| Along with the rapid expansion of securities investment funds, investment funds have become the most important institutional investors in Chinese securities market and the role to the securities market development becomes increasingly more important. The occurring of Shady Deal of Fund in China in 2000 and scandals of mutual fund in U.S. in 2003 prompted theorists and doers to take the governance of investment funds in-depth reflection.The development of fund industry in China is still in its initial stage, so the study on the governance structure of securities investment funds must also be fully considered at these stage characteristics. From the perspective of fund relationship governance, this paper uses the theory of corporate governance on the study of the governance structure of securities investment funds. Based on the nature of the trust fund investment, the governance structure of securities investment funds exist the residual rights of control and residual claimancy of funds remaining asymmetry, in the way of the various conflicts of interest between fund holders and fund managers and moral hazard behavior of the fund managers. To fully protect the interests of fund investors, a governance structure framework of fund which includes internal governance, external governance and governance of third-party has been built in the paper, then the paper analyses the governance structures of contractual fund in China under this framework, and points out that the development of investment fund in the governance structure should be designed to improve their internal governance as a basis, an external governance& governance of third-party structure enhanced by laws and regulations is the inevitable development path of our choice from fund holders absent in their duties on behalf of the interests, responsibilities of trustees deficiencies, weakening external market mechanism, government control and market intermediary organizations developmental issues. |
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