【作者】 王石林生；

【导师】 罗知颂；

【作者基本信息】 广西师范大学 ， 经济史， 2008， 硕士

【摘要】 我国证券投资基金从其诞生之日起就带有明显的“中国特色”,证券投资基金从无到有,从小到大,从“混乱”到“规范”经历了一个曲折的发展过程。在中国经济持续高速发展的背景下,基金业实现了跨越式发展。这种跨越式发展是改革开放不断深入的结果,也是金融市场发展的结果。从一定程度上来说,基金业的发展反映了我国改革开放的整体特征,是我国金融市场发展的一个缩影和体现。因此,对我国证券投资基金发展史的研究,是当代中国改革开放史研究的重要组成部分。本文以改革开放以来我国证券投资基金发展的历史研究为主线,分析了各个阶段我国证券投资基金发展的情况、特征和宏观经济背景。我国证券投资基金在其曲折的发展过程中,由于缺乏管理经验和良好的证券市场的支持,出现了不同的程度的问题,从老基金的“混乱”到新基金的“黑幕”,充分反映了我国新兴资本市场的不成熟,而对基金监管的乏力也充分暴露了证券投资基金的信用风险。这些问题都与我国改革开放的整体特征密切相关。在成熟的资本市场上,证券投资基金被认为对证券市场具有稳定性的功能,但是我国的股票市场成立时间较短,证券投资基金也只有几十年的发展历史。跟世界上其它的新兴资本市场一样,证券投资基金对于证券市场的稳定性作用并不明显。当然对于我国证券投资基金与宏观经济波动及证券市场发展的相关关系问题,仅仅停留在性质分析上是不够的。本文运用计量经济分析方法,对我国证券投资基金发展规模与宏观经济的协整性关系进行验证,结果表明我国证券投资基金对我国宏观经济的发展有一定的促进作用,但作为证券市场稳定性的功能却没有体现。相反,证券投资基金的加入使得证券市场出现了更大的波动性。这些问题与我国证券投资基金不规范和证券市场的缺陷有关。针对我国证券投资基金发展中出现的问题,本文运用“委托—代理”理论对我国证券投资基金的治理结构进行分析,证券投资基金作为一种投资契约,具有双重“委托—代理”关系,投资者作为委托人由于信息不对称,在“委托—代理”关系中处于相对弱势的地位。参照发达资本市场的经验,从保护投资者利益的角度出发,必须加强我国证券投资基金监管体系的建设。完善证券投资基金信息披露制度,规范证券投资基金的发展,充分发挥证券投资基金稳定证券市场的功能。更多还原

【Abstract】 China’s securities investment funds owns Chinese characteristics obviously since it was found .As to Securities Investment fouds from scratch , sall scale to broad scale and confussion to norm has gone through a tortous process of development.In the backgroud of China’s sustained rapid economic development,the funds industry achieved leapfrog development.Such leapfrog development is contributed to the continous deeping of reform and opening up and the financial markets development.In a certain extent, the development of the funds industry reflects the overall characteristics of China’s reform and opening up, which is a microcosm of China’s financial market.Therefore, the study of China’s securities investment fund development history is an important component of researchon present China’s reform and opening up history.This paper base on the historical research of China’s securities investment funds development since reform and opening up to analyze the situration, charateristic and macroeconomic backgroud of the China’s securities investment funds development in the various stages. China’s securities investment funds exist varying degree of problems in its tortous course of the development ,because of lack of good managemnet experience and the suport of the stock market.From the old confussion fund the new inside story funds fully reflect the imature of China’s emering capital markets.As to the weak supervision os the funds also fully expose credit risk of securities investment funds. These issues has close relationship with the overall characteristics of China’s reform and opening up.In mature capital markets, securities investment funds is considered to have the stable function to the stock markets. With the rest of the world’s emerging capital markets,Securities investment fund role for the stablbe fuction of securities markets is not obvious.To be sure that it is not enough to merely analyze the nature correlation among China’s securities investment funds and maroeconomic fluctuation and the development of the securities market.This paper adopt analysis method of econometrics to test the relation of the development scale between China’s securities investment funds and macroeconomic cointegration. The result show that China’s securities investment funds for macroecomic development role in promoting.Bust as a stable function of the stock market has not been reflected.On the contrary, the securities investment funds lead a great fluctuation to the securities markets.These inssues was caused by the irregulation of China’s securites market.According to the development of emerging issuse of China’s securities investment funds,This paper adopt the theory of commission to agence, to analyze management structure of China’s securities investment funds.Securities investment funds as an investing contract,which own its double realtionship of commission and agence.Investors as a client in a relatively disadvantaged position, because of asymmetric information in the relationship of commition and agence. Refer to the experience fo developed capital markets and for the point of view of protacting the investor interests, we must to strengthen supervision information disclosure system of securities investment funds and to standardize its development and give its full play to the stable function of the securities market.更多还原