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2007年,《证券投资基金管理暂行办法》颁布十周年了,迅速成长的中国基金业也即将进入自己的“青春期”。一方面,个子不断长高,日后前景无限;另一方面,问题也不少,各种困惑随之而来。这一年,中国基金业的增长令人瞠目结舌。Wind资讯数据显示,截至2007年年底,58家基金管理公司管理的基金资产净值己高达32.000亿元,而上年末这一数字还不到9000亿元。据天相投资的统计资料,火暴的牛市行情让股票型基金在2007年一年中取得了高达128%的投资收益。在这些数字的背后,我们看到的是过去一年里中国投资者对基金的狂热追捧。不少新基金首发几天内即被抢购一空,银行排长队成为社会热点问题,而其中基金销售火暴可谓“功不可没”。基民队伍短时间内迅速膨胀的背后,自然包含了很多盲目与非理性的成分。另一方面,在牛市与基民投资热情面前,基金公司无视自身条件是否跟得上,而一味地扩大基金规模,过分地关注短期收益率。这些都是中国基金业“燥热症”的表现。那么,基金业“燥热症”究竟表现在哪些方面?有可能带来什么样的危害?其背后的病因到底又是什么?这些都值得我们做进一步的探讨和分析。
In 2007, the Tenth Anniversary of the Interim Measures for the Administration of Securities Investment Funds was launched. The rapidly growing Chinese fund industry is also about to enter its own “adolescence.” On the one hand, the man is constantly growing taller and has far-reaching future prospects; on the other hand, there are many problems and various confusion ensues. This year, the growth of China’s fund industry is staggering. Wind information shows that by the end of 2007, the net fund assets of 58 fund management companies have reached as high as 3.20 billion yuan, down from 900 billion yuan at the end of last year. According to statistics from Tianxiang Investment, the hot bull market made equity funds achieve investment returns of up to 128% in the year of 2007. Behind these numbers, we see the fanatical pursuit of Chinese funds by Chinese investors over the past year. A lot of new funds are sold out a few days in the first few days, banks have long line up to become a hot issue in the community, but the hot sales of funds can be described as . Behind the rapid expansion of the civilian base within a short period of time, it naturally contains many blind and irrational elements. On the other hand, in the face of the enthusiasm of the bull market and the investment by the people, the fund companies ignored the conditions of their own and kept blindly expanding their funds and paying too much attention to the short-term rate of return. These are the performance of China’s fund industry “fever ”. So, what is the fund industry “hot and humid disease ”, what kind of harm is it possible to bring? What is the cause behind it? All of these deserve our further exploration and analysis.