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中美证券投资基金管理人行为:差别与原因

The Sino-American Differences in the Behavior of Securities Investment Fund Managers and the Reasons Concerned

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【作者】 肖欣荣

【Author】 XIAO Xin-rong(Guanghua School of Management, Peking University, Beijing, 100871, China)

【机构】 北京大学光华管理学院 北京100871

【摘要】 证券投资基金制度在国外成熟资本市场已经发展了一个多世纪,其制度的完善、运行的效率都值得我们借鉴。美国共同基金的发起设立是一种完全市场化的行为,而随着"好人举手"政策的出台,中国证券投资基金实行了很久的行政审批制正逐渐放松。但是,证券市场浓重的投机氛围,扭曲了基金管理人的精神和企业的组织结构,而投资理念恰恰是基金管理人的灵魂。借鉴国外完善的证券投资基金制度,规范和引导中国基金管理人行为,有助于促进证券投资基金制度在中国健康发展。

【Abstract】 The institution of securities investment funds has been in operation for more than a century in the matured market of other countries, and their proper system and efficient operation have set a good example for China. The initiation of America’s mutual fund owes completely to the market system. With the commencement of the policy "that the good people raise their hands," China has been gradually reducing the administrative control over the issuing of its securities fund that has been practiced for a long time. However, the overwhelming speculative atmosphere of securities market has exerted negative influences on both the organization of enterprises and the fund managers to whom investment idea is the soul. Thus, the healthy development of securities investment fund institution in China requires the borrowing of successful experiences from other countries and the normalization of the Chinese fund managers.

  • 【分类号】F830.9
  • 【被引频次】5
  • 【下载频次】300
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