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一度风起云涌的基金管理公司股权转让,再次展示了资本进入基金管理行业的热望,而基金公司股权转让的高溢价也从侧面凸现了基金管理行业的门槛。 实际上,基金管理行业应当说是属于典型的智力密集型行业,它存在的基石之一,就是在独特的投资策略和理念下,实现高效率的专家理财,因而管理人员的专业素质以及是否得到投资者认同,应当是形成基金管理行业门槛的主要因素。如果投资者认同一个管理人的专业水准,愿意将自己的资产交给他管理,这个管理人本身有多少资产并不是重要的因素,极端一点说,哪怕他是身无分文的学生呢? 但是,基金管理行业又是一个有明显外部性的行业,在繁复的金融市场中,资产管理人和投资者之间存在明显的信息不对称现象,投资者的资产存在被基金管理者侵蚀的可能,基金管理公司运作的失败还可能会对整个金融市场形成明显的冲击,因此监管当局又不能对基金管理行业放任不管,而必须要设定一定的门槛。
Once surging fund management company equity transfer, once again demonstrated the capital into the fund management industry, the hope, and the high premium of fund company equity transfer from the side highlights the threshold of the fund management industry. In fact, the fund management industry should be said to belong to a typical intellectual-intensive industries, one of the cornerstones of its existence is that under the unique investment strategy and concept, to achieve efficient expert financial management, and thus the professional quality of managers and whether Investors agree that should be the main factor in the formation of the threshold of the fund management industry. If an investor agrees with a manager’s professionalism and is willing to hand over his assets to him, how much asset the manager himself has is not an important factor. To the extreme, even if he is a penniless student, , The fund management industry is another industry with obvious externalities. In the complicated financial market, there is obvious information asymmetry between asset managers and investors, and investors’ assets may be eroded by the fund managers. The failure of the operation of the fund management company may also have a clear impact on the entire financial market, so regulators can not leave the fund management industry indifferent, but must set a certain threshold.