| This article aims to reveal the difference between the contractual funds and corporatefunds. This article also helps to promote and improve the governance mechanismsof contractual funds in China, to make a reasonable judgment on the introduction ofcorporate funds.This article includes:i. Introduction to investment funds: discussing the concept, types, structure of thecontractual funds and corporate funds.ii. Introduction to fund governance: discussing the basic issues of the fundgovernance.iii. Analysis on the structure of the fund governance of the existing contractual fundin China: discussing the advantages in the operational efficiency and thedisadvantages in the effectiveness of the structure of the contractual funds.iv. Analysis on the structure of the fund governance of the corporate fund (takingU.S. mutual fund for example): discussing the system of independent directors of the corporate funds from the view of shareholders interests. Since theinvestment funds has introduced to China in recent years, it is necessary to adaptits management system based on Chinese context through research and domesticpractices.With the growing maturity of Chinese fund market, the corporate fund should beintroduced to China, especially the introduction of independent director system.However, the feasibility of the introduction should be further discussed. |
