英国分割资本信托研究

英国分割资本信托通过对基金份额进行结构化分级,从而赋予其不同份额以不同的权益安排,最终满足了投资者的多样化需要。但是在上世纪末,激进的资本结构、广泛的交叉持有以及不完善的信息披露促成了分割资本信托危机的产生,并给投资者带来惨重损失。我国分级基金应当借鉴英国分割资本信托,使得分级结构更加多样化,以满足丰富市场现有的投资产品。但是,相关的监管机制必须进一步完善,以防止对杠杆型基金产品的监管出现真空。同时,我们应当审慎地把握金融创新,避免误导销售,从而保护中小投资者利益。

Split Capital Investment Trust(UK)which funds its capital through structured classification shares,makes different arrangements of interest on different shares,and ultimately meets the diverse needs of investors.But in the end of last century,the radical capital structure,extensive cross-holdings,and inadequate disclosure of information contributed to the split capital Investment trust crisis,and caused heavy losses to investors.The Split Capital Investment Fund in China should learn from Split Capital Investment Trust(UK),providing more diversified shares to satisfy investors.However,the regulatory mechanism must be further improved to avoid the regulation vacuum of leveraged funds.In addition,careful financial innovation and no misleading sales are needed to protect the interests of small investors.