对冲基金及其监管问题研究

Research on the Supervision Issues of Hedge Funds

近年来,随着金融市场的加速创新和结构性调整,对冲基金的规模也迅速扩张,成为国际金融市场的重要参与者。与传统的资产管理、共同基金相比,对冲基金在投资策略、组织形式等方面具有自己的特点。对冲基金日益扩大的资产规模和自由灵活的投资策略增加了金融市场的流动性、提高了市场效率,但同时也给金融体系带来了新的不稳定因素。2006年以来,对冲基金对金融稳定的影响日益成为全球金融监管者关注的问题。有些国家主张通过间接监管的方式,有些则一直推动加强对对冲基金的直接监管。如何加强对对冲基金的监管,减少对冲基金对金融体系稳定性的负面影响,仍然是全球金融业面临的一项挑战。

In recent years, Hedge Funds has grown rapidly and become the major actor in the world financial market. Comparing with the traditional asset management companies and mutual funds, Hedge funds have its own characteristics in investment strategies, legal structure. Hedge funds increase the liquidity of financial market, enhance the market efficiency, however, they also bring some negative impact on the financial stability. Since 2006, the supervision issue of hedge funds have attracted increased attention of many financial regulators. How to strengthen the supervision on hedge funds is still a challenge that world financial industry faces.