Equity Securities Investment Fund Of Exercise

Subject,securities investment fund(hereinafter referred to as fund) with its financial experts advantages and donate function and risks of securities investment,gradually become the key markets.Constructing the listed company to open fund of exercise,play the stock system for protection fund share holders and interests of investors and relevant governance of listed company,will become a worthy of research.Currently the vesting equity funds,mainly in the following aspects:one is the securities investment fund itself with the qualification of shareholders of listed companies,can become the exercise of shareholders' equity qualified,2 if necessary,exercise equity funds to exercise and the goal and significance,Three is the foundation power will form the process,its form is a manager will be right or interest to share holders for develops,4 in China is excessively strong fund manager rights under the background of building,how to balance the vesting conforms to justice system.This paper focused on the issues discussed through constructing,expect to share holders benefit as the core of the system of ownership,further strengthening exercise governance of listed company, promoting China's securities market is stable.Second,the main content and the analysis framework.This comprehensive application of law,sociology,economics theory,using an empirical analysis of the historical analysis, comparative analysis,the method,based on China's problems with pragmatic perspective,and analyses some problems of equity funds,this thesis altogether divides into five parts:The first part is the introduction,this part of the securities investment fund mainly studies the issues equity exercise purpose,scope,related field research,and then reviews the theoretical significance and practical problems of value and research methods.The second section discusses the basic theories of equity funds to exercise.Focuses on fund can be qualified subject,equity exercise paper firstly analyzed the legal attribute of fund, fund shall be regarded as consortium corporation has the properties of tissue,can become heavier storehouse of qualified shareholders of listed companies.Then,the detailed analysis of the institutional investors and funds,and the relationship between the concept of similar, further clarify the connotation of funds.The third part discusses the background and equity funds to exercise in practice.The first part of the shareholder activism "the rise and development trend,with" mutual fund "as a representative of institutional investors in vesting do a general history of behavior.From the Angle of empirical next to the development of China's securities fund fund and equity exercise status,based on analysis on zte issued H shares blocked events,zhaohang billion convertible bonds storm,"ShenYin nations-citigroup LIMITED" equity-UBS exercise such three typical path equity funds are analyzed,and the exercise of cases in China were summarized and the characteristics of current fund equity exercise.The fourth part discusses the basic system of equity funds.This part of the first through the comparative analysis demonstrates the vesting foreign representative problems,through the analysis of the fund manager has optimality,but significant issues involved in the authority shall get the consent of the fund share holders.Next to the equity funds can be adopted to exercise way discussed in detail,and the China fund can choose the right way to do this is pragmatic.Finally,the fund of the purpose and the vesting stake in China construction fund,the necessity of power system are expounded.The fifth part discusses the context of China's system of perfect equity funds to exercise. This part of the first Chinese equity funds from the exercise of the existing problems and reasons are analyzed,from start policy,law,the listed company,the fund within three aspects such as obstacles,then introduces the way Gillette will(SEC) on January 31,2003,revised the 1940 investment company law 30b1-4 and modify the 1940 investment consultant law 206(4)-6 two rules of legislation in China,analyses the equity funds to exercise.Finally proposed constructing information from the immediate disclosure tougher,with share holders veto power for the fund will power mechanism,the significant issues and to share holder reporting system and strengthening the supervision function.A fund trustee aspects consummate our equity funds to exercise legal system.