| China's security investment fund has developed well in recent years and got a big achievement. But compared with other developed countries, our investment fund industry is still young, neither our security market is mature enough nor the law on investment fund is perfect enough. As a result, there are a lot of problems existing in the fund's operation, such as the low-level morality of fund's manager, the conflict of interest transaction's frequent occurrence and so on. The main reason is disadvantages in the governance structure of investment fund. The governance structure play a crucial role in the development of the investment fund. Therefore, we must intensify the governance of investment fund, and creat a kind of governance structure that can protect the unitholders' interest.This article is divided into four chapters. In the first chapter, the author introduce the basic theories on trust-style security investment fund and the governance structure of it. In the second one, the author shows several modes of the governace structure of trust-style security fund in the other countries and compare them with each other, by which the author summerize the successful experience that can be used in China. In the third one, the author point out the disadvantages in our governance structure of trust-style security investment fund: the lack of fund manager's duty; the weakness of fund cusodian's supervision; and the unpracticality of unitholders' meeting. And at last, in the fourth one, the author bring forward the solutions: to definitize the fund manager's care duty and loyalty duty; to make sure the independence of the fund custodian, to itemize its supervision and intensify its obligation; to perfect the regulations on the unitholders' meeting by which the unitholders can protect themselves indeed. |
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