我国证券投资基金治理结构的法律问题研究

【作者】 刘谦；

【导师】 刘晓春；

【作者基本信息】 北方工业大学 ， 经济法学， 2004， 硕士

【摘要】 证券投资基金自诞生至今已逾百年。一百多年来，这种大众化的投资工具在世界各国迅速发展，并且成为国际金融市场上一股不可忽视的重要力量。由于我国投资基金的起步和发展较晚，与发达国家相比，我国法律对投资基金的规范和监管仍十分不成熟，尤其是证券投资基金在治理结构方面存在明显问题，这已成为我国证券投资基金业进一步发展的主要障碍之一。证券投资基金业发展的核心问题是保护投资者权益、树立投资者对基金的信心。如果挫伤了投资者的积极性，证券投资基金的发展繁荣将成为无源之水，无本之木。因此，要想使基金业获得长久的生命力，就必须建立起能有效保护投资者利益的基金治理结构。 本文运用了法学和经济学的相关理论，在国内外学者关于公司治理结构的研究的基础上，对证券投资基金治理结构的框架进行了探讨，对我国基金治理结构中存在的问题及其深层次的原因进行了详尽的分析，结合理论框架与国外的成熟做法，对我国契约型基金治理结构的完善提出了具体的建议，并对公司型基金在我国的发展前景进行了展望。 从世界流行的两种证券投资基金模式来看，无论是公司型基金还是契约型基金，其自身都设有保护基金投资人的内部机制，两种保护模式各有优劣。由于立法和实践等方面的种种原因，我们目前的重点应当着眼于规范契约型基金模式，进一步完善契约型投资基金治理结构，加强对基金投资人利益的保护。具体可采取两项措施：一是完善基金份额持有人大会制度，二是设立基金受托委员会。更多还原

【Abstract】 The investment fund has existed for more than one hundred years. In this period, this popular investment tool has been developing very fast and its important role in present international financial market cannot be ignored. Because its start and development in China was quite late, compared with the developed countries, the regulation and supervision of the investment fund are not very mature yet. Especially there is no complete legal system for the protection of the investors in our country until now, which has hindered the healthy development of the investment fund in China.Based on the previous study made by others, the paper concentrates its discussion on the framework of the governance structure about the securities investment funds. It analyzes in detail the existing problems in the governance structure of such funds and, on the ground of theoretical support and of successful experience gained abroad, it puts forward feasible proposals for the improvement and perfection of the structure.There are two types of popular mode in the world. Both the contractual type and the corporate type have their own internal mechanism to protect their investors. Either of them has its advantages and disadvantages. However, out of the consideration of the legal environment and the practice in China, the emphases shall be focused on how to regulate the contractual mode and how to improve its internal mechanism to enhance the protection of the investors. There are two measures that can be used: first, enhance the function of shareholder meeting; second, setting up a standing committee for the shareholder’s meeting.更多还原