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以资金规模而论,私募基金堪称中国目前最大的“灰色部落”。私募基金将被写入《中国投资基金法》的消息传出,长期徘徊于监管之外的市场自发创新的产物——私募基金跃入人们的视野。考虑到“基金黑幕”事件以及中国股市的整体现状,对于长期处于地下状态的私募基金,人们在感到好奇之外,还增添了几分希望。尽管中国证监会强调要超常规发展机构投资者、改善投资者结构,并给予公募性质的基金以许多倾斜政策,但是,地面上的这些基金显然并不足以代表未来。在这个阶段,如何全面认识中国私募基金的现状、功能、影响,如何确定私募基金的政策走向?是将这些私募基金纳入公募基金的管制渠道,还是以私募基金的形成和发展为契机推进基金市场的市场化改革?所有这一切都是值得重点关注的问题。从理论上看,私募基金和公募基金并不存在明显的优劣之分。在国际上,既有经营相当成功的公募基金,也有折戟沉沙的私募基金。然而,就中国而言,我们相信,私募基金的合法化、市场化将为中国基金业乃至整个证券市场的市场化改革提供制度演进的重要线索和活力。基金是时代的宠儿,近二三年来发展神速。先有规范化、封闭式证券投资基金出台,后有老基金的重整与退市,再后有开放式基金的试点。去年11月,私募基金被写入《投资基金法》草案第四稿的消息传出后,立刻引起公众的关注。不久前,中国证监会副秘书长金颖透露,正研究允许基金管理公司从事私募基金、委托资产管理等业务,此外,还在考虑逐步允许各类机构和自然人参与设立基金管理公司。这一切都标志着我国正加快私募基金合法化、市场化的步伐,私募基金将摆脱其既非合法又不属非法的尴尬局面,进入一个全新发展的历史时期。
In terms of the size of funds, private equity funds can be rated as China’s largest “gray tribe.” Private equity funds will be written into the “China Investment Funds Law,” the news came out, long-term hovering outside the regulatory market, a product of spontaneous and innovative - private equity funds leap into the field of vision. Taking into account the “fund shady ” incident and the overall status of the Chinese stock market, for long-term underground private equity funds, people are curious, but also added some hope. Although China Securities Regulatory Commission (CSRC) has stressed the need to go beyond the conventional development of institutional investors, improve the structure of investors and give preference to publicly funded funds, these funds on the ground are clearly not enough to represent the future. At this stage, how to fully understand the status quo, function and influence of private equity funds in China and how to determine the policy direction of private equity funds? Are these private equity funds included in the control channels of public funds? Or take the opportunity of private fund formation and development as an opportunity to promote the fund market? Of market-oriented reforms? All of this is a point worth focusing on. In theory, private equity funds and public funds there is no obvious advantages and disadvantages. In the international arena, there are both well-established public funds and privately-held funds that run counter to their wishes. However, as far as China is concerned, we believe that the legalization and marketization of private equity funds will provide important clues and vitality to the institutional reform of the fund industry in China and the entire securities market. Fund is the darling of the times, rapid development in the past two or three years. The first standardized, closed-end securities investment funds introduced after the old fund restructuring and delisting, and then there are open-end funds pilot. In November last year, private funds were written into the fourth draft of the “Investment Funds Law,” the news came out, immediately aroused public concern. Not long ago, Jin Ying, deputy secretary general of China Securities Regulatory Commission, disclosed that it is studying ways to allow fund management companies to engage in private equity funds and asset management businesses. In addition, they are also considering gradually allowing various agencies and natural persons to participate in the establishment of fund management companies. All this shows that our country is accelerating the pace of the legalization and marketization of private equity funds. Private equity funds will get out of the embarrassing situation that they are neither legal nor illegal and have entered a period of historical development of new development.