国内私募证券投资基金与海外对冲基金比较研究

本文就金融期货和卖空机制的缺位及资本项目的不完全开放这三个制度因素对国内私募证券投资基金在组织管理和资金运用,及其引发的国内证券投资基金与对冲基金的差距进行了探讨。但是,本文认为即将推出的股指期货,将要实行的证券公司的融资融券业务与我国逐步开放的资本市场都将使国内证券投资基金最终演化为对冲基金。

China private collection fund investing fund and overseas fund''''s comparative research

The paper holds the opinion not only the lack of financial futures and mechanism of short selling,but also the incompletion of capital account induce that the local securities invested fund in hinterland couldn't evolve into real hedge fund on managerial form,capital usage and the lawful position.But it also believes the coming indices future of stock,the practice of shorting and margin financing business in the securities company and the gradually opened capital market in hinterland all will make the local securities invested fund evolve into to real hedge fund.