论公司型证券投资基金法律制度

【作者】 支虹；

【导师】 张建伟；

【作者基本信息】 复旦大学 ， 法律， 2010， 硕士

【摘要】 证券投资基金在我国发展的历史较短。2004年6月1日,我国《证券投资基金法》的正式实施,把证券投资基金在我国资本市场中的地位和作用通过法律的形式确认了下来。这是我国证券投资基金业发展史上的一个重要里程碑。在我国基金业发展过程中,基金“老鼠仓”作为一个“顽症”已严重威胁到我国基金投资人和基金持有人的利益,影响到我国基金业持续稳健的发展。2010年1月13日至14日,2010年证券期货监管工作会议在北京召开。中国证券监督管理委员会表示今年要严厉打击内幕交易和“老鼠仓”等违法违规行为。笔者认为,基金“老鼠仓”防治的难度,很大程度上与我国目前不完善的证券投资基金法律制度有关。笔者通过四个章节,深入浅出地阐述了为了更好地防治我国基金“老鼠仓”,要在我国目前实施的单一的契约型投资基金法律制度基础上,引入并构建公司型投资基金法律制度。第一章,笔者通过对基金“老鼠仓”的介绍,分别从三方面分析了基金“老鼠仓”的成因：(1)我国目前证券投资基金法律制度不健全；(2)我国对基金“老鼠仓”外部监管不力；(3)我国基金管理公司内部不合理的治理机制。另外,笔者从发现、举证和惩处基金“老鼠仓”方面,说明我国目前的证券投资基金法律制度难以防治基金“老鼠仓”,因而进一步导出我国目前契约型投资基金法律制度的缺陷和引入公司型投资基金法律制度的重要性和迫切性。第二章,笔者为引入公司型投资基金法律制度,从我国契约型投资基金法律制度所存在缺陷的角度出发,强调公司型投资基金法律制度的优势。由此说明公司型投资基金法律制度与我国目前契约型投资基金法律制度相比,有利于更好地防治基金“老鼠仓”。第三章,笔者通过借鉴西方国家(如美国和英国)的公司型投资基金法律制度,深入浅出地介绍了公司型投资基金法律制度的产生、发展和演进过程。笔者通过横向比较,提炼出我国在引入和建立公司型投资基金法律制度时,值得向西方国家学习的地方。第四章,笔者分别从治理基金“老鼠仓”的必要性、我国在目前法律制度基础上构建公司型投资基金法律制度的可能性、对我国基金业可持续发展的重要性,明确为更有效、及时地防治基金“老鼠仓”,我国引入并构建公司型投资基金法律制度的可行性。更多还原

【Abstract】 The history of securities investment fund in China is very short. The Law of the PRC Securities Investment Fund was implemented on 1 June 2004, which has confirmed position of securities investment fund and its impact on our capital market by means of law. It is an important milestone in the history of development of our industry of securities investment fund. During the development period of our fund industry, rat-trading of fund as a tough disease has greatly threatened the benefits of our fund investors and fund share holders, which will of course influence our continuing and health development of fund industry. The 2010 work conference of supervision and administration of securities and future trading was taken place in Beijing on 13th and 14th January 2010. China Securities Regulatory Commission has expressed that it will take more strict actions against illegal activities especially rat-trading and insider-trading. The author takes the view that, the reason why rat-trading of fund is so difficult to be prevented and treated nowadays is that, to the most extent, our legal regime of securities investment fund is not so well-formed or developed.By four chapters in total, the author states that, in order to better prevent and manage rat-trading of fund, we must introduce and establish the legal regime of corporate-type investment fund on the basis of the legal regime of contractual-type investment fund we are currently applying.In ChapterⅠ, this thesis for Master Degree (the Thesis) introduces the rat-trading of fund, makes analysis of the reasons to cause rat-trading from three aspects:(1) imperfect of our current legal regime of securities investment fund; (2) inefficacy of our outside supervision to rat-trading of fund; and (3) unreasonable inner management system of our fund management company. In addition, the author restates the difficulties of preventing and managing rat-trading of fund under our current legal regime of securities investment fund from the perspectives of discovery, proof and punishment of rat-trading of fund. And therefore, it proves the shortcomings of our current contractual-type investment fund and importance and emergency of introduction of legal regime of corporate-type investment fund.In ChapterⅡ, in order to introduce legal regime of corporate-type investment fund, the author enhances the advantages of legal regime of corporate-type investment fund from the point of the weakness of our current legal regime of contractual-type investment fund, by comparison of which, the legal regime of corporate-type investment fund can better prevent and manage rat-trading of fund. In ChapterⅢ, the author learns and refers to the legal regime of corporate-type investment fund from the western countries (such as the United States and the United Kingdom) by introducing its beginning and development. Though horizontal comparison, it points out those key aspects that we should learn from the western countries when we are introducing and establishing the legal regime of corporate-type investment fund.In ChapterⅣ, the author specifies the feasibility of introduction and establishment of corporate-type investment fund in order to prevent and manage rat-trading of fund in an efficient and timely manner, from the perspectives of the emergency of managing rat-trading of fund, the possibilities for us to introduce and establish legal regime of corporate-type investment fund on the basis of our current legal regime of securities investment fund and the importance for the continue health development of our investment fund industry.更多还原