Study On The Problems And Counter-measures Of Security Investment Fund Operation

The paper is focused on the problem of the operation of the fund for Securities investment in china.Since the first modern type fund for securities investment came into birth in March 1998, the securities investment fund in china has experienced a rapid growth: there are 14 funds management corporations up to September 2001, which operate 47 funds. All the funds raised amount to 70.27 billion and the net assets worth of which are 76.9 billion, accounting for 5%of the aggregate value of A share markets. Securities investment fund has been one of the most important organization investors in capital market of china.But there are still many problems existing in its operation, which can be described as irregularity at large. Such irregular activities not only inflict a great influence on its own development, but also aggravate speculation in capital market and will be the hinder of economy development in the end. The thesis probes into how to regulate the development of securities investment fund under present economic situation with the method of positive analysis and normative analysis.As revealed by the study, the following defects exist in the operation of the securities investment fund: (l)the irrationality of the operation mode structure (2) the irregular management of assets (3) the unreality of information exposure.Such defects may unfavorably effect many aspects of economy such as investment efficiency, investors, government and listed company etc. the causes may be explained as follows: (1) the unsoundness of the market economy, (2) the imperfection of security market system (3) the irrationality of the present governance structure of securities investment fund (4) errors in guiding principles (5) insufficiency of government supervision.In order to promote the development of securities investment fund, some systematic and sound policies should be applied as follows:(1) construct a sound stock market(2) realize the functions of securities investment fund accurately and cut down the support from government(3) perfect the operation mode of securities investment fund(4) foster the market mechanism of funds operation(5) regularize the supervision system and enhance government supervision...