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    Title: 避險基金之研究
    Authors: 林黎華
    Keywords: 避險基金;法律經濟分析;公司治理;系統風險;槓桿;放空;衍生性商品;法規套利;交易成本;社會成本;利益衝突;自律組織;總體審慎規範;hedge fund;economic analysis of law;corporate governance;systemic risk;leverage;short sale;derivatives;regulatory arbitrage;transaction cost;social cost;conflicts of interest;Self-regulation organization;macro-prudential regulation
    Date: 2012-06-01
    Issue Date: 2016-10-12 02:14:28 (UTC+8)
    Publisher: 國立臺北大學法律系
    Abstract: 目前主要國家並未對「避險基金」賦予完整之法律定義,其特徵為從事積極與廣泛的交易策略,包括放空、槓桿以及衍生性商品等操作,避險基金因追求絕對報酬,績效表現良好,且規模大幅成長,但因近來發生數件重大避險基金舞弊事件,以及避險基金在2008年金融風暴中影響金融穩定,引發熱烈的關切及廣泛的討論。
    本文之研究方法首先瞭解避險基金的問題,發現個別避險基金的失靈係由於避險基金的過度槓桿與未做好風險管理,以及政府的管理失靈所造成,但由於避險基金在市場流動性提供、吸收金融市場風險及增加資本市場之效率上,扮演一個重要的角色,且避險基金並非造成系統風險之主因,本文認為避險基金有存在的經濟利益與價值,惟其在公司治理、市場管理等之負面影響,亟待解決與改善。
    另搜集國際組織、自律組織、美國及英國對於避險基金管理之建議,瞭解立法與規範的趨勢,並分析比較其異同,認為應該對避險基金予以適當的管理,並嘗試從法律經濟分析的角度,以市場健全與投資人保護為宗旨,進一步探討社會成本與資源有效配置的相關議題,再則檢視國內的規定,探討國內避險基金目前法令適用情形。
    最後,分析本國法採行避險基金制度之可行性,並就長短期管理政策上,關於避險基金之應有法制與相關配套,提出建言,除避險基金或避險基金經理人應辦理登記外,須申報資訊與規定資本要求,增加資訊透明度,減少利益衝突,並建議應強化市場參與者之間接管理,及跨市場之管理,加強總體審慎規範彙整分析資訊,查緝不法行為,以及加強國際合作,避免法規套利,作為本文之結論。

    There are no clear definitions for hedge funds among many countries. The essential characteristics of hedge funds are to actively use a range of investment strategies, including short selling, leverage and derivatives. The scales of hedge funds become very large and grow rapidly due to the pursuit of absolute return. They generates a lot of controversies and debates due to the scandals of hedge funds during the past few years and their perceived effect on the stability of financial market during the financial crisis in 2008.
    At first, the study approach of the paper examines the issues of hedge funds and whether their failures are due to excess leverage, improper risk management, and failures of government oversight. Hedge funds play an important role in providing liquidity, neutralizing risks, increasing the efficiency of capital markets, but not the major contributor of systemic risk. Supposing hedge funds are of an economic interest and value, we should improve the flaws of corporate governance and market regulation.
    I compiled regulatory reforms from other countries and organizations, such as the EU, SRO, US, and the UK, which make proposals for hedge funds regulation. Furthermore, I will study the trends of laws and regulations, analyze their rationale, and conclusively agree to regulate hedge funds. Then I will consider the extent of social cost and resource allocation towards the aim of investors’ protection and market integrity from the perspectives of economic analysis of law.
    After reviewing the domestic regulations of hedge funds, I will analyze the possibility of introducing hedge funds regulation into Taiwan. Finally, I will present our recommendations of long-term and short-term policies that are to require the registration, documentation and capital requirements of hedge funds or hedge fund managers.
    The intended goals are to enhance transparency, eliminate conflicts of interest, introduce indirect regulation of market participants, cross-market collaboration, adopt macro-prudential regulation, investigate and prosecute illegal activities, collaborate with other countries and international organizations, and constrain the regulatory arbitrage for the paper’s conclusion.
    Appears in Collections:[國際企業學系暨研究所] 專書

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