Securities Investment Fund Management Structure

The study of corporate goverance is a developping topic in recent twenty years,at the same time, the fund governanve also directly influence the interests of fund investors, fund managers and other stakeholder.I argue that not only there are important theoritical meanings through the deep study on the fund governance, but also the faultiness of fund governance will restrict the development of fund industry, violate the interests of fund investors and may bring the systemetric problems for the industry.In this paper I first review the fundmental theories of corporate govenance,then I study the moral-hazard models of agency problem under the asymmetry information,and I analyze the behavior patterns of fund manager and invest advisor,on the basis of which I conclude a complete framework of fund governance system.I take a deeply analysis on the fund governance system.On the basis of examining the inside-governance mechanism which consists of custodian mechanism,independent director mechanism and incentive mechanism,I conclude a series of advice on the inside-governance of Chinese fund industry,while after examining the outside-governance mechanism which consists of market restraint mechanism,information disclosure mechanism,government control and investor insurance mechanism,I also conclude relative advice on how to improve the outside-governance mechanism of Chinese fund industy.I take a social welfare analysis between before and after the improvement of fund governance.Depending on the charictristics of fund governance ,the way of corporate governance score,and the study above,I set up a set of fund governance score system. Finally, I take an analysis on the route selection of improvement of Chinese fund governance as system evolution.