证券投资基金管理公司治理机制研究

发布时间：2017-12-31 12:34

本文关键词：证券投资基金管理公司治理机制研究　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：证券投资基金作为一种利益共享、风险共担的集合投资方式,自产生以来发展迅速,已成为各国金融市场不可或缺的投资工具,对证券市场的发展发挥着越来越重要的作用。截至2011年12月31日,我国已发行基金的66家基金管理公司旗下共有基金914只,基金管理公司的资产份额总规模为26464.65亿份,管理的基金资产净值总规模为21879.79亿元,证券投资基金管理公司作为证券投资基金的核心角色,对证券市场的影响举足轻重。然而,目前我国证券投资基金管理公司却是问题重重,基金黑幕、基金丑闻等事件,严重损害了广大基金投资者的利益,促使着理论界、实践界进行着深入的反思。因此,探讨如何处理当前基金管理公司治理机制中存在的问题,切实有效的保护基金持有人的利益是具有重要意义的实践性问题。基金管理公司的治理机制包括内部治理机制和外部治理机制两方面。其中,内部治理机制又包括治理结构、激励约束机制、风险控制机制三部分；外部治理机制包括监督机制和市场机制,其中市场机制对于公司治理绩效改善有重大意义,但限于学科所限,不在本文所议之列。本文试从证券投资基金管理公司内部治理机制(内部治理结构、基金经理激励约束机制、风险控制机制)和外部监管机制(政府行政监管、基金托管人监督机制、行业自律机制)两方面入手,探讨并提出可行建议。本文共分四大部分：第一部分为证券投资基金管理公司治理概述,包括基金和基金管理公司概述、基金中各主体地位和主体问法律关系以及基金管理公司治理机制概述。第二部分讨论证券投资基金管理公司内部治理机制现存的问题。首先是基金管理公司在内部治理结构上存在的问题包括董事会和独立董事,监事会,督察长三方面。其次是基金经理人的选聘和激励机制,责任机制等问题。最后是风险控制机制的问题,包括风险管理理念淡薄,风险管理体系不健全和风险管理技术较差等。第三部分为证券投资基金管理公司内部治理机制的完善,主要针对第二部分存在的问题,提出相应的解决方案。包括内部治理结构中董事会,监事会及督察长制度的优化和改善,基金经理责任和激励机制的改革,证券投资基金管理公司内部风险控制机制的完善。第四部分是证券投资基金管理公司外部监管现存问题和完善措施。首先谈现行的外部监管模式,监管法律体系及存在的不合理之处,然后针对问题,提出完善基金管理公司外部监管机制的合理建议,包括立法的完善,行业自律水平的提高,托管人监督的加强等。
[Abstract]:As a kind of interest - sharing and risk - sharing portfolio investment mode , the securities investment fund has become an indispensable investment tool in the financial market since its emergence , and plays an increasingly important role in the development of the securities market . As of Dec . 31 , 2011 , the total assets share of the fund management company was 264.65 billion , the total net asset value of the fund management company was 21879.79 billion yuan , and the securities investment fund management company is the core role of the securities investment fund , which plays an important role in the securities market . However , the management company of the securities investment fund of our country is the problem , the fund ' s black curtain , the fund scandal and so on , which seriously damages the interests of the investors of the fund and makes the theoretical and practical circles carry on in - depth reflection . Therefore , it is important to discuss how to deal with the problems existing in the governance mechanism of the current fund management company . The internal governance mechanism includes the internal governance mechanism and the external governance mechanism . The external governance mechanism includes the supervision mechanism and the market mechanism , and the market mechanism is of great significance to the improvement of corporate governance performance , but is limited to the subject , and is not limited to the listed subject . This paper attempts to discuss and propose feasible suggestions from two aspects of the internal governance mechanism ( internal governance structure , incentive mechanism of fund manager , risk control mechanism ) and external supervision mechanism ( government administration supervision , fund custodian supervision mechanism and industry self - discipline mechanism ) . This article is divided into four parts : The first part is divided into the management overview of the securities investment fund management company , including the general outline of the fund and fund management company , the legal relation between the main status and the subject of the fund , and the management mechanism of the fund management company . The second part discusses the existing problems of the internal governance mechanism of the management company of the securities investment fund . First , the problems existing in the internal governance structure of the fund management company include the board of directors and the independent directors , the board of supervisors and the inspector ' s three aspects . Secondly , the problems of the fund manager ' s selection and incentive mechanism and responsibility mechanism are the problems of the risk control mechanism , including the weak risk management idea , the imperfect risk management system and the poor risk management technology . The third part is the improvement of the internal governance mechanism of the management company of the securities investment fund , aiming at the problems existing in the second part , and puts forward the corresponding solutions , including the optimization and improvement of the board of directors , the board of supervisors and the inspector general system in the internal governance structure , the reform of the responsibility of the fund manager and the incentive mechanism , and the perfection of the internal risk control mechanism of the securities investment fund management company . The fourth part is the existing problems and perfecting measures of the external supervision of the management company of the securities investment fund . Firstly , the current external supervision mode , the supervision legal system and the unreasonable places exist , and then the reasonable suggestion of perfecting the external supervision mechanism of the fund management company is put forward , including the perfection of legislation , the improvement of the self - discipline level of the industry and the strengthening of the supervision of the custodian .

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.29;F832.51

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