Study On The Information Quality Of Open-ended Securities Investment Funds

In the current national income distribution pattern is undergoing profound changes, the residents become the largest savings main background, the financial system in financial intermediation and the role of the allocation of resources has become increasingly important. However, the current bank-oriented financial system will be business risks and personal moral hazard highly concentrated in countries, to the detriment of financial intermediation and optimizing the distribution of resources. As residents of the incessant accumulation of wealth and in-depth development of the capital market, securities investment funds, as a specialized division of the product to meet the investment needs of individual residents, and to effectively overcome the bank's credit risks triggered by the high concentration of defects in the country, higher efficiency of resource distribution. Securities investment funds reflects a typical agency, principal-agent problem that does not sound system constraints, the agent will harm the client's interests through their private interests. Scholars carried out a series of studies from the point of the current domestic securities investment funds related legal system, the corporate governance structure, and fund managers moral hazard, but the research about the disclosure of information on the Fund is relatively small, only few scholars compare the similarities and differences through Chinese and foreign fund information disclosure system in the study. However, the quality of the level of disclosure of information, the disclosure of information of the effectiveness and timeliness of influences on the people's investment decisions, the interests of the investors have a significant impact. In this paper, we first review the related disclosure of relevant information literature at home and abroad; followed we analyses the similarities and differences in information disclosure system in China and the United States Securities Investment by comparing Fund information disclosure system of the two countries; Again, we choose 40 open-end funds which set up before December 31, 2004 as a sample, do description statistical analysis of China's open-end fund disclosure of information quality, pointed out the problem of China's securities investment funds, the information disclosure system; The last part of the article provide some advice to improve information disclosure system in accordance with the current situation and problems in the proposed open-end fund in China.