| The author of this article makes a systematic study on why investment fund is a kind of financial system and what is the influence on financial development by the investment fund's development. Firstly, using the analysis methods such as the financial system content, financial system comparison, financial function concept, the author analyses the structure, financial function and system characteristics of investment fund to demonstrate that the investment fund is a new financial system arrangement and studies and proposes some framework solution to the agency problem of the investment fund system. Secondly, after describing the origin and development of investment fund, the author makes a further research on the basis route and internal logic of the evolvement of investment fund, uncovers the general rules and trend of the development of investment fund, and systematically sums up and positively studies the main factors affecting the development of investment fund, and then analysis the evolvement of investment fund system in China. Thirdly, the author applies relative research production on financial development theory in theoretical study on how the development of investment fund affects the financial development by the influence on financial asset structure, financial system structure and monetary policy. Then on the base of financial consume concept, in theoretical and positive study on how the development of investment fund affects financial asset structureevolvement. Fourthly, As to the influence on the development of commercial banks, the author has a conclusion that there are substitutable and symbiotic relationship between the investment fund system and the commercial banking system based on comparing the characteristics of these two systems, and then studies the establishment of commercial banks' fund management company in China. Fifhly, after the overall study on how the development of investment fund affects the securities market, the author positively proves the development of investment fund and the stability of stock market and discloses the contribution by the development of investment fund to the improvement of corporation governance by the means of Active Partnerism. At last, based on analysis on the foundation environment of monetary policy, the substitute function of investment fund for currency and the asset selection behavior of micro entities, the author reaches the analysis conclusion that the monetary supply should be timingly set out from the media target of monetary policy and presents structural proposal to the monetary policy reform in China, in the light of theoretical analysis and positive study on how the development of investment fund affects the currency demand, conduction mechanism, currency circulation rate and currency supply. |
