The Regulation of Mutual Fund Debt
The Regulation of Mutual Fund Debt
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共同基金债务的监管
DOI：
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发表时间：
2012
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通讯作者：
J. Morley
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作者：
J. Morley
本文首次对1940年《投资公司法》下的共同基金资本结构监管进行了全面审查。这样的检查早就应该进行了，因为美国共同基金总共持有12万亿美元的资产--大约相当于商业银行业的资产--而监管对它们使用债务资本的限制非常严格。本文得出两个结论：第一，我国证券投资基金资本结构监管不协调。虽然我们可以想象这一监管的几个目的，例如限制投资者和金融体系的风险，防止投资者混淆，但监管实际上与这些目的并不一致。它在实现这些目标方面做得太多，也做得太少。第二，虽然目前共同基金唯一可以发行的证券是普通股，但没有令人信服的理由说明它们不应该也被允许发行债务证券。债务证券可能会使投资者受益，因为它提供了一种比货币市场基金普通股更安全、更稳定的选择。与货币市场基金的股票不同，债务证券可以提供固定利率和优先级的安全性。这样的提议显然是可行的，因为共同基金已经从银行和衍生品交易对手那里借款，而且在监管之前的时代，它们发行债务证券没有问题。
This Article offers the first general examination of mutual fund capital structure regulation under the Investment Company Act of 1940. Such an examination is long overdue, because American mutual funds collectively hold $12 trillion in assets—about as much as the commercial banking industry—and regulation constrains their use of debt capital very tightly. The Article reaches two conclusions: First, the regulation of mutual funds’ capital structure is incoherent. Although we might imagine several purposes for this regulation, such as limiting risks to investors and the financial system and preventing investor confusion, the regulation is not actually consistent with these purposes. It does both too much and too little to achieve them. Second, although at present the only type of security mutual funds can issue is common stock, there is no compelling reason why they should not also be allowed to issue debt securities. Debt securities might benefit investors by offering a safer and more stable alternative to the common stock of money market funds. Unlike shares in money market funds, debt securities could offer fixed interest rates and the safety of senior priorities. Such a proposal is clearly feasible, because mutual funds already borrow from banks and derivative counterparties and they issued debt securities without problems in the era before regulation.