证券投资基金管理人不当行为法律问题研究

发布时间：2018-06-05 00:04

本文选题：证券投资基金 + 信赖义务　；参考：《复旦大学》2011年硕士论文

【摘要】：作为新兴市场,近些年来,我国资本市场的发展尤为迅猛,证券投资基金业亦随之经历了高速增长。与全球同类市场相似,我国基金业在高速发展的同时,仍回避不了问题的存在。其中,基金管理人违背信赖义务,在管理与运行基金财产的过程中,行为不当、违法违规,侵犯基金持有人权利,即属为害甚重的一个。由此,如何对基金管理人进行有效地制约和监督,使其恪守信赖义务,从而保障基金份额持有人的利益,就成了摆在实务界和学界面前的一个课题。文章分为五部分展开：第一章在对证券投资基金管理人不当行为进行考察、界定后,详细研究了管理人侵害基金投资人利益的各种情形,有内幕交易、自我交易、关联交易、共同交易、经纪交易图利行为和不公平对待,对每种行为的实施主体、行为模式、社会危害性、动机和条件都进行了描述。第二章通过探析基金管理人道德风险产生原因及表现,对基金管理人不当行为形成的原因进行理论解析。基金管理人道德风险产生的原因可分成两类：其一,基金管理人与投资人利益目标不一致是形成基金管理人道德风险的主观原因。其基金契约内容的不完全、激励约束机制设计不合理以及委托代理制度造成的信息不对称,为道德风险最终形成提供了客观条件。第三章对美国、日本、中国香港和中国台湾等国家和地区的立法进行考察,特别是对美国的《1940年投资公司法》和《1940年投资顾问法》中有关基金管理人忠实义务的内容进行分析,从基金管理人本人交易、基金经理个人交易和基金管理费等方面对基金管理人的忠实义务做出探讨。同时还介绍了投资基金治理结构及其模式和独立董事制度,以及美国的投资基金独立董事制度。在基金外部监管方面,介绍了国外投资基金的相关法律制度以及信息披露制度,力求为我国证券投资基金的规范发展提供良好的借鉴。第四章对我国的制度现状进行了考察。与发达国家相比,我国的证券市场本身发育不成熟,加上投资基金相关的法律法规不完善,这使得证券投资基金在运行过程中暴露出诸多问题,基金管理人道德水准低下,利益冲突交易屡禁不绝,其最主要的原因是证券投资基金内部治理以及外部信息披露制度的不规范不成熟。第五章提出了完善我国证券投资基金相关制度的具体建议：首先要强化基金管理人的信赖义务,其中又包括明确基金管理人的忠实义务和注意义务、严格规制基金管理人的关联交易行为以及改变基金管理费率问题；其次要完善基金独立董事制度,形成良好的基金内部监督制度；最后要完善信息披露制度,在补充相关内容的基础上进一步优化信息披露文件的格式。
[Abstract]:As an emerging market, China's capital market has developed rapidly in recent years, and the securities investment fund industry has experienced a rapid growth. Similar to similar markets in the world, China's fund industry is developing at a high speed, but still can not avoid the existence of problems. In the process of managing and running the fund property, the fund manager disobeys the trust obligation, acts improperly, violates the law and violates the rights of the fund holder, which is the most harmful one. Therefore, how to restrict and supervise the fund manager effectively, so as to ensure the benefit of the fund share holder, becomes a subject in front of the practical and academic circles. The article is divided into five parts: The first chapter investigates the improper behavior of the managers of the securities investment funds, defines it, and studies in detail the various situations in which the manager infringes the interests of the investors of the fund, such as insider trading, self-dealing, related party transactions, and joint trading. The profit-seeking behavior and unfair treatment of brokerage transactions describe the subject, mode, social harmfulness, motivation and conditions of each behavior. The second chapter analyzes the reasons of fund managers' improper behavior by analyzing the causes and manifestations of fund managers' moral hazard. The reasons for the moral hazard of fund manager can be divided into two categories: one is the subjective reason of forming the moral hazard of fund manager which is not consistent with the interests of the fund manager and the investor. Its The incomplete content of the fund contract the unreasonable design of incentive and constraint mechanism and the asymmetric information caused by the principal-agent system provide the objective conditions for the ultimate formation of moral hazard. The third chapter examines the legislation of the United States, Japan, Hong Kong, China and Taiwan, especially the contents of the U.S. Investment companies Act 1940 and the Investment Advisers Act 1940 concerning the loyalty obligations of fund managers. This paper probes into the faithful obligation of fund manager from the aspects of fund manager's own transaction, fund manager's personal transaction and fund management fee. At the same time, it introduces the governance structure of investment fund and its model and independent director system, as well as the independent director system of American investment fund. In the aspect of fund external supervision, this paper introduces the relevant legal system and information disclosure system of foreign investment funds, and tries to provide a good reference for the normative development of securities investment funds in China. Chapter four investigates the present situation of China's system. Compared with the developed countries, the securities market of our country is immature and the laws and regulations related to the investment fund are not perfect, which exposes many problems in the process of operation of the securities investment fund, and the moral standard of the fund manager is low. The main reason for the repeated prohibition of conflicts of interest is the immaturity of the internal governance of the securities investment funds and the immaturity of the external information disclosure system. The fifth chapter puts forward the concrete suggestions to perfect the relevant system of China's securities investment fund: firstly, we should strengthen the trust obligation of the fund manager, which includes clarifying the faithful obligation and the duty of care of the fund manager. Strictly regulate the related transaction behavior of fund manager and change the rate of fund management fee; secondly, improve the independent director system of the fund, form a good internal supervision system of the fund; finally, improve the information disclosure system, Further optimize the format of information disclosure documents on the basis of supplementing relevant contents.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

【引证文献】