引入“独立监督实体’’理念改进基金治理

随着股票市场的持续升温,中国的证券投资基金（以下简称基金）也迈向了历史发展的新台阶。更有《中国基金行业发展评估报告》指出,假设中国的GDP保持不少于7％的年增长率、中国的基金规模处于发达国家的30％左右,预计三年以后中国基金的资产规模将达到2．4万亿元-2．8万亿元,到2020年将达到20万亿元-25万亿元。     

论基金托管人民事责任的认定与承担

本文研究发现,司法存有基金托管人职责的界定标准模糊、“共同行为”的认定简单和民事责任形态与立法存有不同等问题。解决上述问题首先应明确基金托管人的法律地位;其次从基金托管人职责的范围出发,追溯职责的来源,在立法规制及合同自由的限度重新探寻答案;再者采取折中说明晰基金托管人的“共同行为”;最后以此为基础,明确基金托管人的归责原则、违约责任和侵权责任的竞合解决方式、责任承担方式和责任范围,由此明晰我国基金托管人民事责任认定和承担的应由之式。     

作为托管人的商业银行

自1997年国家正式要求投资基金建立第三方托管制度以来,我国商业银行的托管业务已经走过十几年的发展历程,无论是托管制度的建立、托管机制的运作,还是托管业务的发展、托管产品的丰富,都有了重要进展。托管业务的发展前景非常可观,有望成为商业银行中间业务中一个重要的增长极。     

我国基金托管人制度的法律问题与完善建议

我国基金托管人制度源于国外保管人制度,但在法律地位、独立性等方面和海外不同,并且在运行机制上也具有一定差异。实务中,我国基金托管人制度存在准入门槛高、独立性不足、投资监督性质不明、激励机制僵化等问题,有必要强化基金托管人制度,完善相应的制度建设。     

司法实践视角下基金托管人的义务履行与责任承担

基金托管人在基金治理结构中履行保管及监督义务,具有独立的法律地位及重要的法律功能。然而司法实践正面临基金托管人的义务履行阶段存有争议、义务履行判断标准不一、与基金管理人的责任界分存在困难等现实裁判困境。本文采用案例分析法,聚焦司法实务中基金托管人的义务履行与责任承担问题,深入分析司法实践困境所产生的原因,明确基金托管人与基金份额持有人之间构成信托关系而非仅是合同关系,基金托管人与基金管理人同为受托人但并不构成共同受托人;论证基金托管人的义务履行应贯穿于基金的“募集-投资-管理-退出”各个阶段;履行标准应结合基金托管人的实际审查手段及能力依照具体标准进行相应的层次化考量;在独立责任及连带责任之外引入补充责任方式实现与基金管理人的责任界分;为司法机构解决基金托管人相关纠纷提供统一的应对之策,以维护投资者的合法权益。     

我国基金托管制度分析

在我国,基金托管人主要行使保管基金资产和监督基金运作两大职能。本文通过对基金托管人监管效力进行分析表明:在实际运作中,由于基金托管人与基金管理人之间存在一定程度的利益关系,使得基金托管人不能充分行使其监督职能。本文建议引入将托管与监督相分离的受托人制度,以维护投资人的利益。     

我国基金托管制度分析

在我国,基金托管人主要行使保管基金资产和监督基金运作两大职能.本文通过对基金托管人监管效力进行分析表明:在实际运作中,由于基金托管人与基金管理人之间存在一定程度的利益关系,使得基金托管人不能充分行使其监督职能.本文建议引入将托管与监督相分离的受托人制度,以维护投资人的利益.     

独立董事与基金治理结构

在上市公司治理结构中,管理层与股东的利益冲突和大股东侵害小股东利益问题是两个研究重点。由于基金的运作具有非公开性和基金股份的分散性,投资者无法进入董事会,密切的监督基金经理的决策是否符合他们的利益是不可能的,由此产生了以独立董事为核心的美国共同基金治理结构模式。本文即对这一模式尤其是独立董事在基金治理结构中的作有做一分析。     

加强商业银行基金托管监督职能问题思考

在我国基金托管制度中,商业银行作为基金托管人对基金公司的监督职能存在较严重的缺失,原因在于制度设计的内生缺陷。本文建议通过建立科学合理的利益分配机制,赋予基金托管人必要的监督权利,以有效制约基金公司的权力滥用,保护投资者利益。     

论私募基金托管人责任认定与承担

私募基金托管人制度是保护投资者财产安全的重要制度安排。近年来私募基金爆雷事件屡有发生,投资者往往把要求托管人承担赔偿责任作为主要的求偿手段之一,然而司法机关和仲裁机关对是否支持、多大程度上支持投资者的诉求还没有形成统一的裁判规则。本文通过对代表性案例进行归纳分析,在梳理不同裁判观点的基础上,试图从法律角度对私募基金托管人法律地位的独立性、托管职责与民事法律责任承担等问题进行探讨,以期稳定私募基金各方参与者的风险和收益预期,平衡各方当事人利益,促进私募基金市场持续健康发展。     

投资基金的虚拟资本性质研究

虚拟资本的概念源自于马克思，它有动员储蓄、优化资源配置、实施企业监管、便于风险管理以及促进商品和服务贸易的功能，有助于研究金融市场。本文探讨投资基金的虚拟资本的性质。投资基金自产生时就有乘数效应。投资基金的操作、定价、风险配置机制具有全部的虚拟资本的特点。本文指出投资基金市场的一些缺陷。     

资产配置对基金收益影响程度的定量分析

资产配置是证券投资决策的首要环节,它可分为战略性资产配置及包括选时和选股在内的战术性资产配置.资产配置不但影响了基金业绩沿时间的变化,还对基金之间的业绩差异具有较高的解释程度.本文利用中国的市场数据,度量了资产配置对基金收益的影响程度.     

