Investment Fund System Research

In the preface part, the author introduces his purpose to choose this topic and its theory background. The neo-institution economy theory's starting and developing provides people a whole new way to study the social economy phenomenon, it focus on the system, which makes the economics go back to "economics original appearance". The neo-institution economy theory and method have more specially realistic meaning in the country where the system is changing. The author chooses the investment fund system as his research object, because he not only can use the experience of the neo-institution economics case studying method, but also he can catch the central issue, the investment fund, under the fast developing financial system's environment. The investment fund's special system itself and its impact on the whole financial system make the research have more meaningful both in theory and in reality.In the paper's first part, the author introduces the neo-institution economies' basic theory and method in detail, including system's structure and its origin, the system's development and creation, the system's needs and supplies, country theory and property rights theory, the system and economy development and the neo-institution economies' studying method. He also introduces the investment fund system and its significance of the research.In the second part of the paper, the author analyzes the origin and development of the investment fund. The investment fund is the system to put investor's small amount capital together in a pool and hire the professionals to manage it, the investors get the profits according its shares. It sets the rules of all the stakeholders' choosing room during the trading, their behavior, their position, power, and relationship, all of these decide the nature, character, and efficiency situation of the investment fund system. The investment fund system has the functions of saving the trading fees, encouraging people, having the bounding force, relocating the resources, and stabilizing the markets. All the functions, in someway, affect the saving enthusiasm, finance growth, financial resources relocating efficiency, and finance development and creation. The development of the investment fund is according to the regular economy system development pattern, it has the following development stages: potential profit recognition, elementary action group setting up, making and carrying out the creative plan, the following action group setting up and the final system establishment.In the third part, the author analyzes the property rights of the investment fund. There are three types of investment fund, the contractual type, the trust type, the corporate type. According to the analysis of all these types' investment fund, you will find whatever the impact of different country's legal environment and investment fund system developing background to the investment fund's type, whatever how many types they have, investment fund's property rights system has a common point, which is that investment fund system distinguishes the property rights and management power to realization the professional assets management. From the property side to see, the trust system, corporate system, and investment fund systemare all unified, they all distinguish the property rights and management power to realization their functions. This is the major breakthrough point of this paper, the author does the research on the investment fund property rights analysis to find the common rule in the property system.In the forth part of the paper, the author analyzes how the investment fund system set up. From the open-end fund's emerging and characters, the author analyzes the investment fund system's discretionary relationship, investment fund's encouragement system includes hard-encouragement rules and soft-encouragement rules, the information disclosure system, and the inside trading management system. From the analysis we find the remarkable character of the investment fund system's setting up, which includes enco...