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Securities Investment Fund Management And Fund Investors Benefit Protection Research

Posted on:2005-05-05Degree:DoctorType:Dissertation
Country:ChinaCandidate:C J ShiFull Text:PDF
GTID:1116360125967317Subject:Political economy
Abstract/Summary:PDF Full Text Request
The main task of this dissertation is to analyze the fundamental structure of amarketable investment fund governance. The premise of investment fund governance aims to solve the incentive andsupervision to the manager. There are three elements in the fund governance: internalgovernance, external governance, and the third party governance. The marketability offund governance is that the fund is based on the equal transaction, and free choicerather than the ethic constrain, external and governmental constrain, and the marketplays a fundamental role to those elements. This presents: 1)The type of fund will transform from close end to open end;2)Fund governance will mainly depend on incentive rather than monitoring; 3) Fundincentive mechanism will be mainly based on the self-incentive plan of themanagement-reputation mechanism rather than from the shareholders; 4) Fundrestriction will transform from investor-oriented to market-oriented; 5)Regulation ispositioned as market complement rather than market replacement, and a marketablefund evaluation and monitoring system will appear. Chapter1 analyze the character of fund comparing two kinds fund, and describethe fund and common governance essence.chapter2 research the "group actiondilemma"and "rational indifference".chapter3 research the problem of incentive,including the shortage and improving way.chapter4 analyze the laws ofAmerican ,Japanese and HK, regulation of such risk. Chater5 research the ownershipsystem, the function of ownership and how to use it. Chapter6 study relative firm, theforming and function to raise the competition and protecting. Chapter7 analyze thethird governance, lowering the entry criteria, enhancing the regulation on fraud,misleading, correlation, inside trading, and mutual-benefiting trading. And lowingadministrative regulation.
Keywords/Search Tags:Fund, Governance, Investors protecting
PDF Full Text Request
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