我国私募股权基金的组织形式选择研究

目前国内私募股权投资基金主要有三种组织形式:公司型,信托型,有限合伙型。本文通过在报酬激励、控制权分配、信誉机制、税收成本等方面的比较发现,三种组织机制中有限合伙制效率最高、信托制次之、公司制最低。另外,近年来我国发展私募股本市场的客观环境有了较大改变,这为我国私募股权投资基金选择有限合伙制的组织形式创造了有利条件。但是,实现这种选择的历史路径可能并不平坦,有限合伙制要成为我国私募股权投资基金的主要组织形式,还必须妥善处理其制约因素。     

私募基金与春季行情擦肩而过

2012年以来。A股市场久旱逢甘雨,各大指数有所回暖。不过,虽然指数涨了,但基金却跌了。私募基金1月平均下跌0．92％,面对突如其来的反弹,私募措手不及,部分私募就在匆忙的1月中出现了一些反常现象。     

我国私募基金运行现状及风险

我国私募基金发展现状私募基金的发展阶段我国的私募基金产生于20世纪90年代,随着我国证券市场的发展而异军突起,虽然发展迅速并形成了一定的规模,但由于缺乏相应的法律地位和政策性支持,其运行和发展始终以地下或半地下的     

我国私募基金的存在价值和发展问题分析

私募基金的概念与大致规模私募基金从定义看是相对公募基金而言,它们最大的区别在于发行方式的不同,以是否向社会不特定公众发行或公开发行证券的区别,界定为公募和私募。国际上,私募基金从事的投资范围包括证券投资(对冲基金)、创业投资、股权投资等多个领域,并非只有股票市场。对冲基金是国外私募基金的一种。对冲基金(Hedge Fund)是那些利用不同市场进行套利交易的基金。从形式上看,对冲基金是一组投资工具,交易遍及所有市场种类,包括外汇、股票、债券、商品以及各种衍生品等。国外的对冲基金一般具有最低投资规模和资金的最短锁定期,出资人的资金在锁定期内不能撤离,保证了资金的稳定性;而且通常其规模较大,能够支付最优秀的研究费用,有助于随时掌握全球金融市场的动态,形成跨市套利的快速决策;投资策略也非常灵活,可以使用杠杆、卖空、互换、套利等一系列金融衍生产品投资技术。     

私募基金不同组织形式下的税收制度比较

随着我国资本市场发展改革,私募基金的发展极为迅速,并呈现出新的特点.目前,尽管私募基金发展创新迅猛,但与其相关的税收制度建设还相对滞后,税务部门尚未出台涵盖其所有类型的税收政策,比如不同组织形式的私募基金税负不同、契约型基金主体纳税问题等.本文拟通过比较分析私募基金不同组织形式下的税收制度,以对当前私募基金涉税问题进行简要梳理.     

推动我国私募基金健康成长的几点思考

私募基金在我国证券市场上的存在已是不争的事实,因其符合供给与需求的均衡点、对我国经济既好又快发展的积极作用、符合国际资本运行的惯例,因此,我国应允许私募基金的存在。当然,由于私募基金存在着风险大、需监管力度大、多层次资本市场不发达、交易不活跃等问题和缺陷,应通过制定和完善与私募基金有关的法规和政策,采取加强对私募基金的监管力度、发展多层次资本市场、努力提高证券市场的活跃程度等措施,推动我国私募基金健康成长。     

我国本土对冲基金形成发展探析

本文通过分析国际对冲基金的发展现状及其性质,并结合我国当前实际——私募基金规模不断增大,金融市场逐步开放等,分析我国本土对冲基金的形成条件和未来发展中的相关问题。     

对我国私募基金的思考

目前 ,私募基金已成为我国证券市场的热点。由于其自身的特点 ,使之在我国的产生有其必然性。本文拟从以下四个方面对我国私募基金的有关问题做初步探讨 :一是私募基金及其运作优势 ;二是私募基金在我国产生的客观背景 ;三是私募基金的发展对证券市场的意义 ;四是我国私募基金的设立模式及制度安排     

中国阳光私募基金流动性择时能力的实证研究

流动性择时是衡量基金经理应对市场流动性改变而调整风险敞口的能力。利用2007年7月至2016年8月的阳光私募基金月收益样本,研究了不同投资策略下基金经理的流动性择时能力。研究结果表明,阳光私募基金具有显著的流动性择时能力。其中,定向增发、套利型、多策略、组合基金策略具有显著的、稳健的正流动性择时能力;股票型、多空仓、宏观策略则具有显著的负流动性择时能力。相比而言,中国资本市场中相应策略的国际对冲基金的流动性择时能力稳健性更高。     

我国私募基金发展现状及对策研究

通过研究我国私募基金的发展现状,我们可以看出:随着法规制度的不断完善,私募基金在数量激增的同时,还呈现出了投资方向多样化以及私募基金运作不规范的特征。私募基金属于一类金融创新工具,有利于解决企业融资难等问题,在资本市场中发挥着不可替代作用。在此背景下,本文首先分析了我国私募基金的发展现状,总结出了我国私募基金发展的几个障碍;最后,针对问题提出了相应的对策。只有正确理解并引导私募基金,才能为我国资本市场的健康发展提供保障,从而促进国民经济的又好又快发展。     

Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments.     

