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金沙网上赌博:Public offering industry needs to return to its origin

时间:2017/12/18 12:52:15  作者:  来源:  浏览:0  评论:0
内容摘要: Last weekend, the new regulations on asset management formally concluded the solicitation. Different organizations disagree about the major...

Last weekend, the new regulations on asset management formally concluded the solicitation. Different organizations disagree about the major policy that will certainly rewrite the pattern of China's asset management industry. However, as a whole, as the existing system of public funds is the closest to the new regulations, it is generally accepted in the industry that public funds will be the biggest beneficiaries of the new rules and regulations. Some even judge that public offerings will usher in a new system bonus period. This author is not so optimistic. Although the public funds to adapt to a smaller cost, but if the industry can not exert efforts to improve investment management capabilities, raised funds will be very difficult to grab in the new institutional environment, more market share in the management.

From the policy guidance revealed in the draft, it is the main objective of the new policy to serve the real economy, prevent financial risks and guide the asset management agencies to return to their origins. The foundation of the public fund industry, is to fulfill the fiduciary duties, bringing together the funds of investors, configured in those industries and businesses in line with economic restructuring and upgrading, to help investors access to investment income. This source determines the value of public funds should be reflected in the ability of professional investment management, rather than pooling funds or other capabilities. However, the public offering industry is a long-standing illness is a lot Fund companies Competition is the scale rather than performance, to judge a company's strengths and weaknesses is the ability to raise funds rather than investment management capabilities. This derived from the point of red-scale, heavy Money Fund Light Stock Fund and other issues. Behind this, the existing shareholders of the company value fund short-term interests, often ranking factors scale assessment of management; there are short-term fund management companies, because the face of popular culture; and of course, the domestic stock market volatility, lack of attractive equity fund Can not take off. The serious consequence of this problem is that although the management scale of the public fund industry continues to expand, the main body of the increase comes from the monetary fund and the product structure is seriously unbalanced. Up to 60% of the monetary funds caused the industry to "get fat" and also accumulated liquidity risk. Immersed in the expansion of the Monetary Fund or even become a fund company's development strategy, equity fund has become a dispensable embellishment. From this perspective, raised funds do reflect on the development path, return to the source of the industry.

In fact, in recent years, some of the fund's success stories term, by increasing investment management capabilities, in order to win the trust of investors and thus increase performance logic scale is established. There are far Xingquan fund such long-term equity investment characteristics, unswervingly adhere to the company, recent cases have such impressive performance by bursts of explosion models Fund Orient Securities information management. The success of these companies proves that investment management and management capabilities are the vitality of public fund industry, but the choice of this strategy takes time to accumulate, will not be effective in the short term, but also from the shareholders to the management and even the consensus. The road is long and hard, but no one goes away, the industry I am afraid will always be hovering in the bottleneck.


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