机构投资者的创新之路[外文翻译].doc

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19、RUCTUREREASONABLE,NEWEMPLOYEESWILLSOONPLAYAROLEENCOURAGE,INCLUDINGNEWPERSONALRESPONSIBILITY,CANIMPROVEINVESTMENTPERFORMANCEANDEMPLOYEESATISFACTION译文机构投资者的创新之路资料来源HTTP/LZBOOKSOHUCOM作者大卫史文森为了构建高质量的积极型管理的投资组合，投资机构需要有一个强大的投资团队，并由一个有效运转的投资委员会来监督。有效的投资委员会应该对组合进行适度的监督，而不是干涉投资管理人员的具体操作。投委会召开会议的次数每年应该限制在四次，这

20、样既可以避免投委会成员过度地干预日常的投资组合管理，又可以保证投资管理人得到适当的督导。投资委员会应该决定投资的性质和方向，而不应不加思考地把决策权全然交给投资管理人员。投委会在基金管理公司的作用应该相当于其他行业的公司董事会。一、投资委员会投资委员会具有约束投资管理过程的职能。投资委员会成员通过对投资建议进行全面深刻的审查，可以督促投资管理人员给出经过更加认真思考的投资建议。投资委员会不应该轻易否定投资管理人员的建议。因为如果投资委员会经常拒绝或修改投资建议，投资管理人员在管理组合时会感到放不开手脚。当市场出现机会时，具体投资的规模需要进行商讨，并上报投资委员会，通过后才可以落实操作。如果投

21、资委员会几次三番没有通过，投资管理人员在业内的声誉也会受损。但是投资委员会也绝不能成为摆设，高效的投资委员会应该通过讨论投资建议，对未来投资的性质和方向起到引导作用。有效的组合管理需要取得好的平衡，既尊重投资委员会的绝对权威，又赋予投资管理人应有的责任。在投资委员会不开会的时候，投资委员会成员也应该向投资管理人员提供对以往操作的反馈以及对未来战略的建议。双方充分的交流可以提高投资委员会沟通的质量，从而改进投资决策。关于投资委员会成员的构成与资质，首先投资委员会成员应该具备良好的判断力，虽然对成员的背景没有特别的要求，但是对金融市场的深刻理解可以为监督投资过程加分。如果投资委员会成员全部是投资方

22、面的专家有时也会造成危险，因为投资委员会的任务是管理整体的投资过程，而不是具体的投资组合。有些投资委员会引入成功的企业家作为成员，他们虽然能够带来有价值的见解，但也往往难以克服“奖励成功，惩罚失败”的思维，而这种已经根深蒂固的办事作风会将投资组合推向追涨杀跌的策略，从而失去获得逆向投资策略的收益机会。投资委员会成员应该将自己定位为过程监督者和投资管理人的支持者，而非具体组合的管理者。二、投资管理人投资管理人是组合管理流程的驱动力量，无论决定资产配置、基金支出等政策，还是具体组合管理或者挑选基金经理等事务，都需要严格的过程约束以及充分的理由。这一过程中投资管理人不能隐瞒事实，无论是现有的还是潜在

23、的弱点都需要全面的阐述和探讨。任何不诚实的行为对投资过程都可能是致命的。如果没有严谨的流程来保证投资建议得到清晰的阐述，投资决策就会变得不规范，甚至轻率。例如进行资产配置决策时，投资管理人员必须基于严谨的逻辑分析框架，才有可能做出有依据的投资建议。投资管理人员考察投资机会时，对投资机会的各个层面的严格评估和对外部投资负责人的尽职调查，是决定是否投资的前提。以书面形式提交投资建议是交流投资思想很有效的方式。投资管理人通过起草投资建议可以发现逻辑的错误或知识的盲点，而且由于意识到同事和投资委员会成员会阅读投资建议，可以促使投资管理人力求论点清晰、论据充分、论证严谨。通过书面形式对投资逻辑进行全面阐

24、述也可以使投资委员会成员在开会前就对该建议有全面了解，从而提高投资委员会讨论的质量。投资决策小组应该由34人组成。因为随着参与决策人数的增加，势必会增加妥协和“共识”思维的可能性。如果投资管理人员较多，则应该分成若干个决策小组，分别管理不同的资产类别。这种方式既保留了小团体决策的优势，又解决了组合管理日益复杂、资产规模不断增长的问题。新人的加入为投资机构不断注入新的血液，他们的活力、热情、特别是看待问题的新鲜角度能防止腐化风气的滋生蔓延。关于新人的培训，建议采取“以老带新”的方式。这是一种双赢的做法，因为它体现了“在实践中成长”、“教学相长”的原则。耶鲁大学著名经济学家詹姆斯托宾曾经说过“到处都是我学习的机会，我从我的学生身上就学到了不少，比如清楚明了地向他们阐述某一想法对我也是一种学习。”如果机构组织架构合理，新员工能够尽快发挥作用。鼓励包括新人在内的个人勇于承担责任，可以提高投资业绩和员工满意度。