我国私募基金风险及监管对策研究——基于美国的比较分析

The Risks and Regulation of Private Funds in China——A Comparative Study with America

近年来,私募投资基金在我国蓬勃发展,但其风险隐患也逐步暴露,值得警惕防范。本文梳理了我国私募基金面临的新旧风险,分析了监管存在的不足,并对比研究了美国私募基金监管体系。本文认为,我国私募基金治理模式以自律为主,市场准入门槛过低,风险监测机制不健全,监管力度不足。美国作为全球最大的私募基金市场,对私募基金的监管已从宽松全面转向严格,明确了将一定规模的私募基金投资顾问全部纳入联邦统一监管,以对私募基金风险进行有效管控。本文建议,应将私募基金管理机构纳为正规金融机构范畴,其必须持牌经营;厘清监管与自律的边界,健全监管体系;强化投资者保护,防控系统性风险。

In recent years,private funds have been booming in China,but the potential risks are gradually exposed.This paper surveys the new and old risks of private funds,analyzes the deficiency of regulations,and conducts a comparative study with American regulatory system of private funds.This paper finds that the regulatory model of private funds in China is mainly self-disciplined,with low market requirement thresholds,imperfect risk monitoring system and weak regulation.America,as the largest private funds market,is starting to strengthening its regulations on private funds.It requires all the consultants of private funds exceeding a certain criteria should be included in the federal regulations to control the risk effectively.This paper suggests that China should categorize private funds as the formal financial institution,and issue license to supervise its operation.We should clarify the boundary between self-disciplines and regulations,enhance investor protection,and control the systemic risk.