本文選題：投資管理　切入點(diǎn)：陽光私募基金　出處：《廣東商學(xué)院》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自2004年2月我國第一支陽光私募基金——深國投“赤子之心”證券投資集合資金信托計(jì)劃發(fā)行以來，私募基金以信托計(jì)劃的形式非公開募集資金；修訂后的《證券投資基金法》于2013年6月1日起施行，將非公開募集基金納入監(jiān)管，陽光私募基金取得了明確合法的法律地位。陽光私募基金近九年來發(fā)展迅速，其數(shù)量和資金規(guī)模不斷擴(kuò)大，如何進(jìn)行陽光私募基金風(fēng)險(xiǎn)管理，進(jìn)行風(fēng)險(xiǎn)識別和測量，做到風(fēng)險(xiǎn)的研究、識別、報(bào)告、預(yù)防、控制，有效地進(jìn)行風(fēng)險(xiǎn)防范和規(guī)避，是各個投資管理公司面臨的重要問題。 本文以MBA學(xué)習(xí)中掌握的國內(nèi)外風(fēng)險(xiǎn)管理相關(guān)理論，結(jié)合WT投資管理有限公司陽光私募基金風(fēng)險(xiǎn)管理的實(shí)際，，運(yùn)用SWOT分析法分析WT公司陽光私募基金風(fēng)險(xiǎn)管理的現(xiàn)狀及存在問題，提出從公司的風(fēng)險(xiǎn)管理制度、風(fēng)險(xiǎn)管理程序、風(fēng)險(xiǎn)管理技術(shù)等三個方面加強(qiáng)和改進(jìn)WT公司的風(fēng)險(xiǎn)管理。 本文主要分為四個部分： 第一部分通過分析我國陽光私募基金的發(fā)展以及出現(xiàn)的各種風(fēng)險(xiǎn)，提出進(jìn)行陽光私募基金風(fēng)險(xiǎn)管理的問題及研究意義，同時也就該問題對國內(nèi)外有關(guān)風(fēng)險(xiǎn)管理的理論進(jìn)行介紹并進(jìn)行了簡要評述。 第二部分以WT投資管理有限公司為案例，介紹了WT投資管理有限公司概況和該公司管理的陽光私募基金風(fēng)險(xiǎn)管理概況，主要從資金的投資方向、資金運(yùn)用程序、資金操作行為等方面介紹了目前的風(fēng)險(xiǎn)管理設(shè)計(jì)和運(yùn)作現(xiàn)狀。 第三部分分析了WT投資管理有限公司陽光私募基金風(fēng)險(xiǎn)管理存在的問題和原因，指出該公司陽光私募基金風(fēng)險(xiǎn)管理問題原因，主要是風(fēng)險(xiǎn)管理決策機(jī)構(gòu)功能較弱和風(fēng)險(xiǎn)管理運(yùn)作效率低下，風(fēng)險(xiǎn)管理的相關(guān)措施得不到有效執(zhí)行，如對風(fēng)險(xiǎn)管理相關(guān)部門設(shè)置不科學(xué)，風(fēng)險(xiǎn)管理制度不完善，風(fēng)險(xiǎn)管理專業(yè)人才缺乏，風(fēng)險(xiǎn)管理過程中對風(fēng)險(xiǎn)的識別和測量缺乏科學(xué)依據(jù)等。 第四部分根據(jù)WT投資管理有限公司陽光私募基金風(fēng)險(xiǎn)管理的問題和原因，提出了該公司風(fēng)險(xiǎn)管理的改進(jìn)措施，主要包括四個方面，第一是風(fēng)險(xiǎn)管理的制度設(shè)計(jì)與運(yùn)用，第二是風(fēng)險(xiǎn)管理的程序設(shè)計(jì)與運(yùn)用，第三是風(fēng)險(xiǎn)管理的技術(shù)設(shè)計(jì)與運(yùn)用，第四是將前三項(xiàng)措施協(xié)調(diào)統(tǒng)一在公司的經(jīng)營管理過程中，以達(dá)到對陽光私募基金風(fēng)險(xiǎn)的有效管理。 本文最后提出，我國新的《證券投資基金法》實(shí)施后，投資管理公司可開展更多新的業(yè)務(wù)，如允許投資管理公司從業(yè)人員在備案條件下可以進(jìn)行證券投資，券商信托也可做基金托管人，可買托管行股票等，新的業(yè)務(wù)給WT投資管理有限公司陽光私募基金風(fēng)險(xiǎn)管理提出了新的課題，這也是該公司陽光私募基金風(fēng)險(xiǎn)管理需要進(jìn)一步研究的問題。
[Abstract]:Since February 2004, when the first sunshine private equity fund in China, "the Heart of the Child", was issued, the private equity fund raised funds in the form of trust plan. The revised Securities Investment Fund Law came into effect on June 1st 2013, bringing private raising funds under supervision. Sunshine private equity funds have achieved a clear and legal legal status, and sunshine private equity funds have developed rapidly in the past nine years. The number and the scale of funds are expanding constantly. How to carry out risk management, risk identification and measurement, risk research, identification, report, prevention, control, effective risk prevention and avoidance, Is each investment management company faces the important problem. Based on the theory of risk management at home and abroad and the practice of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd. This paper analyzes the present situation and existing problems of risk management of Sunshine Private Fund of WT Company by using SWOT analysis method, and proposes to strengthen and improve the risk management of WT Company from three aspects: risk management system, risk management procedure and risk management technology. This paper is divided into four parts:. The first part through the analysis of the development of sunshine private equity fund and the emergence of various risks, put forward the issue of risk management of sunshine private equity fund and the significance of research. At the same time, the theory of risk management at home and abroad is introduced and briefly reviewed. The second part takes WT Investment Management Co., Ltd. as an example, introduces the general situation of WT Investment Management Co., Ltd and the risk management of Sunshine Private Fund, mainly from the direction of investment, the application procedure of funds. This paper introduces the current design and operation of risk management in the aspects of fund operation. The third part analyzes the problems and causes of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd., and points out the reasons for the risk management problems of Sunshine Private Fund in WT Investment Management Co., Ltd. It is mainly because of the weak function of the risk management decision-making organization and the low efficiency of the risk management operation, and the lack of effective implementation of the relevant measures of risk management, such as the unscientific setting of the risk management departments and the imperfect risk management system. Lack of professional risk management personnel, risk management process to identify and measure the lack of scientific basis. In 4th, according to the problems and reasons of risk management in Sunshine Private Fund of WT Investment Management Co., Ltd., the author puts forward the improvement measures of risk management in this company, mainly including four aspects. The first is the design and application of risk management system. The second is the procedure design and application of risk management, the third is the technical design and application of risk management, and the 4th is to coordinate the first three measures in the management process of the company, in order to achieve the effective management of the risk of sunshine private equity fund. Finally, this paper suggests that after the implementation of the new Securities Investment Fund Law, investment management companies can carry out more new business, such as allowing employees of investment management companies to invest in securities under the conditions of filing. The securities trust can also act as the fund custodian, can buy the stock of the custodian bank, etc., the new business has put forward a new topic to the risk management of the sunshine private equity fund of WT Investment Management Co., Ltd. This is also the company's sunshine private equity fund risk management needs further research.
【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F272.3;F832.51

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