摘要
进入新世纪以来,在低利率环境下对冲基金规模、市场影响和行业特征发生了一系列重要变化。从金融稳定视角看,对冲基金既可以基于不受直接监管的特点,向市场注入流动性,充当系统性风险"缓释器",也可以因高杠杆、隐蔽的操作直接或间接触发市场危机。为趋利避害,在构建对冲基金监管框架时,应遵循如下原则,一是避免直接限制对冲基金投资活动和风险管理细节,防止对其像共同基金或银行那样实施监管;二是在把握对冲基金市场影响传导机制的基础上控制监督关键变量,提高预警能力;三是在多元治理视角下,努力引导加强市场纪律。
The lower interest rate environment after 2000 has huge impact on the scope and industry characteristics of hedge funds. From the financial stability perspective, since not directly regulated, hedge funds can inject liquidity into financial market, acting as a cushion to systematic risk. But with high leverage and concealed operations, it can also trigger market crisis directly or indirectly. We should follow three basic principles when meditating a sound hedge funds regulatory framework. The first one is not to restrict investment and regulate risk management directly, the second one is to inspect key inputs and enhance early warning ability, the last one is to reinforce market discipline under the perspective of diverse governance.
出处
《国际金融研究》
CSSCI
北大核心
2009年第3期52-61,共10页
Studies of International Finance
关键词
对冲基金
金融稳定
系统风险
监管框架
Hedge Funds
Financial Stability
Systematic Risk
Regulatory Framework
