公司型基金与契约型基金的治理结构比较研究

【作者】 刘建国；

【导师】 徐唐龄；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 公司型基金与契约型基金是投资基金依据组织形式的不同划分的，前者主要盛行于美国，后者则在英国、日本较为流行，目前我国所有的投资基金均采取契约型的组织形式。应该说，这样的设计是与我国刚成立基金时的法律背景、市场环境相适应的，但是，随着时间的推移，我国契约型基金在治理结构方面暴露出来越来越多的问题，这些问题的存在已经大大损害了广大投资者投资基金的信心，给我国基金业的未来发展增添了许多不乐观的因素。因此，改善基金治理结构，保护投资者的利益，增强投资者的信心，已成为我国基金业改革的关键所在。本文从公司型基金与契约型基金的治理结构比较入手，不仅在理论上，更主要在实践中，深入分析这两类基金的典型模式，揭示它们设计的特点和成功经验，既为我国契约型基金的治理结构改进提供很好的借鉴，也为我国尚未出台的公司型基金的设立与发展提供广阔的思路。全文共分为三个部分： 第一部分包括第一章，主要阐述几个重要概念的基本内涵，包括投资基金、基金治理结构、公司型基金和契约型基金，并从多个方面对公司型基金与契约型基金进行比较，为下文的深入分析打下理论基础。 第二部分包括第二、三章，重点研究公司型基金与契约型基金在现实中的几种模式，包括美国的共同基金以及英国、日本、香港的信托基金。通过深入分析这几种基金模式的组织特点和它们在保护投资者利益方面的成功经验，为我国基金业的改革提供现实参照。 第三部分包括第四、五、六章，主要立足于我国的基金业实践，一方面着重分析我国契约型基金的治理结构现状，并提出相应的改进建议；另一方面还研究了我国公司型基金目前面临的法律障碍，并对其未来的发展提出了几点构想；最后对两类基金的在投资基金立法过程中的法律定位提出了自己的观点。 应该说，公司型基金与契约型基金都在相当大的范围内广泛存在着，虽然公司型基金在治理结构方面有更科学的安排，但是契约型基金也有其存在的合理性。我们研究的目的并不是要以一种形式的基金去替代另一种形式的基金，而是在于为投资者提供更多的选择，由投资者，或者说由市场来最终回答：这两类基金究竟谁更适应中国的市场。更多还原

【Abstract】 Corporation fund and contract fund are devided according to the difference of organization form of investment fund. Corporation fund is popular in USA, and contract fund is in fashion in England and Japan. So far, all investment fund are in the form of contract fund in China. It should say that, this form is fit for the situation of legal and market when we create the fund initially. Along with the passing time, more and more questions are discovered in the governance structure of contract fund. The existence of these questions have hurt the trust of the investor to invest fund greatly, and also added more unhappy factors to the development of fund in the future in China. So, the key of reformation in the fund sector of China is to improve the structure of fund governance, to protect the benefit of investor, to enhance the trust of the investor. The article starts with the governance structure of corporation fund and contract fund, analyses the typical modes of this two kind of funds deeply, not only in theory, but also in practice. It discovers the characters and successful experience of them, and it provides excellent uses for reference for the improvement of the governance structure of contract fund, it also widen the thoughts for the creation and development of corporation fund which haven’t come on yet. There are three parts in the following article.The first part, including the first chapter, mainly explains basic meaning of several important concepts, such as investment fund, governance structure of fund, corporation fund and contract fund. It also draws a comparison between corporation fund and contract fund from many aspects, and lays theory foundations for the in-depth analyses of the following text.The second part, including the second and third chapter, puts emphasis on the research of the several modes existed in the true life of corporation fund and contract fund, involves the mutual fund of USA and trust fund of England, Japan and Hong Kong. It provides practical consult for the reformation of China fund sector through in-depth analysis of the organization character of these modes and the successful experience in the protection of the benefit of the investors.The third part, including the fourth, the fifth and the sixth chapters, is mostlyestablished in the practice of China fund sector. One side, it gives emphasis to analyses the status quo of governance structure of contract fund in China, and brings out corresponding advices for improvement; on the other side, it makes research on the legal obstacle that corporation fund faced at present, and also provides several ideas for the future development, In the end, it brings forward it’s own viewpoint on the legal orientation of these two kind of funds in the course of investment fund legislation.It ought to say, corporation fund and contract fund existed broadly in sizable area. Although, corporation fund has more scientific arrangement in the governance structure, contract fund also has the rationality of its existence. The purpose we studied is not to substitute another kind of fund with a kind of fund, but to provide more options for the investors, so that the investor or the market decides finally: which are more adaptable to the market of China, corporation fund or contract fund.更多还原