日本对冲基金发展状况及监管经验对我国的借鉴

日本在2000年通过立法允许对冲基金在日本正式开展业务.在五年的时间里,日本市场上的对冲基金规模迅速膨胀;除了部分富裕阶层之外,大量的养老金、保险公司也都成为对冲基金的投资者.目前日本对于对冲基金的立法尚属空白.为了保护投资者,特别是养老金的利益,监管当局正在建立对冲基金的监管机制.日本在对冲基金的法律定位、监管原则和监管模式方面的选择,可以为中国未来的对冲基金监管机制设计提供借鉴.

The Development and Supervision of Japan's Hedge Fund and its Enlightenment to China

Japan passed legislation to approve the hedge fund business in 2000.In the past five years,Japanese market for hedge fund has been expanding to include investors such as wealthy Japanese and has also attracted huge amount of pension and insurance money.However,no law has been made to regulate hedge fund investment.In order to protect the interest of investors,particularly that of the pensioners,Japanese regulatory department is formulating supervision mechanism.The positioning of such a law and the selection of some relevant supervision principle and model can provide enlightenments to China in this regard.