The risk and return of private equity real estate funds

This study employs an asset pricing approach to quantify the exposure of private real estate funds to both private and publicly traded real estate risk factors. The analysis includes the creation of specific performance indices and the use of methods seeking to address some of the inherent issues with private real estate fund data, such as the high degree of serial correlation in observed total returns. The use of the Driessen et al. (2012) estimator leads to markedly higher risk factor coefficient estimates than seen in the prior literature and estimated with time series regression.     

Transparency of the organization and activity of carbon funds

ABSTRACT

Public and mixed carbon funds buy carbon credits on behalf of public authorities and make use of public money, thus there is a need for clear information regarding their operations. The paper presents a new transparency index for the organization and activity of carbon funds that takes account of information disclosed via the internet. The construction of the index is based on the Linaburg-Maduell Transparency Index for sovereign wealth funds. The empirical study demonstrates that public and mixed carbon funds varied significantly in terms of their transparency but, in general, mixed carbon funds performed slightly better than public carbon funds.     

Hedge funds and their prime broker analysts

Are sell-side analysts reluctant to go against the investment views of their hedge funds when these hedge funds are their prime brokerage clients? We show that prime broker analysts tend to upgrade stocks recently bought by their clients. For stocks with upgraded recommendations, post-announcement cumulative abnormal returns are significantly lower for those purchased by the prime brokerage clients. Our results are stronger with high-dollar-turnover clients who generate more trading commissions. We also find that a hedge fund with a large bet on a stock has a stronger incentive to pressure the fund’s prime brokers to issue a favorable recommendation on the stock. Results are not driven by stocks of firms with low analyst coverage or small size.     

Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools.     

Managerial characteristics and performance of eurozone mutual funds

We investigate the relation between observable managerial characteristics (i.e., gender, age, tenure, professional qualifications, and advanced education) and performance in diversified equity mutual funds domiciled in the eurozone. We find that differences in the fund alphas are statistically significant only in groups based on age, tenure, and professional qualifications (i.e., chartered financial analyst [CFA]). We also find a significant positive relation for age and CFA certification with a fund's risk-adjusted performance and a significant negative relation for tenure. However, we find no significant effect for gender and advanced education (i.e., master of business administration [MBA]). The differences in risk taking are significantly related only with age and tenure; the former has a negative and the latter a positive relation with risk taking.     

How do investment patterns of independent and captive private equity funds differ? Evidence from Germany

Empirical literature emphasizes a positive contribution of private equity investors, which results from their combined provision of capital, monitoring, and management support. The aim of this study is to show that these previous results, which are based mostly on the analysis of US independent closed-end private equity funds, cannot be generalized since the private equity industry should not be treated as homogenous. We argue that it is necessary to distinguish between different types of private equity providers because their differing governance structures, strategic goals and experiences have a decisive influence on their value adding activities. The results of this study—which uses a data set of 179 German private equity-backed companies—are consistent with the conjecture that independent and corporate private equity providers tend to have a more pronounced role in corporate governance and monitoring of the companies they finance, than bank-dependent and governmental funds which often serve only as bridge investors.      

Explaining share price disparity with parameter uncertainty: Evidence from Chinese A- and H-shares

The price disparity between the A- and H-share markets for dual-listed firms in China is one of the most intriguing puzzles in the Mainland and Hong Kong financial markets. In this paper, we revisit this price disparity puzzle using the channel of parameter uncertainty. In the presence of information asymmetry and market segmentation, investors have different views on a firm’s asset volatility, and hence different valuations of the same reference firm. We estimate a structural model for equity pricing using a Bayesian approach, in which the uncertainty of investor model parameters is represented by the posterior standard deviation of the firm’s asset volatility. Our regression analysis shows that in addition to other market-based and macro factors, parameter uncertainty explains variations in price disparity.     

Money supply,interest rate,liquidity and share prices: A test of their linkage

The money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after solutions to several econometric deficiencies in prior studies, provide clear verification of the endogenous money supply theory, money effect on liquidity and on the extension of the model for a liquidity effect on asset prices.