投资基金与金融体制变革

【作者】 罗松山；

【导师】 韩康；

【作者基本信息】 中共中央党校 ， 政治经济学， 2002， 博士

【摘要】 我国从1991年开始引入投资基金，1998年进入了一个新的发展阶段。我国引入和大力发展投资基金的主要目的是为了稳定资本市场，进而促进资本市场的发育。但是在这个过程中，投资基金的运作行为发生了相当程度的变异，没有达到预期效果，反而加剧了市场的不规范，这就使“中国投资基金应当如何规范发展”的问题成为目前理论界讨论的热点。现代投资基金制度在发达国家已经成为整个金融体系的重要组成部分，在美国甚至已经取代了传统商业银行的地位，对金融制度和企业制度的演变、创新产生了非常积极的影响。为什么这样一种在发达国家有效运行的金融制度移植到我国后会产生变形？我们应当怎样扭转这种状况，应该做好哪些事情才能推进投资基金进入规范、有效的发展轨道？认真系统的研究这些问题，无论在理论上、实践上都有十分重要的意义。本文运用历史分析、规范分析和案例分析等多方面的研究方法，对投资基金制度的运行机制、机理进行了系统的理论考察，并在此基础上提出了一个新的发展构架。投资基金制度作为一种新型的货币金融制度，是经济发展和金融深化的产物。因此，本文首先从货币金融史的历史轨迹出发，对投资基金制度的生成、发展进行了分析。通过对货币产生及职能演变的研究，我们发现货币首先是一种为满足商品交换需要而充当交换媒介的原生货币。随着经济的发展，货币又具有了价值增值职能，导致产生了以货币为交易对象的金融市场。之后，以金融创新为基础，对货币进行买卖的各种金融工具又成为一种衍生货币。从而可知，投资基金首先是一种衍生货币，现代投资基金制度的发展又使其成为一种原生货币与衍生货币相统一的基金货币，成为集媒介与增值、储蓄与投资于一身的新型货币形式。金融制度总是因适应经济活动的发展而不断发展的。在证券信用基础上产生的投资基金，随着证券信用的发展和规模的扩大，逐渐从一种投资工具演变为一种金融制度。它以其特有的资产负债结构、内部治理结构，以及投资者细分和透明化运行机制等特征，成为一种更适应现代经济发展的金融制度。在对投资基金进行历史分析的基础上，笔者明确地提出了投资基金制度的概念，之后运用相关的经济学原理和金融理论，对这种新型金融制度进行了系统的学理解析。文章明确区分了基金投资与投资基金制度的不同特点，揭示了投资基金制度的本质。在这个基础上，对基金的内部治理结构和当事人之间的法律关系进行了法理解释，对基金投资者与基金发起人是否应作为基金当事人的理论问题进行了深入分析，由此说明了委托代理下的基金治理结构。文章对<WP=4>基金“经济人”的市场化行为特征进行了深入地分析。本文特别指出的是，基金在本性上并不具有稳定资本市场的自发倾向，但是随着投资基金规模的扩大，基金在基金管理人之间产生搏弈的时候，却能对资本市场的活动产生稳定的客观作用。本文对美、日两国投资基金的发展进行了比较案例分析。在对美、日两国投资基金的发展进行比较研究的基础上，尤其是在考察了股票市场上的行为差异及其对市场稳定的不同影响之后，说明为什么投资基金的健康发展必须以规范化的金融市场和良好的法制规范为基础。最终希望揭示出：投资基金是否能够产生稳定市场的功能，是有制约条件的。在一个不规范、不成熟的金融市场里，投资基金的运作不仅不是一个稳定因素，相反可能成为一个市场不稳定的推波助澜者。在上述理论研究的基础上，本文对当前我国金融体制改革中存在的主要问题进行了重新审视。现在我国以银行为主体的政策性金融体制存在着功能错位和功能缺位的问题。正是这种情况导致了现有金融体系的脆弱、金融运行和金融系统资源配置的低效。我国金融体系的新一轮改革面临着许多新的环境条件——经济过剩、加入WTO、金融国际化，等等。由此，一个迫切的问题就是，金融体制改革的基本思路应该从“机构重于功能”向“功能重于机构”进行转变。一个稳健的金融体系应该尽量减少利用银行资产来承担长期资本投资职能，进而转向依靠资本市场建立起长期资本投资的融资渠道。我国发展投资基金不仅是为了稳定和发展资本市场，更重要的是为了建立起一种新型的市场化金融制度。通过对我国投资基金运行的实证考察，我们发现中国引入投资基金后出现的变异现象，根源于最初制度安排的严重缺陷和资本市场本身的不规范。由此，在对投资基金功能进行重新定位的基础上，也考虑到我国基金发展的现状和约束条件，提出了“政府与市场双向推进”的发展模式，以及发展“开放式契约型基金为主的投资基金”的政策建议。同时，还提出了对基金发展的相关环境进行系统改造的问题，重点是规范股票市场、建立多层次金融市场和赋予基金管理公司代理权请求等。为了理论阐述上的完整性，本文的最后部分对投资基金制度下的货币政策调整问题，进行了简要的论述。更多还原

