FOF在中国——后金融危机时代背景下的挑战与机遇

FOF基金是从20世纪90年代起在美国发展起来的基金投资理念.随着基金市场的迅速发展,其在欧美及一些新兴市场国家流行开来,近年来开始在中国崭露头角,受到众多投资者追捧和热爱.本文从后金融危机时代的视角,通过对FOF的简要介绍及其在中国发展现状的分析,得出中国的FOF在这一特殊时代背景下拥有难得的机遇,同时就其所存在的问题给出了一些建议.     

公募FOF启航 美国之石可以攻玉

2017年9月8日,中国首批公募FOF获批,基金迈入这一新时代。而美国作为全球最大的公募FOF市场,拥有30余年发展历史,截至2016年底,美国共同基金FOF产品数量1445只,资产管理规模1.87万亿美元,市场成熟度较高,通过研究美国公募FOF基金管理人和管理模式对探索适合我国国情的FOF发展道路,具有一定的借鉴意义。     

On the flow of funds accounts and inter-sectoral mobility of capital in India

This study uses the flow of funds accounts framework and undertakes an in-depth analysis of the inter-sectoral mobility of capital in India. Unlike previous studies, the FH model is estimated at the sectoral level using annual data for the period 1950–51 to 2012–13. The model estimated in one-regime setting with no structural break provides a weak and mixed support and that estimated in a sample-split setting with a single structural break provides no support for the presence of a long-run relationship between saving and investment for all the sectors. In contrast, the model estimated with multiple structural breaks provides dominant support for the presence of cointegration between saving and investment for all the sectors. The end-of-sample cointegration breakdown tests suggest the breakdowns of cointegration between saving and investment in all the sub-sample periods for the household and PCB sectors, but not for the public sector. The FOF accounts could be used to monitor the borrowing and lending operations of both financial and non-financial sectors and to identify any deformities in the system. The regulatory and supervisory policies need to be put in place promptly to resolve the identified deformities at their early stages, before they magnify and make the entire system dysfunctional.     

“私募股权基金的基金”的差异化发展——基于政府财政资金运用研究

在后金融危机时代,随着政府财政职能的不断完善和创新以及国家财政收入持续增长,科学合理的使用国家和地方财政资金,将对提高财政资金管理水平和使用效率,促进私人资本投资活动、扩大政府资金影响力、减轻政府负担以及转变职能等方面都具有重要意义.成熟的私募股权基金市场,是政府实现其政策的重要工具之一,其中“私募股权基金的基金”(PEFOF)为政府财政投资提供了不错的选择,也是政府设立并按照市场化运作的引导基金.本文将对政府财政投资PEFOF在投资标的差异化、投资额度及使用条件差异化、投资对象与投资策略差异化、投资模式及投资区域差异化等方面进行了分析与研究,提出加快发展我国政府财政资金PEFOF的建议与对策.