An Intertemporal CAPM Approach to Evaluate Mutual Fund Performance

Merton (1973) and Campbell (1993) have demonstrated that if an investor anticipates information shifts, he will adjust his portfolio choice today in an attempt to hedge these shifts. Exploiting these insights, we construct a new performance measure to evaluate fund managers' hedging ability. This new measure is different from two widely adopted performance evaluation measures: securities selectivity and market timing. Moreover, an econometric methodology is developed to simultaneously estimate the magnitudes of these three portfolio performance evaluation measures. The results show that mutual fund managers are on average with positive security selection and negative market timing ability. Furthermore, the mutual funds with investment style classified as Asset Allocation generally have positive hedging timing ability.     

Termination Risk, Multiple Managers and Mutual Fund Tournaments

This study analyzes the risk-taking behavior of mutual funds in response to their relative performance over the 1992 to 1999 period. Our results show that managers of funds whose performance is closer to that of the top performing funds have greater incentives to increase their portfolios' risk than managers at the top who exhibit a tendency to lock in their positions. The evidence suggests that termination risk imposes a constraint on the risk taking behavior of under-performing fund managers and the winner takes all phenomenon generates a strong incentive for the fund managers to be the top manager. We also analyze the difference in the risk taking behavior of funds managed by multiple managers and single managers.     

Termination Risk, Multiple Managers and Mutual Fund Tournaments

This study analyzes the risk-taking behavior of mutual fundsin response to their relative performance over the 1992 to 1999period. Our results show that managers of funds whose performanceis closer to that of the top performing funds have greater incentivesto increase their portfolios' risk than managers at the topwho exhibit a tendency to lock in their positions. The evidencesuggests that termination risk imposes a constraint on the risktaking behavior of underperforming fund managers and the winnertakes all phenomenon generates a strong incentive for the fundmanagers to be the top manager. We also analyze the differencein the risk taking behavior of funds managed by multiple managersand single managers. JEL Classification codes: G2 L2     

Running From a Bear: How Poor Stock Market Performance Affects the Determinants of Mutual Fund Flows

Abstract:  Using a proprietary data set to study how past performance affects the determinants of mutual fund flows for a sample of load fund investors, I provide evidence that the determinants of fund flow depend on market conditions for both redemptions and purchases. Specifically, I show that, for redemptions, relative performance and risk adjusted performance are important determinants during a period of record flows into mutual funds. Conversely, during a period of poor performance, absolute performance becomes much more important and relative performance and risk adjusted performance become less important. For purchases, absolute performance, risk adjusted performance, and most relative performance measures become more important during the bear market.     

《金融工具确认和计量》准则对基金投资的影响

现行会计准则体系中《金融工具确认和计量》准则首次对金融工具的确认和计量做出了相关规定。本文分析了该准则对基金投资可能产生的影响，认为一方面公允价值计量模式将引起基金估值的变化，另一方面公允价值变动可能引起基金分红规模的扩大，这对基金投资者的影响是显而易见的。本文结合这两方面的影响对基金投资提出了相关建议。     

特定客户资产管理业务对传统公募基金影响分析

本文结合特定客户资产管理业务和传统公募基金在盈利模式等方面存在的较大差异,分析了基金专户理财业务的开展对传统基金业带来的冲击和挑战。笔者认为,管理层应借鉴海外市场专户成功运作经验,进一步细化专户业务监管,严格分离专户业务和公募基金,保持公募基金管理和专户投资的独立运作,从而减少专户业务对传统基金管理的不利影响。     

Taiwanese Mutual Fund Performance Under Different Central Bank of China Monetary Policy Environments

This study examines the performance of mutual funds under different Central Bank of China monetary policy environments in the emerging Taiwan market. To measure monetary policy changes effectively, we exploit changes in the discount rate and further categorize the monetary environment as either restrictive or expansive. We consider a restrictive monetary environment to be a period in which the discount rate rises, whereas an expansive monetary condition is a period in which the discount rate drops. It is found that all mutual funds, both domestic and international funds, exhibit a higher mean return, lower risk, and higher Sharpe and Treynor ratios under expansive monetary policy environments. Regression results show that domestic mutual fund returns are related significantly to local monetary policy. Furthermore, after controlling for the possible effect of macro factors on the association between the monetary policy dummy variable and mutual fund returns, the significant influence of monetary policy on domestic mutual fund returns remains robust. In contrast, changes in U.S. monetary policy stringency, in general, do not affect the performance of either domestic or international mutual funds in Taiwan.