Character brief introduction:
Li Xinghong, master of economics of southwest traffic university, ceng Ren duty does at some country some is university, large accuse fund of an enterprise, much home to run a company, currently hold the post ofthe great undertaking that install couplet (Tianjin) executive president of limited company of management of equity investment fund holds CIO concurrently.
According to fund trade association newest data shows, the illicit collect fund that already registered in association manages a person 22446, illicit collect fund 66418, fund total dimensions 11.1 trillion yuan, respectively relatively grew 28.76% 2016, 42.82% , 40.68% , all have bigger growth, at this point development of illicit collect foundation changes circumstance, the great undertaking that install couplet (Tianjin) executive president of limited company of management of equity investment fund holds what CIO Mr Li Xinghong made development concurrently to unscramble.
One, illicit collect fund develops general situation
Association of meeting fund trade issued card watch in January 2014 " person of management of fund of illicit collect investment is registered and fund puts on record method (try out) " , ended illicit collect fund to press negotiable securities, equity, poineering divide into equal parts kind the situation that manages by different government sector, illicit collect fund began to be in unified superintend the great progress below.
Served as unified superintendency the first year of an era or the reign of an emperor 2014, when fund of collect of annual bottom illicit total dimensions is 2.38 trillion yuan, the end of the year was 4.05 trillion yuan 2015, the end of the year was 7.89 trillion yuan 2016, to 2017 the end of the year achieved 11.1 trillion yuan, growth achieves 4.66 times. Among them, equity is achieved cast kind of illicit collect fund to grow 7.09 trillion yuan from 1.72 trillion yuan, negotiable securities kind illicit collect fund grows 2.29 trillion yuan from 570 billion yuan, incremental ratio exemple agrees basically. But from the point of gross, equity is achieved deliver kind of illicit collect fund contribution is larger, be in especially 2017 negotiable securities kind dimensions of illicit collect fund does not add the circumstance that falls instead to fall, year growth achieved 2.4 trillion yuan, exceed negotiable securities kind the total dimensions of illicit collect fund.
2, equity is achieved cast kind of illicit collect fund to grow faster main reason
Equity achieves the consideration that drops kind of illicit collect fund to grow to basically be based on two respects: The need that national economy grows and common people invest ideal change.
Whole world limits erupted 2008 financial crisis, stem from the concern that glides to macroscopical economy, our country implements all-time loose policy: 4 trillion investment, the money is added hair. Short-term inside effective keep within limits the influence of financial crisis, but below the setting that in hypostatic economy the depressed financing that reach gold chases benefit nature originally, many cheap credit fund enters capital market, finance is produced can superfluous. To 2010, investment stimulates brought economy to grow the effect to be changed infirmly, begin to encourage civilian capital development, financial industry dimensions expands continuously, appearing to expand quickly posture. Above is accumulated, formed our country economy stage by stage " take off solid to empty " situation, main show is: The money is added fast faster and pressure of economic slowdown, be issued to lower levels does not decrease gross of; finance capital to expand ceaselessly, but investment efficiency does not rise to fall instead; asset value rises too quickly, and commodity price is inferior negative even growth. Will simply tell, it is capital of of all kinds finance in market idling, form " false " prosperity, and exorbitant financing cost creates a large number of hypostatic companies, especially small small company is afterwards hard. To change the current situation with hypostatic lack of power economy, our country puts forward early or late " supply side is reformed " , " the people does poineering work, millions of people innovates " , " one belt all the way " wait for national strategy, and equity poineering investment can guide financial capital effectively to enter hypostatic industry directly, making the main instrument that national strategy carries out. Accordingly 2016 -- was two continuously 2017 in governmental report all have " encourage social capital to initiate establish equity to invest fund " , " increase equity financing strength " wait for content, support development of equity poineering investment energetically, equity does poineering work fund also wins kind of illicit raise greater progress also is become inevitable.
Before 2010, the proportion that our country ordinary common people participates in finance to invest is very small, and basically be the traditional method such as conduct financial transactions of stock, bond, bank. Released 2010 " a certain number of opinions that the State Council develops about encourage and guiding folk to invest health " , the domain that widened folk invests greatly and limits, a lot of civilian emerge as the times require of orgnaization of capital be in harmony, various financial investment products appear to ordinary common people before. But in last few years, loan dies dish, the stock market steeps fall, P2P runs the road to investment profundity of people again and again is taught, the game formula of short-term high profit invests gradually by slam the door, achieve investment to invest progressively predominate for the representing's value with equity.
3, equity achieves the main actor inferior position that drops kind of illicit collect fund
Microcosmic level, can achieve the participator angle analysis that delivers kind of illicit collect fund from equity, one is fund investment company, one is fund investor.
From be seen by investment company: Advantageous respect is growing at deadline of equity poineering investment, do not secure profit, it is a purpose in order to obtain company growing extra dividend, company load is small, can achieve steadier progress, the respect with the reason adverse; that this also is national policy support depends on equity dispersing, the likelihood appears manage suffer be restricted, even the case that turtledove takes magpie nest, tell commonly won't appear, through the contract the agreement can say to be clear about.
Look from investor: To be being invested the time with advantageous enterprise grows, accrual is sealed waited for a respect to become inferior position factor instead in investor eye, and have certain participation the respect with doorsill advantageous; depends on participating in spend and diaphaneity is taller, the administrative group that has major helps government, organic meeting gains higher income.
4, equity achieves the future that delivers kind of illicit collect fund to develop
Standardization: Negotiable securities invests fund trade association to making illicit collect superintend new rule, begin to build " 7+2 " system of regulation of illicit collect fund, namely 7 method mix two how-to, these files have a standard to illicit collect industry from each respects, put on record, collect, inside accuse, the letter wraps around, from include of all of standard of personnel of course of study inside.
Dimensions changes: End by 2017, the person of management of illicit collect fund that already registered has those who manage dimensions in all 19049, dimensions of average government fund 583 million yuan. Manage among them 2783 when dimensions exceeds 500 million yuan of adjacent and average levels, occupy than be less than 15% , structure of clear 28 become divided, and meet in card inspect fund trade association " help actor up to be restricted bad " below policy, differentiation will continue aggravate, one billion four hundred and ten million and sixty-five thousand four hundred and eight, the fund of one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two dimensions predominate.
Specialization: Inchoate equity does poineering work fund depends on kind of illicit collect policy directs and high income of quest of blast tuyere industry, mature as the industry and manage dimensions dilate, meeting ground manages the professional competence of the group, change direction to dig specific industry and investment combination greatly, get steady income, in order to form respective characteristic, form the benign development of poor dissimilation.
