelawcannotdecidethebirthofPrivatelyOfferedFund,becausePrivatelyOfferedFundhasbornandgrown.Weneedtoregulateandguideit,thus,PrivatelyOfferedFundcanserveusbetter.Ourfundindustrycanbecomehealthierandmorematuretomeetthefuturechallengebroughtbytheinternationalfundfirms.Fromthelongtermview,PrivatelyOfferedFundwillhavegreatimpactontheinvestmentstyleofthecurrentfundindustryandpropelthestandardizationandinternationality.PrivatelyOfferedFundwillchangecurrentpatternandformthecustomer-orientedculture,moreover,itwillgivenewpressuretoPubliclyOfferedFunds.KeyWordsprivatelyofferedfund,principal-agent,hedgingfund,ventureinvestmentfund,heightwater3200515452005-1-1230561ManagedAccountReportsInc182850005-1015%PWCEuropeVenture2000550%[1]20907000[2][3]??21[4]200121[4]200132ShortSelling(Hedging)(Arbitrage),(Leveraging)(SyntheticPositionandDerivative)[5](IMF2001)[6]ChenyB.Nadel2001[7]Blackwell,DavidW.andDavidS.Kidwell,1988[8]JerryM.Roseberg,1993[9]2004“”“”“”“”[10](,1998)[11]1997[12]BarraRogerscasey,19964[13]Masulis,R.W.andA.N.Korwar,1986[14]2003[15]2001Maksimovic,Vojislav,andPegaretPichler,1999[17]2001[18]2000[19]Jensen,M.C.andW.H.Meckling,1976[20]Wu,YiLin,20001.2.3.4.[21]Ruth,S.K.Tan,P.L.Chng,andY.H.Tong,2002[22]Sudha,K.,A.S.Paul,and5S.Venkat,1999RuthMaksimovic[23],2000[24]2000Ruth1.2.Ruth,S.K.Tan,P.L.Chng,andY.H.Tong,20021.PrivateplacementPrivateofferingPublicoffering193319345S.Venkat,1999RuthMaksimovic[23],2000[24]2000Ruth1.2.Ruth,S.K.Tan,P.L.Chng,andY.H.Tong,20021.PrivateplacementPrivateofferingPublicoffering1933193461982(Fund)(PrivatelyOfferedFund)7121.XX23(,),()303()8(SEC)SEC,,,(5%),1%,20%(IncentiveFee)92.(1)10(2)(3)113.1122133441412315FundCategoryChart11997199819992000562001200215FundCategoryChart11997199819992000562001200216200320041142.77%.PrivatelyOfferedFundInvestigationResult1710-30%2200020031018[25]1920039():,,,20012,(),60%,750,,()2,3,5(),,,,()[26]320200491200418-8000-6000-4000-2000020004000600012345678SecurityDepositandCurrentDepositComparison21444.2%42.4%28.4%22.7%34.4%32.7%.[28]%()()A()A()()()()1996.122306.8121052.299.50.961.373171.623035951.491110.071997.123333.3430295.215.81.572.257493.2730352247.982622.051998.123911.1323417.723.51.692.419427.0230352828.113299.461999.124481.9731049.553.61.912.7412259.6130353677.884290.862000.125801.1360278.674.42.353.3619514.5330355854.366830.092001.126650.4133242.041.92.673.8125354.0930357606.238873.932002.126884.0827142.041.92.082.9720454.1330356136.247158.952003.127025.4123432.421.91.772.5417810.6630355343.26233.73221.232.119661968[30]1968215140241969197419741985198819902090198819891990199119921993199419951996199713731648197723732848341741004700510055004205806709400120017201890217026102950%5349527032512018919393662147161418213194712329321980SBIIA198128%20%.25IntelSeedcapitalfund(Turnaroundfund)