Theoretical And Empirical Study Of China's Securities Investment Funds

The first securities investment fund was established in England in 1868. From then on, the world's securities investment funds, not only their number and assets but also their kinds and forms of organization, have developed a lot during more than a hundred and thirty years. Our country's securities investment funds began to occur in 1991 and have developed along the following path: from blind development, to cleaning and sorting out, and to falling into a difficult position dating from 1995 to 1997. With the promulgation of the Provisional Measures on Securities Investment Funds Management of 1997, China's securities investment funds entered a new stage of standard development. This industry, including the initial contractual closed-end funds and the consequent open-end funds emerging ever since the year 2000, has been greatly promoted by the policy of unconventionally developing institutional investors.It is only five years that China's securities investment funds have developed standardly since 1998. It is still a newborn thing and needs to be investigated theoretically and practically. The purpose of the thesis is to accumulate theories and to fully understand present questions, so as to put forward my countermeasures and ideas. I hope my research can be used for direction or reference.The contents of this thesis include three parts, namely the theoretical research, practical investigation, countermeasures and ideas.1. Theoretical researchBased on the theories of financial market theory, modern investment theory, investment management theory and the latest results of the research of securities investment funds, the thesis investigates from two aspects: Firstly, the securities investment fund itself, includes its definition, classification, cost and expenses, income, revenue and performance evaluation etc. Secondly, the relationship between the securities investment fund and other institutional investors, and the latter mainly includes the social security fund and the insurance fund.2. Practical investigationThe thesis applies comparative and historical analysis methods to the practical investigation of the world's and our country's securities investment funds. Firstly, the thesis concludes the development process, the present situation and the future trend of the world's securities investment funds. The field of vision covers America, someEuropean countries and Asian countries and districts. Secondly, this thesis reviews the naissance and development of our country's securities investment funds, and focuses on the governance structure, risk and supervision of our country's securities investment funds. The thesis also analyses several noticeable questions of present securities investment funds market.3. Countermeasures and ideasOn the basis of the theoretical and practical investigations above and taking the milestone of China's entering the WTO into consideration, the thesis indicates the author's point of view on the future development of China's securities investment funds and put forward seven concrete suggestions as the following:1) Strengthen the construct of market infrastructure to raise the market efficiency;2) Intensify information release to emphasize outside supervision;3) Strengthen the independent director institution to improve governance structure;4) Reinforce internal control institution and risk control;5) Enhance the development and innovation of the varieties of securities investment funds;6) Strengthen the construct of law institution and the blow on market manipulating behavior;7) Energize the international cooperation and exchange.