【作者】 程胜；

【导师】 吴弘；

【作者基本信息】 华东政法学院 ， 经济法学， 2003， 硕士

【摘要】 在相继出台了商业银行法、保险法、证券法和信托法后,我国将要面临的下一个金融大法就应当是正在草拟中的证券投资基金法了。回顾没有证券投资基金法的日子,我国基金业虽几经波折,却不断成长壮大。截止2002年底,我国已有的21家基金管理公司、71只证券投资基金,市值达到1319亿元人民币。但基金市场的繁荣与其制度的规范化程度却极不协调。大量违法违规行为在证券投资基金行业潜藏暗涌。在2000年6月22日的《投资基金法》起草会议上,成思危激烈的抨击了证券投资基金操作中的违法违规行为;同年10月刊登在《财经》杂志上的《基金黑幕》一文更是一篇申讨证券投资基金的檄文。在投资者利益不能得到保障时,投资者只能采用“用脚投票”的方式来对待基金业的扩容。于是乎,即将出台的证券投资基金法成为纠正市场行为的救命稻草,人们把规范证券投资基金的希望一股脑地寄托在了这部尚在酝酿中的金融大法中,有关与此的各种讨论也此起彼伏。从本文的标题人们就可以看出,笔者希望对契约型基金中的基本法律问题作一点探讨。笔者认为,尽管现在写基金的文章很多,但能对证券投资基金基本法律问题展开论述的并不多见,而如果不了解基金的基本法律问题,那么对基金其他方面的研究也难免会有偏颇。正是在这一思想的指导下,再加上我国的证券投资基金又为契约型基金,因此笔者决定对这样一个题目作一点阐述。全文从证券投资基金的定义出发,比较了国内外证券投资基金治理结构的差异,分析了基金<WP=4>当事人之间法律关系,总的来说,本文实际上为基金立法的前期基础研究。笔者在全文着墨约四万五千字,从以下几个方面展开论述。首先是导论。首先简单回顾了我国基金业发展的历程,指出我国现在基金发展的瓶颈所在,并通过分析信托制度与基金之间的关系,体现了基金有别于信托制度的特殊性。本章为全文的引子,为笔者打开话题作了铺垫。第一章是证券投资基金的定义。笔者在搜集了大量资料的基础上,提出了在四个层面上的基金定义,即作为金融工具的基金、作为投资方式的基金、作为法律关系主体的基金和作为法律关系客体的基金。在对这四个方面充分论述的基础上,笔者主要提出了每一层面的法律意义。最后,笔者提出了自己对基金定义的认识。第二章是各国基金治理结构的法律分析。笔者首先介绍了什么是基金治理结构。然后用比较的研究方法,以日本、英国、澳大利亚、德国和印度等国的基金治理结构为例,介绍了世界上比较流行的几种基金治理结构,并重点分析了各自的特点和优劣。第三章是基金当事人法律关系解构。笔者指出,一般来讲基金当事人无外乎基金持有人、基金管理人和基金托管人。为了研究基金制度内部的法律设计,笔者分别研究了基金持有人和基金管理人、基金持有人和基金托管人,以及基金管理人和基金托管人之间的关系。最后一章是基金治理结构的本土化研究。笔者从我国基金制度中的三个重要文件入手,重点分析了我国证券投资基金的治理结构,剖析了这一治理结构模式的特点,并对其作了深入的检讨性研究。更多还原

【Abstract】 After stipulated the Commercial Bank Law, Insurance Law, Securities Law and Trust Law, the next important financial law we will face should be the securities investment fund law(SIFL). During the days without the SIFL, our fund industry grew up although really hard. At the end of the 2002, we have 21 fund manager companies, 71 securities investment funds and the whole market price is 1319 hundred million RMB. The fund market’s booming is not harmonized with the standardize level. A lot of illegal activities happened in the market. In the 22 June, 2000, in the meeting of the drafting SIFL, Siwei Cheng attack the illegal activities in the investment fund operation. And the article “Black Mail of The Fund”, published in the magazine “finance” in the October 2000, is a war proclamation to the current securities investment fund. If the investors’ right and profit can’t be safeguarded, the investors have to vote by foot while the fund industry is expanding. Therefore the SIFL become the savior to correct the market activities, which was what the people hope and talk around.<WP=6>From the title of this article, readers can know that the author wants to probe into the basic legal issues of the contract fund. Author’s idea is that although there are many articles concerned the fund, a little of them probe into the basic legal issues. And if we can’t understand the basic legal issues of the fund, the research is hard to get correct answers. Just at the guide of such idea, and also the contract fund is our main model, the author decided to finish the article. The article begins from the conception of the securities investment fund, compares the fund governance structures home and abroad, analyses the legal relationship among the fund parties. In a word, the article is the earlier stage of the studies for the fund legislation. The number of word of the article is 45,000, used for following aspects:The first part is brief introduction. At the very first, The author recalled the history of our fund development, submitted that the where the bottleneck in the growth of current fund. And the author analyzed the relationship between the trust system and the fund, reflecting the specialty of the fund. This chapter is the article’s introduction remarks, in order to foreshadows the following paragraphs. Chapter one is concerned the conception of the securities investment fund. After collecting many materials, the author submitted four conceptions of the fund, they are fund as financial tool, fund as investment way, fund as the party of the legal relationship, and fund as the object of the legal relationship. Basing on full exposition, the author submitted the legal meaning for each of the conceptions. At last, the author submitted his own understanding for the conception of the fund.Chapter two is concerned the analysis of the fund governance structure <WP=7>of some countries. The author introduced what the fund governance structure is. And then, introduced some kinds of current fund governance structures by comparison, such as the Japan’s, the England’s, the Australia’s, the Germany’s, and the India’s fund governance structures, especially emphasizing on the characters and the strength the weakness of each.Chapter three is concerned the legal relationship among the parties of the fund. Generally, the parties of the fund included the investor, the manager, and the custodian. In order to analyze the legal relationship inside the fund, the studies on the relationship between every two of them. The last chapter is concerned the fund governance structure of our country’s. The author studied three important files in our fund system, emphasized the model of our country’s fund securities investment fund, analyzed the character of the model, and criticized it.更多还原