Historical Research On The Development Of Chinese Security Investment Found Since Reform And Openning Up

China's securities investment funds owns Chinese characteristics obviously since it was found .As to Securities Investment fouds from scratch , sall scale to broad scale and confussion to norm has gone through a tortous process of development.In the backgroud of China's sustained rapid economic development,the funds industry achieved leapfrog development.Such leapfrog development is contributed to the continous deeping of reform and opening up and the financial markets development.In a certain extent, the development of the funds industry reflects the overall characteristics of China's reform and opening up, which is a microcosm of China's financial market.Therefore, the study of China's securities investment fund development history is an important component of researchon present China's reform and opening up history.This paper base on the historical research of China's securities investment funds development since reform and opening up to analyze the situration, charateristic and macroeconomic backgroud of the China's securities investment funds development in the various stages. China's securities investment funds exist varying degree of problems in its tortous course of the development ,because of lack of good managemnet experience and the suport of the stock market.From the old confussion fund the new inside story funds fully reflect the imature of China's emering capital markets.As to the weak supervision os the funds also fully expose credit risk of securities investment funds. These issues has close relationship with the overall characteristics of China's reform and opening up.In mature capital markets, securities investment funds is considered to have the stable function to the stock markets. With the rest of the world's emerging capital markets,Securities investment fund role for the stablbe fuction of securities markets is not obvious.To be sure that it is not enough to merely analyze the nature correlation among China's securities investment funds and maroeconomic fluctuation and the development of the securities market.This paper adopt analysis method of econometrics to test the relation of the development scale between China's securities investment funds and macroeconomic cointegration. The result show that China's securities investment funds for macroecomic development role in promoting.Bust as a stable function of the stock market has not been reflected.On the contrary, the securities investment funds lead a great fluctuation to the securities markets.These inssues was caused by the irregulation of China's securites market.According to the development of emerging issuse of China's securities investment funds,This paper adopt the theory of commission to agence, to analyze management structure of China's securities investment funds.Securities investment funds as an investing contract,which own its double realtionship of commission and agence.Investors as a client in a relatively disadvantaged position, because of asymmetric information in the relationship of commition and agence. Refer to the experience fo developed capital markets and for the point of view of protacting the investor interests, we must to strengthen supervision information disclosure system of securities investment funds and to standardize its development and give its full play to the stable function of the securities market.