货币2-.FIT）-英国分割资本信托研究.PDFVIP

币银行 币时论 Financial Industry 英国分割资本信托研究 1 2 罗忠洲 袁邱虹宇 渊 复旦大学金融研究院袁上海200433 曰 复旦大学经济学院袁上海200433 冤 1 2 摘要 国分割资本信托通过对基金份额进行结构化分级 从而赋予其不同份额以不同的权益安排 最终满足了投资者的多样 化需要遥但是在上世纪末 激进的资本结构尧广泛的交叉持有以及不完善的信息披露促成了分割资本信托危机的产生 并给投资者带 来惨重损失遥 我国分级基金应当借鉴英国分割资本信托 使得分级结构更加多样化 以满足丰富市场现有的投资产品遥 但是 相关的 监管机制必须进一步完善 以防止对杠杆型基金产品的监管出现真空遥 同时 我们应当审慎地把握金融创新 避免误导销售 从而保 护中小投资者利益遥 关键词 分级基金曰杠杆型基金曰分割资本信托曰金融创新 中图分类号 F832.49 文献标识码 A 文章编号 1005-0167渊2012 冤01-0025-05 Abstract 院Split Capital Investment Trust (UK)which funds its capital through structured classification shares,makes different arrangements of interest on different shares, and ultimately meets the diverse needs of investors. But in the end of last century, the radical capital structure, extensive cross-holdings, and inadequate disclosure of information contributed to the split capital Investment trust crisis, and caused heavy losses to investors.The Split Capital Investment Fund in China should learn from Split Capital Investment Trust (UK), providing more diversified shares to satisfy investors. However, the regulatory mechanism must be further improved to avoid the regulation vacuum of leveraged funds.In addition,careful financial innovation and no misleading sales are needed to protect the interests of small investors. Key words 院Split Capital Investment Fund 曰Leveraged Fund 曰