China Investment Fund Development

It has been more than 100 years since the investment fund was introduced into the financial market, with the liberalization of the financial sector in developed countries in 1970s, the investment fund began to take an active part in the financial market among the institutional investors . It was also introduced into China since the reform and opening up policy began and stock market emerged, but still now, the development of China's Investment fund is backward , and it's even worst that the operation of China's investment fund was deflected from the proper road . With such consideration , I choose the "development of China's Investment fund " as my researching topic , hoping It would produce some important theoretical value and substantial empirical values.In the first chapter, I would narrate some relevant theory about the investment fund, such as the portfolio theory , investment fund's theory of save translating investment and property right . by such arrangement , I hope I can heighten my theoretical consciousness to begin my research in the topic.In the second chapter , I would narrate the development of the world's investment fund industry-its history and future, then I would try to find out the cause why the developed countries can have such fast development in the fund industry , and also to deduce the economic mechanic of the investment fund subsequently , and the last section will be arranged to analyze the historical changing of institutional foundation of fund industry , so as to find out some valuable experience to be employed by China's fund industry.In the third chapter, I would list out eight kinds of functions and actions which are exerted by fund industry on the China's economy, at the same time I would criticize the wrong ideal that view the fund as a dose of panacea; and then a retrospective view will be cast on the developing history and present situation of China's fund industry; the last section will be arranged to discuss the environmental obstacle and institutional flaw that existed, to point out that the prime problem to be solved is the governmental monopoly and excessive protection derive from unappropriate use of governmentalregulations.The fourth chapter is to deduce the conclusion by data analysis that there exist large systematic and non-systematic risks in the China's fund industry. This conclusion should be a confirmation to the conclusion of chapter three.The last chapter, as to the problem existed, I give out some suggestions about the designing of the policy framework of the China's fund industry, including four principals and nine concrete suggestions, these are mainly of them: environment constitution , how to push up the innovation and commercialization and how to protect the investor's benefit.