证券投资基金管理公司的治理研究
发布时间：2018-07-18 11:38
【摘要】：证券投资基金管理公司属于投资管理行业中的一类,其公司的主要业务是管理客户的资产,因此公司治理的效果不仅仅是影响到其自身的财产,而且影响到客户的资产。由于证券投资基金的受益人与基金公司股东的利益存在着一定的错位,因此,研究基金管理公司的公司治理不仅是对公司管理的研究,同时也是对公众理财机构治理的法制、诚信等问题的研究和探讨。本文以国内68家基金管理公司的治理为实例分析我国证券投资基金管理公司的公司治理对基金治理的影响。选择3家发展过程中比较具有典型特征的、同时发展历程具有可比较性的证券投资基金管理公司为典型案例,通过研究分析我国证券投资基金管理公司的公司治理及其基金治理,进行论述公司治理对基金治理的重要性。通过分析现行的监管体系下的基金公司治理与基金治理的制度问题,分析我国现行监管体中的制度与法规的缺失与不足。通过借鉴国外的基金监管体系的经验探讨我国基金监管体系发展方向。分析现有监管体系下如何改善股东与基金持有人利益的关系,促进基金管理公司树立长远发展和坚持长期价值投资的观念,建立健全公司发展的长效机制。探讨激励机制的作用,辩证地讨论激励机制在基金公司中的作用,探索如何通过发挥激励机制的作用加强人才队伍的建设,提升自身的投资水平和管理能力。发挥基金公司专业投资机构的作用,维护证券市场的稳定与繁荣,促进我国资本市场发展健康有序。通过事件分析道德与职业操守对投资管理行业的诚信体系建设的重要性,提出建立健全我国基金管理行业及其从业人员的约束机制的必要性。探索如何通过优化现行法律法规以发挥独立董事和督察长工作的独立性,提高基金公司的内部控制管理水平。加强对基金从业人员道德风险的管理与监督,完善基金公司内部约束机制的建设。探讨如何进一步加强和完善我国证券投资基金管理公司及从业人员的监管手段,降低证券投资基金管理人及其从业人员触犯的道德风险的动机,以增强我国证券投资基金公司的治理水平,使得投资者利益得到切实的保护。文章还同时分析并讨论如何通过发挥托管人、基金评级机构、基金销售人等外部机构的作用。分析外部治理与内部治理必然存在的关系,探讨通过外部治理促进内部治理的优化途径,以提升我国基金治理的管理水平。
[Abstract]:The securities investment fund management company belongs to one kind of the investment management profession, the main business of its company is to manage the assets of the customer, so the effect of corporate governance not only affects its own property, but also affects the client's assets. Because there is a certain mismatch between the beneficiaries of the securities investment fund and the interests of the shareholders of the fund company, therefore, the study of the corporate governance of the fund management company is not only the study of the company management, but also the legal system of the governance of the public financial management institution. The research and discussion of honesty and credit. This paper takes the governance of 68 fund management companies in China as an example to analyze the influence of the corporate governance of securities investment fund management companies on fund governance. Select three securities investment fund management companies with typical characteristics in the process of development and comparable development process as typical cases. By studying and analyzing the corporate governance and fund governance of securities investment fund management companies in China, the importance of corporate governance to fund governance is discussed. By analyzing the system problems of fund company governance and fund governance under the current supervision system, this paper analyzes the deficiency and deficiency of the system and regulations in the current regulatory system in our country. This paper discusses the development direction of fund supervision system in China by using the experience of foreign fund supervision system for reference. This paper analyzes how to improve the relationship between shareholders and fund holders under the current regulatory system, promote fund management companies to establish long-term development and adhere to the concept of long-term value investment, and establish a sound long-term mechanism for the development of the company. This paper probes into the role of incentive mechanism, discusses dialectically the role of incentive mechanism in fund company, and explores how to strengthen the construction of talent team through exerting the function of incentive mechanism, and to improve its investment level and management ability. We should give full play to the role of professional investment institutions of fund companies, maintain the stability and prosperity of the securities market, and promote the healthy and orderly development of the capital market in China. Based on the analysis of the importance of ethics and professional conduct to the construction of credit system in investment management industry, this paper puts forward the necessity of establishing and perfecting the restraint mechanism of fund management industry and its practitioners in China. This paper explores how to improve the internal control and management level of the fund company by optimizing the existing laws and regulations in order to give play to the independence of the independent director and the inspector general. We should strengthen the management and supervision of the moral hazard of fund employees and perfect the construction of internal restraint mechanism of fund companies. This paper discusses how to further strengthen and improve the regulatory means of securities investment fund management companies and employees in China, and reduce the motivation of moral hazard committed by managers of securities investment funds and their practitioners. In order to strengthen the governance level of China's securities investment fund companies, so that investors' interests can be effectively protected. The article also analyzes and discusses how to play the role of custodians, fund rating agencies, fund sellers and other external organizations. This paper analyzes the inevitable relationship between external governance and internal governance, and probes into the optimal ways to promote internal governance through external governance in order to improve the management level of fund governance in China.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
