The Discussion On The Governance Structure Of Securities Investment Funds And Empirical Research On Performance In China

Currently, security investment funds in China share some important problems in their governance. This has been a "bottleneck" that restrains their development. How to settle this "bottleneck" is still an important issue in the security investment fund industry.This article starts from review of theories on fund governance; briefly introduce characteristics and categories of investment funds. This article also analyze the five key points in fund governance, focus on investors , Supervisor and entrustor, and compare the three models of the request -- proxy relates.Based on above analysis, I use the "golden triangle" model to analyze current situation of Chinese security investment funds, pointing out that the effects of independent trustee system is not so obvious, Surveillance of supervisor to entrustor is not so good. The conclusion is that their governance is not adequate and requires innovation and improvement. I adapt foreign models of fund management and give suggestion to this problem.Lastly, I conduct an empirical study for 47 samples from close-end funds. Upon all the above, I give explanation and suggestions to this issue.