另类投资正在向主流演变——欧美对冲基金的新趋势分析

近期,美国次贷危机引发了全球金融机构的大面积亏损和恐慌。对冲基金在这次危机中也难于独善其身,次贷及其衍生证券的多头机构损失惨重。由于对国际对冲基金认识的错位,一些学者再一次夸大对冲基金在此次金融事件中的破坏作用。而在我国,随着《证券公司融资融券业务试点管理办法》出台,标志着股票市场放大操作和做空机制的开始;下一步,随着金融期货,尤其是股指期货和债券期货的推出,做空和杆杠融资机制将得到进一步的完善,国内市场对冲基金的生长环境正在日趋成熟。本文旨在通过研究近代欧美对冲基金的最新发展状态,披露国际对冲基金的市场出现的最新动向,为中国市场正确对待可能出现的对冲投资行为和对冲基金,实施有效的疏导和监管政策提供一些有益的参照。

Special investment is evolving to main stream——analysis of Europe and American hedge fund’s new trend

Hedge Funds are now serving as one of the most important investment vehicle in the developed countries. Established privately and managed by professional fund managers, hedge funds are able to leverage themselves, execute short-sell and short-buy and involve in any kinds of derivatives. Unfortunately, the nearly failure of Long Term Capital Management in 1998 made the hedge fund industry to be collapsed, which give a evil reputation to the hedge funds as a ‘risk investment＇. Ouring these past 3 years, however, hedge funds have been treated as a new financial Industry in many western countries which created many policies to attract hedge fund managers. Hedge funds are now becoming part of our investing vehicle.