The Research On The Securities Investment Fund System In China

This paper researches institutions of security investment fund in China, which makes up a analytical framework according to New Institutional Theory, to analyze institutions, institutional strucrures, institutional environments, institutional arrangements, institutional innovations,and gives some advices.First, this paper researches institutions of security investment fund, and researches its institutional environments and arrangements in a general way. This paper defines security investment fund as a sort of collect investment institution, which is collect financing trust in essence. Security investment fund comes into being and develops on some institutional environments, engengders some macroscopical and microscopical institutional arrangements.Then, this paper researches on emphases institutions of security investment fund in China, researches its institutional environments, arrangements, changes and innovations. Its institutional environments are not good, which have some bad influences on security investment fund. As to its macroscopical institutions, it carries out a sort of institution to examine and approve, which is non-marketable. The institutions to custody security investment fund have some defections,so security investment funds act up. As to its microscopical institutions, nstitutions ofcontract fund, closed-end fund and public-collection fund have some defections, institutions of open-end fund and privat-collection fund have some questions to resolve. This paper gives some advices. There are severe path-dependences in the institutional changes of security investment fund in China, open-end fund and private-collection fund are institutional innovations.Last, this paper researches the functions of security investment fund in China, and gives some advices to institutional construction of security investment fund in China.