| Because of its superiority securities investment fund has been developing vigorously in international capital market. Take America as an example, during the past decade, with the stable growth of its economy and stock market, the assets of mutual fund increased by 25% every year. At the same time, fund plays more and more important and significant roles in the world's economy. Nowadays, the assets of fund have amounted to $10400 billion all over the world. And in America mutual fund became the biggest financial industry in 1996 instead of commercial bank. By comparison, Chinese fund industry is rather feeble. Up to now we have less than 40 closed-end funds, and only 10 fund management companies. However, many phenomena signify the prosperous future of our fund. The authorities have laid out its developing strategy and are taking a series of measures to regulate and promote it. In addition, management companies and custodians are endeavoring to enhance the quality of their service, including signing cooperation agreement with oversea counterparts and learning from them.Of course, lots of problems emerge during fund's developing period, which leave us ample room to research. And in this dissertation, the author only analyzes the problems of its finance and put forward some suggestions, which are expected to be helpful to fund's healthy development. The author starts with fund's basic knowledge, and then applies financial theory and comparative approach to analyze its financial entity, financial objective, financial environment, financial management's content and financial relations. Finally, based on the history and existing conditions of fund's finance, the author gives some advice.The dissertation consists of four parts, and the main content is as follows.ChapterⅠ: Introduction to fundAs a kind of investment means, securities investment fund raises vast idle capital that is invested in all kinds of securities by the management company, and shares its earnings among the investors. Securities investment fund is a kind of finance trust in itself and has such characteristics as pooling capital, constructing portfolio, risk-shared, run-by-experts and high liquidity. Securities investment fund could be classified into opened-end fund and closed-end fund, contractual fund and corporation fund. Fund originated in England and prospered in America. At present, developing fund in our country will benefit resources allocation and lead to stability of stock market. In the future, there will be various funds for investors to choose, and among them opened-end fund will be dominant.Chapter Ⅱ: On the theory of fund's financeFinancial entity is a unit for which financial activities provide service. According to three features of financial entity, the author holds that the financial entity of corporation fund is the investment company, and the financial entity of contractual fund is its assets, which are the link among all parties. The financial objective of fund is an objective system, which includes fundamental and specific objectives. The fundamental objective is to maximize total return under certain risk level, and specific objectives are financial indexes reflecting the assets' liquidity, profitability, growth and management efficiency. As to fund's financial environment, capital market is the most direct environment., and legal circumstances fund faces greatly differ from that of common companies. With reference to financial relations, the investors have less command and transfer more power to lower levels. In addition, fund's raising, investing and distribution are limited strictly.Chapter Ⅲ : Reviewing the history of fund's finance and analyzing existing conditionsLooking back on fund's history, the author divides it into four stages, and concludes the improvement and deficiencies of its finance in every stage.Finally, the author, according to the existing conditions, raises the following five urgent problems:1. The calculation and contents of some financial... |
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