Study On The Structure Of Securities Investment Fund Governance

This essay analyze the common of securities investment fund and entrust firstly,and point out the essence of fund is entrust.On the other side,anlyze insummetry informations in the agora of fund and moral risk of the manager to fund ,and considering problems of the structure of fund goverance,put forward some countermeasures and opinions of law .The mainly right side of entrust is the entrustee,the entrustee have highly freedom and mostly control to the fund assets.The mode of fund goverance is contract and occluding form in our country,the entrustee have no enough confidence,and the investor disperse highly,the entruster couldn't supervise the manager to fund .The occluding form of fund ristricts the right of withdrawing for the investor, even facing moral risk of the manager to fund ,the investor couldn't relieve of the contrast ,and this brings the manager to fund to the absolutely strong position,so it perhaps do harm to the benefits of the investor.The efficencient way of improving this imbalace structure is improving the system of law,and form a market structure of fund goverance,so as to attain to the balance of duty,right and benefits of the correlation sides of fund.The text analyze from three sides:The internal goverance is the base ,it is supervising to the manager to fund perform the duty occording to internal ristriction and incentive.It's taking internal control instead of external supervision,and names control-trend goverance. The external goverance is the crux,it is taking market machanism to ristrict moral risk of the manager to fund cccording to endowing the investor more withdraw rights.It names market-trend goverance.The third party goverance is involving to the investor and the manager of fund according to market neutral organizations ,the government supervision,eliminating the conflicts of benefits and moral risk of the manager to fund,and ensuring the benefits of the investor.lt names keeping instance goverance.