The Development&Reference Of U.S.Securities Investment Fund

The United States is the world’s most developed countries in terms of securities investment funds, no matter in the variety of fund products, the quantity, total assets, or the number of fund investors, the United States leads the leading position in the world. And the market and institutional arrangements of U.S. securities investment fund industry have a demonstration effect on the development of securities investment fund industry of the whole world. Therefore, concluding the law of development and experience of U.S. Securities investment fund industry has an important significance for the counterpart in China.This paper consists of five chapters, which can be divided into three parts:First of all, the first chapter is the introduction, which presents the background and purpose of the topic of this paper, and collects and summarizes related literature. The second chapter describes the concepts and theoretical basis related to the objects studied in this paper, which make clear the objects of this paper and describe the theoretical basis for the development of securities investment funds.Secondly, the third chapter is the core of the paper. Based on the representative events in the course of the development of U.S. securities investment fund, and the growth state of the scale of securities investment funds, it has been divided into four stages, namely, the period of rudiment:1921-1940, the exploring and developing period:1941-1980, the rapid expanding period:1981-2000, and the mature period 2001-2010. Chapter IV, as the continuation of the core part, summarizes some of the laws and experience in the course of the development of U.S. securities investment fund, such as the strict legal supervision, a mature capital market, a reasonable investor and a sound pension system.Finally, Chapter V presents the development status of China’s securities investment fund, identifies some problems in this industry, and puts forward relevant policy suggestions after learning from the successful experience of the U.S. securities and investment funds.