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惠誉:基金新规将为中国公募基金增长降温;风险仍然存在
April 12, 2017 / 2:29 AM / 7 months ago

惠誉:基金新规将为中国公募基金增长降温;风险仍然存在

(The following statement was released by the rating agency) SHANGHAI/HONG KONG/SINGAPORE, April 11 (Fitch) 本文章英文原文最初于2017年4月2日发布于:<a href="https://www.fitchratings.com/site/pr/1021541">Fitch: China Mutual Fund Rules to Cool Growth; Risks Remain 惠誉评级表示,限制公募基金投资者集中度的新规定可能会使该领域的快速增长放缓,但不太可能显着降低在出现流动性冲击的情况下个人投资者遭受较大损失的可能性。 这一新规是出于监管机构对金融领域流动性收紧的担忧,机构投资者(尤其是银行)面临流动性短缺而不得不赎回其公募基金份额的的风险会因此升高。在此前的规定之下,机构投资 者可能在单一公募基金中持有很高份额,这意味着大额赎回可能触发资产的减价出售以及基金的市场价格大幅下跌。在这种情况下,个人投资者容易遭受较大损失。 三月中旬出台的新规定要求单一投资者份额超过基金一半的公募基金不可以再对个人投资者开放,旨在以此加强对个人投资者的保护。然而,50%的投资者集中度仍然较高。在欧洲 和美国,单个投资者份额通常限制在基金5%-10%左右。 现有公募基金的单一投资者占比如果超过50%,则其需要将该比例降低至限额以下,或转为封闭式基金。封闭式基金的锁定期限最少为三个月,并且将不能再接受个人投资者。资产 管理人将需要采取发起式基金行式,自己出资至少1000万人民币并在封闭基金中保留三年,这将使此种转换不具有吸引力。 对机构投资的限制可能更多地影响到公募基金领域的增长。截至2016年底,在管资产已由2014年底时的4.5万亿人民币增长逾两倍至9.2万亿人民币。银行委外是公募基 金扩张的重要驱动因素之一,银行逐渐增加了由非银行金融机构管理的资产或理财产品(包括公募基金)在其资产结构中的占比,以追求更高的收益和规避对银行自身投资的严格监管 。 受到新规影响程度最大的可能是主要为满足单一大型机构投资者而量身定制的公募基金。投资者集中度较低的大规模基金受到的影响可能较小,甚至有可能因为机构投资者将投资组合 分散至多个基金而受益。 新的监管规定不太可能对逐渐扩张的影子银行领域、或因其扩张而加剧的金融风险带来显着的影响。银行的资金和盈利能力将继续面临压力,如果其对公募基金的投资受到限制,则银 行可能将投资转移至其他影子银行领域。 联系人: Li Huang(黄莉) 联席董事 基金及资产经理人评级 +86 21 50973018 惠誉(北京)信用评级有限公司上海分公司 中国上海市浦东新区陆家嘴环路479号 上海中心大厦34层3401室 Grace Wu(胡月明) 高级董事 金融机构评级 +852 2263 9919 Dan Martin 高级分析师 惠誉快讯 +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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