Study On The Governance Structures Of Securities Investment Fund And Something Related

The security investment fund start from 1991 in our country, and it has been developing very fast in these years, especially in the nearly two years, the security investment fund received warm welcome from numerous investors, and is becoming the first invest choice of them. However, a series of fund scandals revealed that we haven't set up good governance structure of security investment fund in China. The rights and interests of investors have not been effectively protected because of many problems just as: the fund managers have not been effectively inspirited or constricted, fund trustee cannot supervise effectively, there are no representative of the interests of investors, the law and supervision system is imperfect, and so on. So I argue that there have important meanings to discuss the governance structure of security investment fund and something related to.Firstly, some definitions and characteristics about security investment fund are preliminarily depicted; the main similarities and differences of close-ended fund and open-ended fund, contract type fund and company type fund are pointed out.In chapter two, the theory origin of funds governance structure is analyzed from three parts: the agency theory, the contract theory and the conflicts of interest among the fund behavioral agent. Moreover, four funds governance mode are introduced and some successful experiences are summarized which could be used for reference in improving the governance structure of China's security investment funds.In chapter three, the forming and development of the governance structure of the Security investment funds of our country are shown. Then, these papers test to the incentive mechanism to fund managers through empirical examination. The findings indicate that the extraction method of management expenses in our country now cannot inspirit fund managers effectively, and fund managers would rather enlarge the fund scale than improve fund performance to take more management expenses.Last but not least, some measures are put out to improve our fund governance structure.