浅析QDII基金的败因及治理措施

On Decayed Reasons of QDII Fund and Measures of Regulation

QDII本质上是一种有管制的证券市场开放机制,是一国积极利用境外资本市场,充分实现证券市场优化资源配置功能的可行途径。但运作一年的QDII基金,却出现了巨大的亏损。本文认为QDII基金的败因,主要有:海内外投资文化和体制的相互包容性差,缺乏QDII投资的经验和风险意识;投资过分集中,不能有效的分散风险,难以实现全球投资的初衷;次贷危机引致全球性的经济疲软,股市普遍性的下跌。并在此基础上提出了QDII基金的治理措施:严格筛选符合资格的机构投资者,加强QDII人才的培养;分散投资,降低风险,注重新兴市场的潜力;加强基本面分析,坚持长期稳健的战略。

QDII is essentially an open mechanism controlling security market, and an effective process making use of boundary actively foreign capital, and realizing the distribution allocation of resources of security market sufficiently. But operating QDII fund for 1 year has brought about gigantic deficit for investors. This thesis analyses the decayed reasons of QDII fund, they are： everywhere investment culture and system＇ s mutual tolerance is bad, being short of QDII experience and risk consciousness; investment centralism can not disperse risk; Subordinated debt crisis causes to the global fatigued and weak economics, stock market is universality dropping. The paper has brought forward the investment tactics of QDII fund ： Sift the institutional investor according with qualification strictly, reinforce QDII talented person; disperse investment, reduce risk, attach importance to the emerging market＇ s potential; Reinforce fundamentals analysis, insist on solid strategy of long range.