| During fourteen-year development of Chinese security fund industry, great progress has been achieved: expansion of the scale, gradual perfection of the structure, innovation of the types and the improvement of the investor structure caused by the swarming in of the institution investors such as insurance funds, social security funds and enterprise funds. Meanwhile, the various rules of law in the industry have been made more and more mature. Besides, universal attention has been paid to the optimization of the scale and structure. However, because of the disharmony between the prosperous development and the stagnant theoretical studies resulted form lack of studies, urgent complement and development are needed in this field. In this paper, the investing of the security fund industry mainly refers to the development of the industry as a whole, and the focus of the study is on the general scale of Chinese security fund industry and the relationship between Chinese macro-economic increase and securities market concentration, scale and performance from the perspective market structure of security fund industry. The study of the structure of securities investing fund chiefly researches the hierarchy comparison between closed-end fund and open-end fund. In addition, there is also a simple demonstration of the investor structure. During the process of this research, the micromechanics theory, industry organize theory, and so on of financial market and economic development provide the theoretical support; while methods such as Co integration-test and the analysis of multi-regression supply the tool for positivism study; and the study achievement of scholars home and abroad offer a platform of a thinking clues and a further analysis. This paper includes 7 chapters, arranged as follows: The first chapter introduces the background, significance, main theoretical methods adopted and framework of this title. The second chapter summarizes the present conditions of study on the structure of security fund industry internal and external. Firstly, the definition, function and influence of security fund industry are introduced, and then a overall review is conducted about the history of domestic study at present. The third chapter introduces the developing process of security fund industry internal and external. The chapter expounds briefly the developing histories and present situations in American, Britain, Japanese and the regions of Hong Kong and Taiwan. Afterwards, a review of domestic developing course is made. Aiming directly at Chinese present scale and structure of security fund industry, a comparative analysis is made between the conditions in china and the developed countries abroad. The fourth chapter launches a positivism research on the scale of security fund. To begin with, this paper studies the relationship between the scale of security fund and the growth of macro-economics on the basis of the theory that the development of finance pushes forward economy and in the light of a positivism method of co integration-test theory. Research shows that: (1) The GDP growth rate of fund capitalization, the two share a Positive correlativity, and have passed the prominent test. This fact illustrates that the development of fund industry in our country plays an important roll in promoting national economy. (2) The fact that the positive correlativity between state-owned fixed assets investment and securities'market value have passed the prominent test, makes it clear that through the development all those years, the security market could, to some degree, influence and guide the investment of state-owned fixed capital. (3) Moreover, the negative correlativity between the investment of state-owned fixed assets investment and the fund capitalization has passed the test as well, which reveals that the guidance role of the fund industry to the investment of state-owned fixed capital at present has not been performed fully, let alone efficient in this aspect. The fund industry market is not yet mature. Further more, this chapter makes positivism study on the relationship between the scale of security fund and securities'market value. Results demonstrates that fund capitalization rate and the total value of stock market are negatively correlated, which suggests that the two markets, fund market and stock market, do not share a same pace in development, to some degree even independent to each other, and that the fund investor and managing corporations have not yet been able to follow the development of fund market closely. The positive correlativity between rate of fund capitalization and that of turnovershows that the relatively high fluidness in the stock market offers conditions for participation in the market for the investors, and meanwhile pushes forward positively the development of the scale of the fund. Absent of long term co integration among funds shares, the met value and the total value of bonds market is the result of the partial-stocks characteristic of the fund in our country, which differs form America and other western countries. Thus, to develop bonds funds energetically are and still remain to be an important task in a relatively long period of time in our country. Finally, aiming at the relationship among the market structure, scale and performance of the fund industry, this chapter carries out a study. Results suggests that: (1) The market performance and market concentration of the fund industry in our country are positively correlated which has already passed the prominent test. This fact proves that bringing to the domestic fund corporations'profits as well as corresponding rewards to the investors. The relatively high market concentration of the fund industry in our country has positive influence on the market performance of this industry. (2) The market performance of the fund industry and total capital of the fund corporations are positively and brilliantly correlated, and this industry has reflected a considerable degree of scale-economics effect. (3) The negative correlativity between the market performance and funds shares of fund industry has passed the prominent test. This reveals an over-issue of the funds at present resulted from the fact that some funds managing corporations