| In this dissertation, the theories of the new institutional economics, combined with a large amount of data and examples, are applied to analyze the evolvement of Chinese mutual funds and divide it into 3 stages of institutional transition. Much attention has been given to the evolvement of the mechanism of inspiration and restriction in the inner institutional arrangement of Chinese mutual funds and the distinctive role of the Chinese government in this process. After thorough analysis, the conclusion is made that the origin of disadvantages of Chinese mutual funds lies in their institutional arrangement that has breached the interests of investor and therefore hasn't exerted to the full the advantage rooted in the structure that separates the rights of decision-making, the rights of controlling and the rights of gaining. Based on the conclusion, advice on improvement of institution arrangement is provided. |
PDF Full Text Request