中国券商直投基金的未来发展方向

Development and Trend of Direct Investment Funds by China's Securities Traders

券商直投基金的获准设立,将开启券商直投业务的"自有资金+第三方资金"时代,可以预见,未来直投基金管理模式将成为国内券商直投业务发展的重要方向。本文先就券商直投基金目前的整体布局、投资方向等情况进行初步分析,以此总结出当前直投基金设立的三大模式,并作出各自优劣对比。同时,文章将借鉴高盛股权投资基金的运作经验,给出中国券商直投基金未来发展道路的选择方向。

That Chinese securities traders are approved to establish direct investment funds will usher in an era of 'self-owned capital plus third-party funds' of direct investment business.It can be predicted that in the future direct investment-oriented management will be of vital importance to the development of domestic direct investment business by securities traders.Based on the analysis of the general pattern and investment preference of direct investment funds,the thesis summarizes three major modes of direct investment establishment and compares their advantages and disadvantages respectively.Meanwhile,by drawing on the operational experience of private equity from the Goldman Sachs it proposes the possible options for the future development of Chinese securities' direct investment funds.