全球对冲基金业的新发展及其影响被引量：1

New Trends in Global Hedge Fund Industry and the Influence on Financial Stability of China

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摘要全球流动性过剩导致全球金融资产激增,推动对冲基金业规模迅速膨胀。与此同时,对冲基金业也出现了新的变化:投资者结构出现了机构化趋势,并受到监管当局日趋严厉的监管。这也使得对冲基金的收益和风险水平有了新的变化,呈现出稳中趋降的趋势。全球经济失衡和流动性过剩也推动对冲基金在全球寻找套利和投机机会,对全球的金融稳定产生一定的影响。我国需要审慎资本项目开放和加强对冲基金的监管。 Global excess liquidity results in the soaring development of global financial assets and conduces to rapid expansion of the hedge funds. Meanwhile, changes also appear in the hedge fund industry： investors tend to become more institutionalized and to receive increasing supervision from the regulation authority. This further leads to a lower but more stable risk and return level. Meanwhile, economic inequality and excess liquidity also encourage hedge fund to seek arbitrage and investment opportunities globally, which may in turn destabilize the global financial system. Therefore, it is required that China open the capital account with great prudence and strengthen the supervision over hedge funds.

作者蔡庆丰李鹏

机构地区厦门大学金融系

出处《证券市场导报》 CSSCI 北大核心 2008年第5期57-64,共8页 Securities Market Herald

基金福建省社科基金项目"代理投资主导市场的资产定价和信息效率" 博士后基金项目"代理人合谋及其对市场效率的影响" 教育部人文社科基地重大项目"金融制度设计与经济增长"(编号:05JJD790026)的阶段性成果

关键词全球资本流动流动性过剩对冲基金金融监管 Global capital flow, excess liquidity, hedge funds, financial supervision

分类号 F830.39 [经济管理—金融学]

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