我国投资基金制度的建设研究

【作者】 张辉波；

【导师】 潘英丽；

【作者基本信息】 华东师范大学 ， 金融学， 2004， 硕士

【摘要】 起源于十九世纪末期的投资基金制度在整个二十世纪得到了迅速发展，它作为一种高效的储蓄——投资转化形式和集合投资工具，能够将安全性、流动性和收益性很好地统一起来，深受西方社会广大中小投资者的欢迎，其在金融机构中的地位甚至有超过商业银行的趋势。 与中小投资者自己直接投资于股票、债券等原生金融工具不同，基金具有一定的派生性，存在较长的委托代理链条，信息不对称所导致的道德风险问题也更加突出。在基金投资中存在两种风险：一是基础金融工具的风险，如股票、债券等本身存在的风险：二是基金投资的风险。从理论上，基金作为集合投资能有效地分散投资风险，实现较为稳定的收益，但这取决于基金管理人员的业务能力和敬业精神，取决于基金管理人是否像管理自己财产一样管理基金财产。因此，消除基金管理人的道德风险，确保基金管理人与基金持有者的利益一致，从而实现基金投资者收益的最大化，成为最为关键的问题。合理、有效的制度安排能够通过对构成基金的有关当事人的行为进行必要的激励和约束，使得基金管理人、托管人与持有者保持利益一致，并以最小的成本获取相应的投资回报，或者说在一定的成本下为投资者获取较高的回报。 鉴于投资基金制度在西方的成功运行，我国也在建设资本市场的同时引进了这一制度安排。然而，本被赋予特殊政府资源的证券投资基金行为异化，甚或接连爆出“基金黑幕”。显然，要想引入证券投资基金这一已经在西方资本市场获得成功的制度并非如预料一般的容易，它需要我们付出一定的汗水，在其发展的初级阶段就要对基金的运作机理进行认真研究，建立起完善的制度框架。 本文从投资基金的概念入手，对投资基金制度的内在机理进行了较为深入的分析，并结合最新的市场数据，对我国的投资基金制度的建设情况以及其在不断变化的市场中出现的新情况新问题进行了分析探讨。 第一章首先从经济和法律的角度对投资基金的概念作出界定，接着利用信托法理对契约型和公司型投资基金进行了剖析，并指出虽然投资基金属于一种特殊的信托业务，但探询投资基金的信托法理解释有助于认识投资基金的本质。最后对构成投资基金诸要素——投资人、管理人、保管人及其他代理人的经济法律关系进行了潜显的分析。 第二章将重点转移到投资基金制度上，对投资基金制度进行了分析界定，指出投资基金制度是制约投资者、基金管理人、基金托管人等当事人形成的专家集中管理资金行为的制度。投资基金制度的产生是由于投资交易的存在，它的出现就是为了降低投资交易的交易费用。本章还从交易、交易费用、人的行为假定以及合作剩余等等方面对投资基金的起源、变迁进行了历史性的回顾和理论上的分析。 第三章进一步对投资基金制度的各个方面的安排进行了分门别类的分析，首先分析比较了公司型与契约型两种基金组织形态，然后是对开放式基金和封闭式基金进行了分析，对各自的优劣势以及在历史上的角色地位变化作出了客观的比较。接下来还对另外一些制度安排作了简要的分析，包括代理制度、激励制度、信息披露制度和关联交易管理制度等等，但这些方面的安排比较容易取得共识，不作为本论文研究的重点。 第四章是本文的重点，主要是研究投资基金制度在我国的起源、发展以及面临的主要问题。由于我国的证券市场还未成熟，投资基金的建设也尚处于摸索阶段，新的问题不断出现，本文利用从市场获得的最新数据对我国投资基金目前的运行状况及面临的主要问题进行了的分析研究，并尝试性地提出了一些解决的方案。更多还原

【Abstract】 The system of investment fund, appeared in the 19th century, has been highly developed in the 20th century. As a media of chansfer from deposit to investment with high efficiency, investment fund was able to combine the liquidity, safety and profitability well and warmly welcomed by the investors in the western countries. The influence of fund to the financial market has even exceeded that of the bank.Different from the direct investment of investors, the investment of fund is derived, and there is a longer train of commission and agent. Therefore, the moral risk result from the information asymmetry is more obvious. There are two kinds of risks in fund investment. The first one is the risk contained in the financial instrument such as stock, bond, the other is the risk of fund. Academicly speaking, the fund can successfully decrease the risks and realize more steady profit. All the advantages depend on the capacity and the professional spirit of fund managers as well as how the fund managers deal with the estate. So, getting rid of the moral risk of managers and unifying the managers and the fund holders and magnifying the profit of the investors have become the key problem. Proper and efficient arrangement can efficiently prompting the agents and limit their behavior reasonably and acquire the corriponding repay with lest cost.Considering the successful performance of invstment fund in western countries, Chinese has decided to introduce it into the capital market. However, the behavior of the funds in Chinese capital market was not as the same as what was expected, even came out the "fund black curtain". Obviously, to make the system of investment fund run well in China is not easy. On the contrary, it needs us to do more research on the theory of its system and establish the more perfect regularity at the beginning.In this paper, the discussion was started with the concept of investment fund and the fundamantal theory was carefully analyzed. Companied with fresh data, the present appearance of Chinese investment fund and their problem appeared in the quickly changing market was also dicussed in the paper.In chapter 1, the concept of investment fund was difined in two kind of background, the one is economy, the other is law. After that, two kind of fund-trust style and company style-were analysed with the method of trust standard, and the opinion that though investment fund belongs to a special trust business, still to exploit the explaining in the method of trust standard is good to realizing the essence of it was pointed out.hi chapter 2, the system of investment fund was emphasised. First, the system was difined, pointing out that the system of investment fund is a system to limit the investors, managers and the trustees. The system was brought forth because of the exitence of investment trading and to low down the cost of trading. Besides, the origin and changing of investment fund was recalled historically and analyzed theorically.In chapter 3, several main factors which consist the whole investment fund system were discussed. First, the company style and the trust style fund were compared and analyzed. Then, the opened and covered fund were compared. The advantage and disadvantage of each kind were also put forward.In chapter 4, which is the most important part of this paper, the running of investment fund in China was focused. What were mentioned include the origin, developmet and the main problem the fund system faced to. As the capital market of China is still in its childhood, and the investment fund is also newly born, new problems come out one after another. In this paper, the most present data was utilized to research the performance of Chinese investment fond and the new problems, and the method that can deal with the problems was tried to put forward.更多还原