【作者】 郑明海；

【导师】 李敦祥；

【作者基本信息】 广西师范大学 ， 国民经济学， 2004， 硕士

【摘要】 随着我国市场经济的深化发展和全球经济的一体化进程的加快，开放式基金作为一种新的金融投资工具，在我国得到了迅猛的发展。开放式基金的发展不仅体现在规模的扩张上，而且开放式基金的质量和品种也越来越得到优化和提高，这至少体现在三个方面：一是基金发起人范围已明显放宽，从而打破了垄断，激发了竞争，极大地促进了基金业的发展。二是行业创新不断，基金新品种不断涌现，不仅有股票型基金，还有债券型基金；不仅有单只基金，还有系列伞型基金；而且开放式基金后来居上，已经成为基金业发展的主流。三是业内诚信、守法意识不断增强，除《证券投资基金管理暂行办法》、《开放式基金试点办法》等法规规章外，《证券投资基金法》的正式出台无疑将促使基金更加合法有序地运作，为我国基金业的大发展带来良好契机。当然，我国开放式基金在现实的发展中机遇与挑战并存，在明确我国基金业发展良好前景的同时，我们还应看到，时下我国证券市场的整体形势并不太好，国内各基金业绩深受市场大势的影响；而且开放式基金本身也存在着一系列的问题，如体制与机制问题、治理结构问题等等。因此，我们必须客观认识由于自身特定情况对基金业发展的影响，借鉴国外开放式基金发展的成功经验，使我国开放式基金的发展具有一定的后发优势，走出一条有中国特色的基金业发展之路。本文的目的在于运用理论和实证分析相结合的方法，阐明开放式基金在中国发展的制度变迁，根据开放式基金发展的现状和存在的问题，并借鉴美国、日本和香港开放式基金的发展经验，对我国开放式基金的进一步发展提出一些建议。全文共分为四个部分，第一部分是从制度经济学的角度，对证券投资基金在中国发展的制度变迁做一概括分析，通过对开放式基金的概念、内容和发展的介绍，明确了开放式基金在中国发展的必然性。第二部分是对我国现有开放式基金的实证分析。该部分从几个不同层面描述了开放式基金的现状，并从体制与机制、市场环境、证券市场的广度和深度、基金经营业绩以及基金治理结构等五个方面揭示了开放式基金发展中存在的一些深层次问题。第三部分是对美国、日本和香港开放式基金发展的比较研究，希望我国的开放式基金在发展中能够得到一些启示，从而作为发展我国开放式基金的借鉴。第四部分是本文最具有现实意义的一节。该部分在前几部分阐述的基础上，针对我国的实际情况，比较客观地提出了对我国开放式基金进一步发展的战略构想，从四个不同方面针对现有开放式基金的缺陷提出了一些有针对性的建议。更多还原

【Abstract】 With the development of the market economy in China and the integration of the global economy, the open-end funds have developed swiftly and violently in our country as a kind of new financial. Not only the expansion of the quantity but also the improvement of the quality embodies the development of the open-end funds market. Firstly, the scope of the fund company initiators has been broadened obviously. which broke the monopoly, stirred up the competition and promoted the development of the fund industry. Secondly, the new species of funds flow out continuously. There are not only the stock funds, but also the bond funds; not only the closed-end funds, but also the open-ended funds which come later but surpass the formers and become the main current species in fund industry. Thirdly, the consciousness of the trustworthiness and the obedience to the law in the fund industry has been strengthened continuously. Besides of the Security Investment Fund Temporary Rule and Open-ended Funds Experiment Rule， the exercising of the Security Investment Law will undoubtedly make the fund industry operate orderly and legally and bring good chances to the great development of the fund industry. Opportunity and challenge coexist. The development of our fund industry is sure to have a bright future. However, the stock market has not yet got out from the trap of the declining tendency, which has deeply affected the operation of the open-ended funds in our country. At the same time, we can also neglect the problems accompanying the development of the fund industry itself. There are a lot of problems in the development of open-end funds, such as the regulations and mechanisms , the construction of the funds ,etc. consequently , we should analyze the special circumstances of our country funds industry , Referring to the experiences of other nations, a specific road with the Chinese characteristic must be found out to ensure our fund industry a healthy and orderly development.By means of theoretical and empirical methods, this thesis demonstrates the development track of the open-ended funds in China. At the same time, according to the problems of the open-ended funds in China and based on the lessons of other nations,I will give some decisive suggestions to the development of open-end funds in China. <WP=5>The thesis consists of four core parts. ChapterⅠis the foundation for the full text. ChapterⅠis the foundation for the full text. It defines the open-ended funds as the development direction of our countrys investment funds from the sights of the Regulations Economics. ChapterⅠ is the explanation of the background of the development of the open-ended funds. Chapter Ⅱ is the empirical analysis on the open-ended funds existing in China security market. This part includes five aspects, which are the problems on the system and mechanism 、the market development circumstances and the basic obstacle 、the quantity and quality of the investment objectthe fund performance、 the administering structure of the corporations and the traditional investment culture obstacle . ChapterⅢ is the summary of the experience of the American、Japan and Hongkong open-ended funds. This chapter is divided into thee sections. As a creative part of this paper, chapter IV is based on the preceding ones. Drawing lessons from the development experience of the America Japan and Hongkong and aiming at the objective circumstances of our country, the author puts forward the speculation of the open-ended fundsin our country objectively.更多还原