金融 10-Collective investments.pptVIP

Section 10：Collective investments 集体投资组合（方式） What this section is about Collective investment scheme The features of the following： Investment trust Units trust Open-ended investment companies 13.3 collective investment scheme集体投资组合方式-组合投资、专业管理 A collective investment scheme is a way of investing money with others to participate in a wider range of investments and to share the costs and benefits of doing so. CIS是国际上通行的资产管理业务形式。 CIS接受多个投资者investor的委托，将委托资金进行共同运作，即投资基金 investment funds,发挥专业机构的优势，有效地对风险和收益进行匹配，克服个人投资者在专业知识和资金等方面的局限。 Investment funds（美国的 mutual fund） 投资资金是由不确定多数投资者investors不等额出资汇集成基金funds（主要通过向投资者发行股份shares或受益凭证beneficiary certification方式募集），然后将基金交由专业性的投资机构管理，投资机构根据与客户商定的最佳投资收益best yield目标和最小风险minimal risk，把集中的资金再适度并主要投资于各种有价证券negotiable securities和其他金融产品，获得收益后由原投资者按出资比例分享，而投资机构本身则作为资金管理者获得一笔服务费。 Three ways to establish an investment fund设立投资基金的3种方式 Fund capitalization基金资本总额的构成 Classification of funds基金的分类 open-end fund 开放式基金 An open-end (ed) fund is a collective investment scheme which can issue and redeem shares at any time. An investor will generally purchase shares in the fund directly from the fund itself rather than from the existing shareholders. It contrasts with a closed-end fund, which typically issues all the shares it will issue at the outset, with such shares usually being tradable between investors thereafter. Closed funds封闭式基金 A closed-end fund is a collective investment scheme. New shares are rarely issued after the fund is launched; shares are not normally redeemable for cash or securities until the fund liquidates. Typically an investor can acquire shares in a closed-end fund by buying shares on a secondary market from a broker, market maker, or other investor parties concerned in investment fund投资基金的当事人 Responsibilities of three parties当事人的职责 投资人出资形成基金资产。 基金管理人负责基金的投资管理。 基金收益的好坏（即买基金的人是否赚钱）取决于基金管理人管理运用基金资产的水平。 基金托管人负责保管基金财产。 国家惯例是，基金的经营管理和资产保管分开。但我国通常是发起人、托管人和管理人于一体，违背了投资基金的信托本质。 Trust an arrangement in which pr