Study Of The Governance Structure Of China's Securities Investment Funds Legal Issues

Security investment fund is a group security investment mode of sharing the interests and risks. It engages in investing in stocks, bonds and other financial instruments by fund trustees mandating, fund managers managing and utilizing the capitals through issuing funds units collecting capitals from various investors.Fund industry in China is developing rapidly with more and more fund companies and larger and larger fund under management. However, due to various factors, there are still a lot of problems in existence in China's security investment funds, such as absent of interest delegates of holders, lack of independence for trustees, managers' power-centered modes lack of effective power separation mechanism, weakened outer check and balance power for fund managers, etc. We still have a long way to go for the establishment of rational and well-founded corporate executing mechanism.This thesis proposes to take law governance structure issues of security investment funds as study objective and to probe into the governance structure's problems and reasons from the double perspectives of law and economics with principal-agent theory centered and to seek for comprehensive and scientific analysis as well as the best solutions.This thesis is to adopt comparative analysis, jurisprudence analysis and empirical analysis as the main research means, to take Law of Security Investment Funds as the main clue with current academic masterpieces and research papers and to propose the solutions for existing legal problems in security investment funds with real circumstances taken into consideration on the basis of studying previous illegal cases.In the logic structure, this thesis firstly introduces the historical evolution and current development status of security investment funds, and then analyzes the definition of security investment funds as well as its legal characteristics.After that, this thesis further analyzes governance structure of the funds from the legal and economic perspectives. Based on reference of western fund managing modes, this thesis puts forward the rational mode of executive structure for China's security investment funds.And then,this thesis points out the main problems existing in current China's security investment fund's governance structure based on related case studies.Finally, this thesis systematically proposes the countermeasures for existing structure problems, points out the solutions for converting and innovating China's security investment funds'executing structures and prospects their future development.