股改背景下私募基金的盈利模式分析工商管理专业论文.docxVIP

083025412 083025412 沈培今 股改背景下私募基金的盈利模式分析 摘 要 2005年启动的股权分置改革是我国证券市场建立以来进行的最为重要的改革， 此次改革结束了股权分置的状态，实现了全流通，一举除掉了困扰中国证券市场十几 年的痼疾，为中国股市的健康发展铺平了道路。 股权分置改革的进行使得我国的私募基金的发展进入了全新阶段，其组织形态、 盈利模式等都发生了巨大的变化。针对私募基金的盈利模式问题，本文首先介绍了股 权分置改革和限售股解禁给市场带来的影响，然后回顾了美国私募基金的发展和主要 的盈利模式，包括私募股权基金和私募证券基金，也就是对冲基金。接下来本文探讨 了股权分置改革给私募基金面临的市场环境带来的影响，并在此基础上着重研究了股 权分置改革背景下私募基金的五种盈利模式，并给出了典型的案例。 本文的创新之处在于从私募基金的角度探讨了这个组织形态的盈利模式，并较为 全面地列举、分析了市场上比较流行的盈利模式，揭开了私募基金的神秘面纱，这是 已有文章所不曾做到的。 关键词：股权分置改革；私募基金：盈利模式 083025412 083025412 沈培今 股改背景下私募基金的盈利模式分析 Abstract The reform of non-tradable shares，which started in 2005，was the most important reform since the securities market of China was established．This reform ended the existence of non—tradable shares．which made all shares can be traded in the market．After this reform，the securities market of China paved its way to greater development． The reform of non-wadable shares pushed the development of privately—offered funds in our country to a totally new platform．Their organization and profit pattem have changed a lot．This article mainly focuses on the profit pattems of privately-offered funds in our country． This article first introduces the influence of the ref01Tn of non-tradable shares．and then reviews the development and profit patterns of privately—offered funds of USA． including private equity funds and private securities funds which are also called hedge funds．Then we probe into the influence the reform brings to funds’environment and five profit patterns under the background of the reform．The last part of the article is two cases． The innovation of this article is that we analyzed the profit patterns of privately-offered funds from their viewpoint，and we listed and studied the most popular profit patterns．This article successfully uncovers the veil of privately-offered funds，which has not been done by any previous paper． Key words：The reform of non·tradable shares Privately-offered funds Profit pattern 2 08302