证券投资基金及其治理结构研究.docVIP

专 业： 民商法学 姓 名： 王康琼 指导教师：胡鸿高教授 由于信息不对称问题的存在、持有人利益代表的缺位、市场竞争的不充分等 方面的原因，证券投资基金资产被基金管理人控制的情况以及由此而引致的持有 人利益损失现象在我国普遍存在。这些现象表明，证券投资基金在治理方面存在 明显的问题-本文将公司治理理论拓展到基金治理领域，构筑了基金治理结构的 基本研究框架，分析了我国基金治理结构中存在的主要问题，并结合理论框架与 国外的成熟做法对我国基金治理结构的完善提出了具体的建议。 本文共分五个部分：第一部分是分析证券投资基金制度的基本法理，包括基 金的概念界定、基本型态介绍、信托法理解释和委托一代理问题的分析；第二部 分是在对国内外学者有关公司治理结构的研究进行梳理的基础上，提出我国证券 投资基金治理结构的基本框架，并以具有典型代表意义的国家为例，介绍了它们 各具特色的契约型或公司型基金的治理结构；第三、四部分则是本文对完善我国 证券投资基金内部治理结构的一些观点和建议，以剖析我国契约型基金内部治理 结构存在的主要问题为前提.提出应强化持有人大会功能、设立受托委员会以及 建立基金受托人报酬激励机制和声誉激励机制的设想；第五部分则是对建立我国 证券投资基金外部监管制度的一点建议和构想，如发展外部竞争市场、加强法律 监管以及培育基金中间组织以实现监督市场化等。 关键词：投资基金治理结构内部治理外部监管 中图分类号D912. 28 Abstract It is not uncommon in our country that fund assets are manipulated by their managers and interests of fund-holders are impaired, therefore. Such phenomena may result from a good many reasons such as the asymmetric information accessibility, vacancy of holdersJ interest representative, insufficient market competition, etc. The phenomena literally reflect that there exist distinct defects in the governance of securities investment fund. This dissertation expands the corporate governance theory into the field of fund governance, constructs the basic research structure of the fund governance, analyzes the main problems existing in our current fund governance, and makes concrete proposals on how to perfect the structure of fund governance in our country by combining the theory and abroad mature experiences. The dissertation is divided into five parts. The first part is to analyze the basic legal theory of securities investment fund system, including the concept identification of fund, introduction of basic type, explanation by the theory of trust law, and analysis of the principle-agent problem. The second part is to propose the basic structure frame of securities investment fund in our country, based on the sorting of the study upon the corporate governance structure made by national and abroad scholars, and take some representative co