【Abstract】 In 1991，the investment fund institution were introduced in China, and it came into a new stage of development in 1998. Stabling capital market is main objective that China introduced and developed the investment fund, and then promoting development of capital market. But in the process, operating behavior of China’s investment fund produced aberrance in some degree. The aberrance not only reached anticipative objective, on the contrary pricked up no criterion of capital market. This made an problem become a discussing hotspot in academic circles, the problem is "How would China’s investment fund be developed according to criterion." The modern investment fund institution has turned into an important part of entire financial system in developed country, specially, mutual fund in U.S. had replaced status of traditional commercial bank, and brought very active affection on evolvement and innovation of financial system and corporation institution. Why done a type of the financial institution that effectively function in developed country produced distortion when it was introduced to China? How should we turn the tables, and what action should we take to turn China’s investment fund into an orbit of normative and effective development? That is to have very important significance in theory and practice that we seriously and systemically study these issue. Author systemically studied work mechanism of investment fund institution with research method of history analysis, criterion analysis and case analysis etc, and to be based upon these studies, a new truss about development of the investment fund institution is put forward.As a sort of new monetary and financial institution, the investment fund institution is result of economic development and financial deepening. Therefore, this thesis started with the analysis of its creation and evolution from history of money and finance. We discovered that money first is the original money to serve as the medium of exchange to satisfy need of commodity exchange by study on the origin and functional evolution of money. Along with economic development, money withal possessed function of value increment, this resulted in the birth of financial market that buy and sale money. Since, based on finance innovation, sorts of finance instrument with transaction of money are the derivative money. Sequentially to be knowable, investment fund firstly is a type of the derivative money, and the development of the modern investment fund institution too made it become fund money that it integrate the original money with the derivative money, and fund money is a new money pattern to gather medium with increment and savings with investment together. The financial institution always develop to adapt development of economic <WP=6>activity. Investment fund, which were created on base of security credit, gradually evolved into a financial institution from a investing tool. It is financial institution to more suit development of modern economy, because it characterizes own balance sheet, internal governance structures, as well as subdivision of investor and vitrification of work mechanism etc.Based on the historic analysis about investment, the concept of the investment fund institution was definitely put forward. And academic explanation and analysis were systemically done about this new type of financial institution. Thesis definitely differentiated different characteristic between fund investment and investment fund institution, unveiled essence of investment fund institution. Based on this, thesis explained internal governance structures of fund and its jural relationship between privy from the jurisprudence. a academic issue whether fund shareholder and fund sponsor would be as privy were analyzed, the governance structures under the principal-agent were explained. Thesis home analyzed its characteristic of marketable behavior as economic man. This article especially pointed out following, investment fund isn’t provided with spontaneous tendency to stable capital market, but along with expansi更多还原