Securities Investment Fund And Corporate Governance Of Listed Company

As the two most important components in structure of capital market, securities investment fund and listed company have a very close interractive relationship. Taking the instinct relationship between stock structure and corporate governance as the logic starting point, this pager has proved theoretically that the competitive oligarchic structure of stock is beneficial to improve the efficiency of company management. Furthermore, in view of the protection of interests of the small and medium investors, which is still being an international issue, the mechanism of strategic investment entity for improving the corporate governance has been put forward and discussed with various examples. Finally, the governance mechanism of opened-end fund, a main stream type of securities investment fund, has been analyzed with the theories of incomplete contract and soft constraint budget. The results show that the special contract arrangement of opened-end fund can naturally give rise to a governance mechanism for solving effectively the problem of self-agency; so, as an effective strategic investment entity, the securities investment fund plays an active role in protecting the investor' s interests and improving the governance of listed company. At the same time, taking the case of "redeem crisis" of opened-end fund in our country as an example, this paper has expounded that the corporate governance is very important to development of securities investment fund.Based on the above theoretical deduction, for the management problems of "classical management" of listed company in our country and the lack of protection mechanism for the interests of small and medium investors, this paper has put forward a new idea for improving the management of listed company by means of securities investment funds, and discussed in terms of theoretical analysis and case studies. The conclusion can be drawn that securities investment funds play a special active role in improvingthe management of listed company in our country, but due to the scale and systemic defects in the share structure of listed company, the characteristics of securities investment fund as a strategic investment entity have not been fully exploited. So, in order to improve the management of listed company in our country, on one hand, the securities investment fund should be fully developed; on the other hand, the necessary systemic support should be provided for participation of securities investment funds in management of listed company.