The Comparative Study Of China's Governance Structure Of Securities Investment Fund And That Of Other Countries

The main task of this thesis is to analyze the existing problems in the governance structure of securities investment fund in China. Compared with the fund governance of developed countries, it puts forward concrete proposals for the improvement and perfection of the fund governance in China.Through comparing the typical patterns and sophisticated approaches of fund administration adopted by developed countries like UK, Germany, Japan, USA, and so on, this thesis tries to find out some successful experiences and developing directions that might be useful in the perfection of the governance structure of securities investment fund in China.While analyzing the existing problems in China's fund governance, this thesis tries to search for the root of the problems through example analysis and game analysis, so as to provide the comparative analysis of this thesis with more accurate and more valuable proof.The thesis generalizes the present situation of China's securities investment fund and its governance structure, sums up and analyzes the existing problems in these five aspects: the fund governance frame, the fund trusteeship function, the independent trustee duty, the fund stimulating system and the government administration, as well as market supervision system. The Nash theory of equilibrium is adopted in the further analysis of "the nominal fund holder board" and "government administration".Through the comparative analysis of the practices of developed countries in the fund enterprise, this thesis sums up three typical contract fund governance structure modes and its characteristics: "common trusteeship", "trustee-centred", and "administrator-centred". In addition, the thesis carries out comparative analysis on company fund governance mode, based on which, this thesis also makes fundamental judgment on the fund governance modes of other countries.At last, this thesis puts forward concrete suggestions in improving China's securities investment fund governance structure in the following six aspects: 1. Speed up the promotion of company fund governance mode; 2. Reinforce the actual power of the fund holder board through setting up its standing committee; 3. Strengthen the full play of the supervising functionthrough improving the independence of the fund trustee; 4. Improve the independent director system, gives full play of its function in fund governance; 5. Introduce fund risk evaluation index, set up reputation system, and build reasonable and efficient securities investment fund risk encouraging system through raising the share holding proportion of the fund administrator; 6. Further improve self-discipline system and the market supervising system organized by the third-side agency.