On The Improvement Of The Regulatory System Of Securities Investment Funds

This article starts with the basic characteristics of securities investment fund, analyzing the trust legal relationship of securities investment fund on the basis of exploring its classifications involved parties and operation features. Emphasizing on the defining and summarizing of the main composing for the trust relationship from the macroscopic and microcosmic perspective, that is the legal rights and obligations among the funds investors funds trustee and funds truster.On the basis of the above research, meanwhile, from the perspective of law and economics, the writer theoretically argues the necessity of securities investment funds supervision, compares three supervision system of developed funds operation countries, summarizes the advantages and disadvantages of each system, draws the conclusion that there is a merge trend among different systems, and the core of funds supervision lies in properly defining the relationship between the government supervision and self-regulation.In the fourth chapter, the writer divides the development process of Chinese securities investment funds system into three periods, gives an overall analysis of the present supervision system of China, concludes its deficiencies: lacking of independency, insufficient self-restriction, short of investor protection system and non-marketrized function division between the central and local government. Also proposes the appropriate suggestion to perfect the present supervision system based on the successful experiences of developed countries.