| In China, investment funds have already become the important investment tools, the important intermediary channel that savings account shunts to the financial market, the crucial institutional investors of capital market that lead the theory of investment and stabilize the market more and more. The rapidly developing investment fund institution in our country has quit a few problems to be solved urgently although, such as legislation and supervision, trade environment internal and external, fund management company's problems of operation and investment management, etc. It's to be of very important significance in theory and practice that we systemically study these issue.Firstly, academic explanation and analysis were systemically done about investment fund to prove that the investment fund, speaking from the essence, had become a financial institution or a financial institution arrangement already. Development at full speed of investment funds, changed the structure of financial system, raised financial operational efficiency and one's own disposition efficiency as one of resources of financial system, and had a great impact on financial system and the whole economic system. Then, on the base of comparison of development of investment fund between U.S and Japan, especially after seeing about differentia of their behavior on stock market and this differentia on stabilization of stock market, we explained why sound development of investment fund must base standardization of financial market and sound legal criterion. Development of investment can bring competition and efficiency to financial market and whole financial system, while the ripeness of the capital market determines the function of the investment funds and full play on function, the basic side of the listed company has established the cornerstone of sound development of the investment funds. It offers kind thinking when seeking to resolve the present problems of our country's investment fund constitution. |
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