China Securities Investment Fund Governance Research

The final aim of mutual funds' governance is to protect the benefits of fund holder. so, it is necessary to arrange a series of contracts and systems to incentive,restrict,criteria,induct the behaviors of parties of mutual funds, eliminate adverse selection and moral hazard of fund manager, make mutual funds use minimum cost to obtain the corresponding return, ensure the benefits to be consistent between fund holder and fund manager, all of these become the most realistic choices of mutual funds' governance. On one hand, it needs set up incentive-restrict mechanism and corresponding contractual arrangement to enhance inner governance of mutual funds, on the other hand, it needs make relevant laws to be sound, enhance the strength of government's supervise, and develop the pressure of exterior market to perfect exterior governance of mutual funds.There are four chapters in this thesis totally.Chapter one is the guidance part of this thesis, this chapter first introduces some"black-screens of mutual funds" emergencing in our country fund industry, points out the necessity of researching mutual funds' governance in our country, accordingly it put up the problem, subsequently, it differentiate and definite the meaning of mutual funds' governance, at last it detailed dissertate present situation and main problem of present stage existing in mutual funds' governance in our country.Chapter two discusses the theoretic foundations needing for mutual funds' governance. Firstly under the frame of complete contract it expatiate the basic model and dynamic model of Principal-Agent theory, subsequently, it discusses the problem of prevent collusion mechanism design, at last it discusses how to study mutual funds' governance under the frame of incomplete contract.Chapter three discusses the successful mode and governance experience of trusted-fund in other country, according the different lawful relationship of trusted-fund, this chapter separately discusses common trustee mode (the representative nation is U.K.),on the core of managers' rights mode (the representative nation is Japan and Australia), on the core of trustee' rights mode (the representative nation is Germany and India).Chapter four is the conclusion of this thesis, on the basis of aforesaid analysis, link to actual conditions of our country, this chapter discusses the design and arrangement for mutual funds' governance at present stage, first it put up some conceives of inner governance of mutual funds in our country, subsequently, it put up my opinions of exterior governance of mutual funds in our country, finally it discusses whether to put forth companied governance in our country.