中国私募证券投资基金行业发展现状分析--基于全球对比的视角

Development Status of China Private Securities Investment Fund Industry,Based on Global Comparison

随着中国私募证券投资基金行业的井喷式发展,私募证券投资基金已经与公募基金平分秋色,及时了解中国私募证券投资基金行业现状与全球对冲基金行业发展趋势成为当务之急。本文在梳理中国私募证券投资基金行业发展现状的基础上,从私募证券投资基金的行业规模、产品特征、绩效表现和投资策略等方面进行全球比较。研究结果表明:与全球对冲基金产品相比,中国私募证券投资基金产品数量更多、规模更小、存续期更短、锁定期更长、管理费用更低、产品绩效更好但风险更高。在此基础上,本文提出关注私募证券投资基金行业聚集效应和防范私募证券投资基金产品风险的监管建议。

With the explosive growth of China's private securities investment fund industry,private securities investment funds and mutual funds are of relevant size,so it is urgent to understand the current situation of the industry.Based on the analysis of the development trend in the private securities investment fund at home and abroad,this paper compares the similarities and differences between China and foreign countries in terms of private securities investment fund size,product features,fund performance and investment strategies.The results show that compared with the global hedge funds,Chinese private securities investment funds have more products,smaller sizes,shorter maturities,longer lockup periods,lower management costs,better product performance but higher risk levels.On this basis,this paper puts forward some regulatory suggestions,such as reducing the number of private securities investment fund products and improving the risk management level of private securities investment fund.