私募基金上市衍危機

私 募 基 金 的 最 大功 能 , 就 是 成 為 那 些 潛 質 未 盡 的 公 司 的 策 略 股 東 , 然 後 協 助 這 些 公 司 上 市 。 私 募 基 金 利 用 自 己 的 品 牌 、 社 會 網 絡 與 管 理 視 野 , 在 上 市 的 過程 中 , 為 他 們 入 股 的 公 司 帶 來 龐 大 的 增 值 , 他 們 持 有 的 股 份 價 值 自 然 水 漲 船 高 。 能 夠 在 公 司升 值 最 快 的 時 候 入 股 , 這 樣 的 投 資 , 回 報 當 然 勝 過 買 已 上 市 的 股 票 。 
 
近 年 全 球 經 濟 都 十 分 興 旺 , 市 場上 出 現 大 量 準 備 起 飛 的 新 公 司 , 為 私 募 基 金 帶 來 大 量 的 投 資 機 會 , 令 私 募 基 金 的 往 績 顯 得 極之 輝 煌 , 亦 造 就 機 會 讓 私 募 基 金 自 己 也 可 以 上 市 集 資 。 但 私募 基 金 上 市 後 , 對 私 募 基 金 本 身 的 生 態 環 境 將 產 生 重 大 變 化 , 可 能 會 衍 生 危 機 。 過 往, 大 部 分 國 家 的 證 券 監 管 部 門 都 限 制 私 募 基 金 向 小 投 資 者 籌 集 資 金 , 怕 這 些 小 投 資 者 經 驗 不足 , 心 態 未 成 熟 , 容 易 作 出 錯 誤 投 資 。 因 此 , 非 達 到 一 定 金 額 的 投 資 , 私 募 基 金 是 不 可 接 受的 。 所 以 , 私 募 基 金 的 資 金 一 向 都 是 來 自 大 型 的 機 構 投 資 者 。 
 
買 普 通 的 股 票 基 金 , 透 明 度 比 較高 , 投 資 者 知 道 基 金 持 有 些 甚 麼 公 司 的 股 票 , 而 上 市 公 司 的 資 料 是 公 開 的 , 投 資 者 有 渠 道 可以 瞭 解 自 己 投 資 的 對 象 , 以 作 自 己 的 投 資 判 斷 。 但 私 募 基 金投 資 的 主 要 是 未 曾 上 市 的 公 司 , 有 關 資 訊 屬 商 業 秘 密 , 私 募 基 金 不 一 定 都 向 客 戶 透 露 , 客 戶可 能 蒙 在 鼓 裡 。 
 
過 去 , 私 募 基 金 的 資 金 來 自 大 型的 機 構 投 資 者 , 其 中 不 少 是 投 資 銀 行 , 他 們 投 資 經 驗 豐 富 , 加 上 投 資 金 額 大 , 對 私 募 基 金 有一 定 的 監 察 能 力 。 而 私 募 基 金 為 了 爭 取 機 構 投 資 者 的 大 額 資 金 投 入 , 亦 會 作 出 種 種 承 諾 , 投資 也 比 較 審 慎 。 但 現 在 私 募 基 金 可 以 上 市 , 資 金 有 了 新 的 來 源 , 投 資 的 靈 活 度 就 比 以 前 高 了, 不 一 定 如 以 前 那 麼 審 慎 。 
 
現 時 , 全 球 資 金 泛 濫 , 私 募 基 金上 市 都 輕 易 籌 集 到 龐 大 的 資 金 。 他 們 如 餓 狼 一 樣 四 處 覓 食 , 在 飢 不 擇 食 的 情 況 下 , 下 注 難 免輕 率 , 結 果 不 是 專 找 一 些 價 值 被 低 估 的 公 司 來 入 股 , 而 是 找 些 有 包 裝 概 念 的 公 司 入 股 , 變 成不 是 發 掘 潛 在 價 值 , 而 是 創 造 虛 構 泡 沫 。 在 經 濟 蓬 勃 的 時 候, 私 募 基 金 有 時 還 可 以 弄 假 成 真 , 但 到 經 濟 衰 退 時 , 私 募 基 金 的 錯 誤 投 資 , 就 會 逐 步 暴 露 ,屆 時 投 資 者 已 後 悔 莫 及 。 
 
大 型 的 機 構 投 資 者 受 點 損 失 沒 有所 謂 , 但 現 在 私 募 基 金 已 有 小 投 資 者 參 與 , 一 旦 危 機 爆 發 , 就 可 能 在 社 會 層 面 出 現 負 面 影 響, 監 管 機 構 對 此 不 可 掉 以 輕 心 。 
 
以 前 機 構 投 資 者 只 是 透 過 私 募 基金 進 行 投 資 , 輸 幾 多 , 計 幾 多 ; 但 現 在 小 投 資 者 所 買 的 , 可 能 是 已 升 值 的 私 募 基 金 的 股 票 ;股 票 裡 還 包 括 私 募 基 金 的 品 牌 與 投 資 能 力 , 變 成 買 入 時 股 價 已 經 浮 大 ; 到 危 機 暴 露 時 , 股 價可 能 還 要 跌 凸 , 變 成 有 折 讓 。 在 這 種 情 況 下 做 錯 買 賣 , 可 能有 雙 重 損 失 。 因 此 , 小 投 資 者 還 是 遠 離 私 募 基 金 為 上 。 
 
(轉 載 自 2007年 8月 6日 am730 C觀 點 )