美国对冲基金发展和监管状况及中国的借鉴

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

21世纪以来,在全球经济金融联系不断紧密的背景下,金融风险理论发展迅速,各种金融衍生工具不断出现,对冲基金的数量和所管理的资产规模显著增长。文章从对冲基金规模、策略、风险、杠杆和监管等方面,对美国对冲基金进行了研究与分析,对今后我国如何发展和监管对冲基金进行了探讨,提出建立金融防火墙制度、建立和完善投资人准入机制、正确引导并加强对投资者的教育和培训、增加投资渠道、通过立法和严格执法震慑欺诈行为以及大力打击内幕交易、老鼠仓等违法行为,切实维护投资者利益和市场稳定。

Against the backdrop of financial market globalization, more and more emphasis is put on finance risk control and innovative derivatives to hedge the risk. So hedge funds, a type of investment vehicle, are becoming increasingly prominent in recently years, in terms of both quantity and assets size. Meanwhile, they showed a lot of new characteristics and changes, such as assets size,region distribution, strategy of portfolio, influence on global finance market, etc. Firstly the paper analyzes these above mentioned new changes. Then some suggestions are given on how to develop and supervise the hedge in China.