issue funds share blindly without considering their own managing condition as well as the interests of the inventors. (4) The negative correlativity between the market performance of the fund industry and GDP growth rate fails to pass the prominent test, owning to the actuality that the change of net unit value is dominated by the securities'market whose rise is disjointed with the run of national economy. The fund industry has great room for development based on the fact that its immediate influence on national economy has not been fully fulfilled. (5) There exists an obvious positive correlativity relation between the market prominence of the security fund industry and the development of the stock market in our country. This indicates that although the domestic security fund industry belongs to the category of partial-stock funds( about 20% of the total funds is in the bonds filed ), the prominence of the security fund industry heavily relies on the stock market. The fifth chapter explores the structure of open-end fund and close-endfund, as well as the structure of the holders. Concerning the relationship between these two kinds of funds, the article first employs the principle agent theory to analyses from the systematic aspect. So that an inference of the open-end fund superior to the other one is achieved when considering elements as Adverse Selection and moral hazard. In the following part, aiming at some misunderstanding of the open-end and close-end funds in the society, the paper comes to an opinion of no complete abolition of the close-end funds in order to make stable the security market. When analyzing the holder structure of security fund industry, some phenomenon are discovered, such as the comparatively low ratio of the personal investors, the obvious structuralized fund holders and the immature environment for individuals and single families. In the following analysis, the article lays special emphasis on the significance of the entrance of the structural investors into the domestic development of security fund industry. At the same time, the structural investor is the best choice to solve the conflict between the violent and dramatic expansion and the demand of the fund holders. The sixth chapter portraits the elements influencing the scale and structure of domestic security fund industry. Some external elements, such as prettiness of the scale, violence of the fluctuations, irrationalness of the industrial structure of the stock exchange, substandard operation of the security fund market, and plus the fluctuation of domestic macro-economics influence optimization and adjustment of the scale and structure. Furthermore, there exist some problems within the domestic security fund industry itself, for example, scale problems of the old funds, structural problems of the investors, the unitarity of the genres of investing object and low standard of the operators, all of which hinder the development of Chinese security fund industry. Besides, another aspect of the article lies in the systematical elements. The domestic security fund can hardly have a good developing environment because of irregulation of the system of the old funds, locking of savings diffluence stackness, imperfection of the fund company cooperation's managing structure and immaturity of the laws supervising security fund industry. The seventh chapter puts forwards some constructive opinions on how to optimize the domestic scale and structure of security fund industry which are mainly based on the aimed suggestions analyzed in the previous chapters. The paper argues for several points. First of all, a good external environment should be provided for the development of this industry. Moreover, some proposals in accordance with making mature the rules of law, strengthening the professional self-constraint as well as modifying and standardizing the market environment,and so on are lift up in this chapter. Besides, the paper gives four suggestions concerning how to improve the structure of security fund market, that is to say the co-existence of open-end fund and close-end fund, the co-existence of domestic fund and Chinese-foreign joint fund, establishment of corporation funds, energetic development of special aspects funds. Concerning the trail of thought, this paper blazes new trails by focusing mainly on the middle aspects, in other words the influence of the development of security fund industry's scale, and also by carrying on a positivism study on the market structure of this industry. On the contrary, both home and abroad mainly explore from the macro-aspects, such as the developing strategy, and the micro-aspects, as fee structure, management structure, and the most suitable scale of security fund operating company. In addition, in the light of the fund structure as open-end or close-end funds, the paper expounds the shortage of the open-end fund from another aspect considering the national conditions. As for the exploring method, this paper makes a positivism study on the relationship among the scale and micro-increase of security fund industry, as well as the development of securities'market employing co integration-test theory. The chapter also unfolds a positivism research on the relationship among the concentration rate, scale, effect of the security fund market from the perspective of industry organize theory. Besides, the article analyzes the structure of close-end and open-end funds using principal-agent theory. It is rare to research the scale and structure of security fund industry applying so many theoretical molds, because the former studies mainly carry forth the regression analysis using adverse-translog function. To sum up, this paper improves the shortcoming of the present studies and consummates the contents and methods for studies on security fund industry. Meanwhile, it not only analyze the domestic scale and structure of domestic security fund industry form the aspects of the present situations and the future developing tendencies, but also gives some aimed constructive proposals. The study carried by this paper provides a fresh visual angle and a new platform for the theory and practice of the scale and structure of security fund industry.
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