美国对冲基金发展经验对中国的借鉴

The Guidance of U.S Hedge Fund Development Experience to China

金融避险行为始于19世纪,当时美国的大宗商品生产商和贸易商利用远期合约锁定价格来确保货物的正常供应,这被称为现代对冲基金的先驱。20世纪70年代,由于美国政府大力推崇金融市场自由化,且对冲基金在资产管理行业表现优异,大量高净值人士和机构投资于对冲基金,整个行业步入高速发展阶段。全球对冲基金超过一半是美国的对冲基金,其对新兴市场具有较强的指导意义,其发展经验是我国发展对冲基金的有益借鉴。

Financial hedging behavior began in the 19th century, when American commodity producers and traders to ensure complete supply of goods by the use of forward contracts to lock in prices, which is known as the pioneer of the modern hedge fund. In the 1970s, U.S. government strongly advocated the liberalization of financial market, and hedge funds performed the best in asset management industry, a large number of high net worth indi- viduals and institutions were attracted to this industry, which led to the industry entered a stage of fast develop- ment. More than half of global hedge funds are American, whose experience is significant guidance to emerging markets like China.