A Study Of The Management Mechanisms On The Securities Investment Fund

Securities investment fund is a great creation of mankind in the 19^th century,and it is about in full swing with no signs of slowing down with the financial innovation and globalization.Although we've get great progress,there are still many problems in the field of securities investment funds,the interest conflict of securities investment funds occurs from time to time,and its outstanding representation is that the fund managers violate the interests of fund investors.In the field of governance practices of the fund,no matter what organization form of the fund,there are two-tier principal-agent relations and the situation in which the fund managers dominate,which are the main problem of fund governance.In this article,the author analyzes the key link of fund governance,that is to say,the basic legal relationship between the funds parties and the legal status of fund managers,expounds and proves the inevitability of the inappropriate proportionality between the fund domination and the surplus claim power assignment under the participation of fund managers with independent legal status,,and further proofs the necessity to abolish the independent legal status of the fund managers.So the author maintains that the legal relationship between the funds parties should be adjusted,the fund career's legal status should be laid stress.Finally, the author gives some advices for the improvement of fund governance systems and related laws at the basis of the above-mentioned analysis.The author hopes that above-mentioned analysis can arouse the reader's attention and thinking,also hopes that the advices based on the above-mentioned analysis can be the highlight and innovation of this article,so as to make his own contribution for China's securities investment fund management and the construction of related legal system.The research theme of this paper is the improvement of the governance of securities investment funds.The text is divided into four parts:Partâ… "The general theory of Management mechanisms of Securities Investment Fund" At first,the text defines the connotation of the concept of the securities investment fund,and suggests that we should understand the nature of securities investment funds on the point of view of fund investors,and points out the one-sidedness that the nature of securities investment funds identified as trust;and then approaches the concept of the fund governance, points out the Fund's fundamental legal relations between the parties is the basis issues of fund governance,analyzes the basic legal relationship of the parties of existing institutional arrangements for the governance of the fund,pointing out that it is the participation of the fund managers that leads to double in the principal-agent relationship in the governance of fund.Partâ…¡"Securities investment fund existing deficiencies in Management mechanisms-Human perspective to the fund managers",this part firstly analyzes fund managers in detail, and demonstrated the independence of the legal status of fund managers,then by analyzing the defects of the independent legal status of fund managers,we come to a conclusion that the legal status of an independent fund managers who participate in the fund management led to the distortion of Fund's control and the distribution of residual distortion,and suggest that we need to abolish the independent legal status of fund managers.Partâ…¢"Perfect Countermeasures of improving the Fund's Management mechanisms", Fund for the first part of the legal relationship between the parties to adjust arrangements to fund professionals highlighted the legal status of the fund to investors and funds were established between the vocational the idea of a direct legal relationship,and strengthen the fund investors in the fund's trustees the right to choose.Then make an optimization design on the basis that the adjustment of the basic relationship between the parties to the governance of the Fund,and give suggestions to improve the fundamental legal conditions management of the theory that the governance of fund apply to normal joint-stock company governance.