【作者】 蔡荣飞；

【导师】 贝政新；

【作者基本信息】 苏州大学 ， 金融学， 2006， 硕士

【摘要】 契约型基金本质上是一种信托关系,它赋予受托人充分的自由度和信托资产的控制权,容易产生道德风险。因此,有必要构建一个良好的内部约束机制,使受托人能自觉的以基金持有人的利益最大化为目标进行资产管理。目前,我国的契约型基金存在较为严重的基金当事人权利义务不合理、管理人时常不受约束的逃避责任滥用职权,托管银行的监督职责被架空等缺陷。因此,亟须进行内部约束领域的改革,以达到相关利益方之间责、权、利的平衡。本文在信托理论、委托代理理论、内部约束模式理论和制度经济学相关理论的基础上,利用比较分析的方法,对比研究了以日本、德国、英国、印度为代表的四种契约型基金内部约束模式的运作、优劣以及在各典型国家取得成功的背景原因,并从我国基金业现实不足的深层次原因和客观限制环境出发,提出借鉴独立受托理论的制度安排,建立以受托委员会为核心的契约型基金约束模式的改革建议和具体的运作设想。更多还原

【Abstract】 Contractual fund is a kind of trust relationship, which gives the Trustee much freedom to manage the fund property, it may bring on the moral hazard. So it is necessary to establish an efficient internal restrictive mode to compel the trustee manage fund assets consciously to maximize the profits of fund holders. In our country, the trustee’s obligation and the investor’s power are still inconsequence, fund manager often breaks its obligation and abuses its power without restriction, custodian banks have been made a mere figurehead. We should improve internal restrictive structure, so as to attain to the balance of duty, right and benefits of the correlation sides of fund.Based on the trust law, the Agency theory, the frame of internal restrictive structure and the theory of institutional economics, using the comparative methodology, this thesis discussed four internal restrictive modes, whose representative nation is Japan, Germany, U.K. and India. The author compared and analyzed the rules, the operation, the advantage and disadvantage of each mode, and the background reasons in each representative nation. Considering the realism environment of our fund industry, the author proposed and designed to use the independent trustees’mode for reference to reform our internal restrictive and governance structure of contractual fund.更多还原