本文编号：2131786
[Abstract]:The securities investment fund management company belongs to one kind of the investment management profession, the main business of its company is to manage the assets of the customer, so the effect of corporate governance not only affects its own property, but also affects the client's assets. Because there is a certain mismatch between the beneficiaries of the securities investment fund and the interests of the shareholders of the fund company, therefore, the study of the corporate governance of the fund management company is not only the study of the company management, but also the legal system of the governance of the public financial management institution. The research and discussion of honesty and credit. This paper takes the governance of 68 fund management companies in China as an example to analyze the influence of the corporate governance of securities investment fund management companies on fund governance. Select three securities investment fund management companies with typical characteristics in the process of development and comparable development process as typical cases. By studying and analyzing the corporate governance and fund governance of securities investment fund management companies in China, the importance of corporate governance to fund governance is discussed. By analyzing the system problems of fund company governance and fund governance under the current supervision system, this paper analyzes the deficiency and deficiency of the system and regulations in the current regulatory system in our country. This paper discusses the development direction of fund supervision system in China by using the experience of foreign fund supervision system for reference. This paper analyzes how to improve the relationship between shareholders and fund holders under the current regulatory system, promote fund management companies to establish long-term development and adhere to the concept of long-term value investment, and establish a sound long-term mechanism for the development of the company. This paper probes into the role of incentive mechanism, discusses dialectically the role of incentive mechanism in fund company, and explores how to strengthen the construction of talent team through exerting the function of incentive mechanism, and to improve its investment level and management ability. We should give full play to the role of professional investment institutions of fund companies, maintain the stability and prosperity of the securities market, and promote the healthy and orderly development of the capital market in China. Based on the analysis of the importance of ethics and professional conduct to the construction of credit system in investment management industry, this paper puts forward the necessity of establishing and perfecting the restraint mechanism of fund management industry and its practitioners in China. This paper explores how to improve the internal control and management level of the fund company by optimizing the existing laws and regulations in order to give play to the independence of the independent director and the inspector general. We should strengthen the management and supervision of the moral hazard of fund employees and perfect the construction of internal restraint mechanism of fund companies. This paper discusses how to further strengthen and improve the regulatory means of securities investment fund management companies and employees in China, and reduce the motivation of moral hazard committed by managers of securities investment funds and their practitioners. In order to strengthen the governance level of China's securities investment fund companies, so that investors' interests can be effectively protected. The article also analyzes and discusses how to play the role of custodians, fund rating agencies, fund sellers and other external organizations. This paper analyzes the inevitable relationship between external governance and internal governance, and probes into the optimal ways to promote internal governance through external governance in order to improve the management level of fund governance in China.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
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2 张国清;投资基金治理结构之法律分析[D];中国政法大学;2003年
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