Study On The Accounting Calculation And Information Disclosure Of Private-placement Securities Investment Fund In China

According to the statistical data,Asset Management Association of China had registered 7838private-placement securities investment fund managers by the end of October 2016,including24626 filed private-placement funds and paid-in capital of 2.66 trillion yuan RMB.But in China,there are totally 107 fund management companies,including 44 Sino-foreign joint venture companies and 63 domestic companies.12 securities companies and the subsidiaries of securities companies as well as 1 insurance asset management company have obtained the qualification for publicly-offered fund management.The companies above have raised publicly-offered funds amounting to 8.74 trillion yuan RMB.It is clear that the total size of private placement is in rapid development and maintains the trend of sustainable growth.The explosive growth of private placement is evident.As a new comer,how should the private-placement fund management institution deal with accounting calculation and information disclosure? Is the original “Guidance to Accounting Calculation of Securities Investment Funds” still applicable? Creatively,in this study,suggestions and complements for the accounting calculation and information disclosure from the perspective of private-placement securities investment funds were expounded,which focused on the analysis of the similarities and differences of private-placement securities investment funds and publicly offered securities investment funds,thus to propose more detailed arguments to the “Guidance to Accounting Calculation of Securities Investment Funds” and “Management Measures for the Information Disclosure of Private-placement Investment Funds”.This study was made based on case analysis and questionnaire investigation.Respectively,the demand for information of private-placement investment funds and the actual situation of the case were taken as the perspectives to analyze the present situation and problems of the accounting calculation and information disclosure of private-placement investment funds.In this paper,it is believed that“Guidance to Accounting Calculation of Securities Investment Funds” and “Management Measures for the Information Disclosure of Private-placement Investment Funds” can meet the basic business requirements of fund accounting.But there are significant differences lying in the investment directions and information disclosure requirements of private-placement investment funds and the existing publicly-offered securities investment funds.In view of the rapid development of private-placement securities investment funds in recent years,“Enterprises Accounting Standards” and “Guidance to Accounting Calculation of Securities Investment Funds”are not applicable anymore.It is suggested that the existing guidance should be modified based on the characteristics of private-placement securities investment funds on the premise that the information disclosure is balanced with the industry development level,so as to solve the problems of accounting calculation of private-placement securities investment funds brought in by its rapid development.The reasonable integration of voluntary disclosure and mandatory disclosure should be strengthened to enhance the efficiency of market funds.Regulators in the industry should promote accounting calculation and information disclosure by playing a bridge role,so as to safeguard the personal interests of investors and ensure the healthy development of the industry.