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Protection Of The Interests Of Investors, Securities Investment Fund System

Posted on:2005-02-28Degree:DoctorType:Dissertation
Country:ChinaCandidate:Q ZhangFull Text:PDF
GTID:1116360122993559Subject:World economy
Abstract/Summary:PDF Full Text Request
There have been profound changes in the situation of National income allocation, during these more than twenty years since the policies of reform and openness, that the inhabitants have become the main source of saving and Finance industry has played more and more crucial roles in financing and resource distribution. Where, at present, the risks of company and individual operation and moral hazard are converged upon the governments in the Banking -oriented Finance industry, which is not benefit to the optimization of financing and resource distribution. Along with the further development of the situation of the increase of personal wealthand capital markets, security investment fund as the product of division of labor based on specialization, can meet the investment needs of inhabitants, effectively reduce the risks of the credit of banking that are highly converged upon the governments and promote the efficiency of resource distribution. Investment funds are the typical agency products. It has been said in agent theory that without the advanced regulation system, agents could impair the rights and interests of clients for their own benefits. Therefore, the advanced fund management system for the protection of the rights and interests of investors can ensure the healthy and sustainable development of the markets of security investment fund.The aims of the article are to study the importance of the protection of investors' rights and interests to the development security investment fund, the impairment of investors' rights and interests caused by the existing abnormal behavior in security investment fund in China and the researches of fund management in China and aboard, which shows that it becomes much urgent and necessary that how to study the protection of rights and interests of fund investors in new concerns and scientific ways. Therefore, the author is in attempt to reach the following targets from the study of research methods and the angles of research views: to disclose the meaning of the protection of fund holders to the development of fund markets, to explore the rules of the protection of fund holders and to advance the construction of the system of rights and interests protection of fund investors, which provides the guidance and support to fully stimulating the initiative of investors and fostering market confidence of investors and establishes the solid theoretical foundation of long-term and sustainable development of security investment fund in China. In the meantime, a theoretical platform is erected from an angle of systems for the protection of rights and interests of investors, which explores a new and realistically research path and framework of security investment fund. The logical sequences of this article are: due to information asymmetry, the agent problembetween fund managers and fund holders as a result of the separation of rights and interests of different parties cannot entirely be solved by interior management of fund companies that; Accordingly, improving market structure of fund industry and strengthening market competition can regulate the behavior of fund managers. Where, if the dynamic gaming between externality of fund industry and relative parties on fund market is taken into consideration, regulation simply by markets cannot achieve the optimal effects, therefore, supervision on fund industry is to be needed. Also, since supervisors might be involved, then, it needs to strengthen supervision on supervisors. Whereas, it is hard to completely eradicate the behaviors against legislations or rules, even the advanced supervision system. Consequently, when fund investors are violated, which leads to impairment, it is essential for compensation system for impairment as relief measures that are keys to sustain confidence of investors and boost the rational development of investment fund market. According to logical sequence above, there are eight chapters in this article and the summaries of each chapter are generalized in the following paragraphs.In Chapter 1, introduction w...
Keywords/Search Tags:Protection
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