The Concerted Development Of The Mutual Fund: Researching In Theory And Positive

In recent years, to invest mutual fund has become one of the most popular choices for the Chinese investors. Mutual fund developed rapidly in China. But the superficial prosperity of the mutual fund cannot conceal the internal self-contradict of its development. Hence, the study on the conditions and environment of the mutual fund is very necessary.As a kind of institution innovation and financial innovation, the mutual fund is developing in the particular background and environment. The premise for the sound development is the mutual coordination of the mutual fund and its relative institutions.The multi-institutional analysis of mutual fund institution and its institution innovation shows that the development of mutual fund is characterized by "simultaneously institutionalized linkage" and "successively institutionalized linkage", and there exists "dynamic evolution mechanism" between mutual fund and relative institutions. The appearance of mutual fund is the result of the changing from the old shared beliefs of investment to the new one, and the derivation from financial intermedium in the condition of market failure. As financial intermedium, mutual fund and market are not only competing with each other, but also commensal. Mutual fund with the characteristic of muti-investment behavior in theory may not affect the stability of the security market, because its effect on the security market is conditional.The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.