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我国共同基金能在短短的三年内发展成为今天的规模,令人高兴,但存在的诸多问题,同样令人担忧。本文拟对目前我国共同基金发展难点进行分析,在此基础上再谈一下我国共同基金发展的短期突破与长期构想,借此抛砖引玉。 一、我国共同基金发展的难点 由于我国市场经济体系尚末发育健全,特别是金融市场工具还十分有限,国民还没有完全从传统计划经济的思维定势和行为方式中解放出来,这无疑给我国共同基金的发展带来特殊的难度。 1、市场限制。 首先是投资单一的国内市场的限制。我国国内资金还十分短缺,国家不鼓励紧缺的资金外流,因此在今后较长一段时期,我国不会发展海外基金,即不允许国内基金到国外证券市场投资,这是国内基金发展单一市场的基本定势。这种定势给基金业发展带来很大的限制。因为单一证券市场的系统风险以及国家的宏观经济政策和产业政策将会很大程度影响基金投资的收益。而西方国家的共同基金则不同,它们没有这个定势或局限。换言之,西方国家共同基金的资金流向具有双向性,即对资金流向国外不加限制。全球性的共同基金则可充分分散投资组合,并最大限度地减少不同市场投资的系统风险。
It is very gratifying that our mutual fund can develop into today’s scale in just three years. However, there are many problems that are equally worrisome. This article intends to analyze the current difficulties in the development of mutual funds in China, and on this basis, talk about the short-term breakthrough and long-term ideas of the development of mutual funds in China so as to start a discussion. I. Difficulties in the Development of China’s Mutual Funds Since the market economy system in our country is still undergoing sound development and development, especially the financial market tools are still very limited, the nationals have not been completely freed from the thinking and behavior of the traditional planned economy. This undoubtedly gives our country The development of mutual funds has brought special difficulties. 1, the market limit. The first is the limitation of investing in a single domestic market. Our country still has a shortage of domestic funds, and the state discourages the shortage of funds. Therefore, for a long time in the future, our country will not develop overseas funds, that is, it will not allow domestic funds to invest in foreign securities markets. This is the basic of the domestic funds in developing a single market Set the situation. This trend has brought great constraints to the development of the fund industry. Because of the systemic risk of a single stock market and the country’s macroeconomic and industrial policies will greatly affect the return on fund investment. The Western mutual funds are different, they do not have the set or limit. In other words, the capital flows of mutual funds in western countries are bi-directional, that is, there are no restrictions on the flow of funds abroad. Global mutual funds can fully diversify portfolios and minimize the systemic risk of investing in different markets.