مطالعه تطبیقی صندوق های سرمایه گذاری مصون شده (Hedge Fund) در سایر کشورها و بررسی امکان پذیری راه اندازی آنها در ایران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف: این تحقیق بر آن است تا با انجام یک مطالعه تطبیقی پیرامون صندوق های سرمایه گذاری مصون شده اطلاعات جامعی در مورد اجزا، کارکرد، مزایا و معایب آنها ارائه نماید. روش: امکان سنجی راه اندازی این صندوق ها در ایران با دو روش امکان سنجی تئوریک و امکان سنجی با استفاده از پرسشنامه (نظرسنجی از خبرگان) با نگرش به سه بعد اصلی نیاز سرمایه گذاران، ابزارهای موردنیاز و الزامات قانونی انجام شده است. یافته ها : با توجه به خروجی امکان سنجی تئوریک انجام شده در این پژوهش ، از بعد ابزارها و محیط قانونی امکان راه اندازی صندوق مصون شده در ایران وجود ندارد ولی سرمایه گذاران به کارکردهای این صندوق ها نیاز دارند. بر اساس خروجی امکان سنجی از نظر خبرگان، از حیث نیاز و محیط قانونی امکان راه اندازی این صندوق ها وجود دارد ولی از حیث ابزارهای موجود امکان پذیر نیست. نتیجه گیری: نتایج حاصل از امکان سنجی تئوریک و نظرسنجی از خبرگان بیان می کند که در حال حاضر امکان راه اندازی صندوق مصون شده در بازار سرمایه ایران وجود ندارد. به نظر می رسد با توجه به عدم امکان فروش استقراضی، حجم کم معاملات در ابزارهای مشتقه موجود، فقدان تمایل نهادهای مالی برای تأسیس این صندوق ها و پیچیده بودن نظارت بر این صندوق ها توسط سازمان بورس و اوراق بهادار در حال حاضر راه اندازی این صندوق در بازار سرمایه ایران امکان پذیر نیست.Comparative study of hedge funds in other countries and the feasibility of setting them up in Iran
Objective: The growth of the hedge fund industry over the past five years is truly amazing. Many industry observers believe that since the dawn of the new millennium, assets in these often-called secretive investment vehicles has grown fourfold. If you factor in the number of funds of funds, the growth factor is probably closer to fivefold. Hedge funds pool money from investors and invest in securities or other types of investments with the goal of getting positive returns. Hedge funds are actively managed investment pools whose managers use a wide range of strategies, often including buying with borrowed money and trading esoteric assets, in an effort to beat average investment returns for their clients. They are considered risky alternative investment choices. Hedge funds are not regulated as heavily as mutual funds and generally have more leeway than mutual funds to pursue investments and strategies that may increase the risk of investment losses. Hedge funds are limited to wealthier investors who can afford the higher fees and risks of hedge fund investing, and institutional investors, including pension funds. Hedge funds represent a distinctive investment style. Their investment objectives, and their strategies, are very different from more traditional funds. They emphasize absolute return rather than relative return, and they use a very wide range of investment techniques -including leverage, short selling, and other hedging strategies- in the attempt to achieve their objectives. The main purpose of this research is studying hedge funds, which has attracted the attention of investors and academia in recent decades. This study aims to conduct a comparative study of these funds and gain a comprehensive knowledge about them, to determine the functions, benefits and disadvantages of investing in them. Mutual funds are regulated investment products offered to the public and available for daily trading. Hedge funds are private investments that are only available to accredited investors. Hedge funds are known for using higher risk investing strategies with the goal of achieving higher returns for their investors. Methods: The purpose of this study is to investigate the feasibility of setting up safe deposit boxes in Iran. To do this feasibility study, two independent methods are used. In the first method, by conducting a comparative study and examining the various dimensions of these funds, focusing on 3 legal dimensions, investors and tools, theoretical feasibility was performed. In the second step, to increase validity The research was conducted using a survey research and a survey of industry experts and senior capital market activists using a questionnaire. The main approach in gaining knowledge of these funds has been done with a view to the three main dimensions of investors' needs, required tools and legal requirements. The use of a questionnaire (survey of experts) was examined. The main hypothesis in this research was: there is a possibility of setting up hedge funds in Iran. To test this hypothesis, two theoretical methods (based on library research) and a survey were used. Investors, tools and legal environment were examined. Therefore, in order to be able to set up this type of funds in Iran, it must be possible to set them up in Iran from all three dimensions. And if any of the three dimensions are not available, we can concluded that it was not possible to set them up in Iran. Results: Studies on these three dimensions (investors' needs, required tools and legal requirements) show that in terms of tools and legal environment, it is not possible to launch them in Iran, but in terms of need, investors need the functions that this fund offers. Therefore, theoretical feasibility states that It is not possible to set up these funds at the moment. However, in the survey method, experts believe that in terms of need and legal environment, it is possible to set up safe boxes, but in terms of available tools, it is not possible to set them up. Therefore, experts also believe that it is not possible to set up these boxes at present. Theoretically, in terms of tools and legal environment, it is not possible to set up a hedge fund in Iran, but in terms of need, investors need the functions that this fund provides. According to experts, in terms of need and legal environment, it is possible to set up safe boxes, but in terms of available tools, it is not possible to set them up. Conclusion: Theoretical feasibility and the results of a survey of experts indicate that at present it is not possible to set up a hedge fund in the Iranian capital market.
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