中国开放式基金经营管理的主要问题研究

【作者】 蒋雪湘；

【导师】 胡振华；

【作者基本信息】 中南大学 ， 管理科学与工程， 2002， 硕士

【摘要】 开放式基金经营管理的研究是我国证券市场超常规发展机构投资者提出的新课题。本文以开放式基金的经营运作为研究对象，以投资学理论、契约经济学、信息经济学为指导，有选择地吸收了公司治理理论、会计理论和哲学理论的成果，以定性和定量相结合的方法，系统地研究了我国开放式基金运作存在的问题，并对发达国家开放式基金的经营运作进行了比较研究，在此基础上提出了我国开放式基金经营管理的具体思路和方法。 论文的主要结论是：(1)开放式基金的推出是基金业创新发展的内在要求，目前我国开放式基金运作遇到的深层次的问题，在很大程度上与我国资本市场发达程度有关。(2)开放式基金的高交易成本是合理的；而且投资者盈利的增加随持有时间的增长呈递增趋势。因此费率水平应随持有时间的增加而递减。(3)将资产、负债和技术性的流动性管理有机的结合起来，可在一定程度上弱化我国股市流动性不足带来的流动性风险。(4)从不完全契约理论和委托代理框架的视角分析开放式基金治理结构，可以得出不存在最优的治理结构的结论。因此要从强化基金托管人的监管功能，培养市场化的基金经理人、引入独立董事制度和公司制等方面来弱化道德风险问题。更多还原

【Abstract】 The study for operation mechanism of open-end fund is a new subject put forward by the demand of the development above convention of institution investors in Chinese securities market. In this article according to the investment theory, contract economics and information economics, we selectively assimilate the fruits of the governance structure theory, accounting principles and philosophical thinking. We systematically study the problems existing in the operation of open-end fund, and make a comparative research on the operation experience of open-end fund of the developed countries and areas. Based on which the concrete thoughts and methods for bettering the operation of Chinese open-end fund are proposed.The main conclusions of this article are as follows: (1) To develop the open-end fund is the requisition for the innovation of fund industry. At the present, ,the tough problems faced by the operation of open-end fund are related to the level of our country’s securities market to a great extent. (2) The high cost of open-end fund is reasonable, and the incretion of returns for investors increase progressively as time goes on. Accordingly, the rate of fees should be reduced with the lapse of time. (3) The liquidity management with the respects of assets, liabilities and technological methods can cut down the risk caused by the low liquidity of stock market in China to some extent. (4) With the analysis under the incomplete contract theory and principal-agent theory, there is no such an optimum governance structure for open-end fund either contract style or corporate style. Thereby, we should strengthen the functions of trustee of open-end fund, cultivate the managers of open-end fund decided by market, establish the mechanism of independent directors and introduce the mechanism of corporate to soften the moral hazard. (5) The task of top priority is to set up the perfect system of laws and regulations for supervision for it is the external environment the operation of open-end fund depending on.更多还原