我国契约型证券投资基金治理结构的完善

发布时间：2018-08-30 10:33

【摘要】：契约型证券投资基金作为一种财产管理制度,曾极大地促进了我国基金市场的繁荣。但是契约型基金是一种特殊信托，所有权与受益权分离的本质，致使内部主体之间利益冲突不断。我国契约型投资基金以基金管理人为权力核心，由其掌握基金财产的投资运作，基金托管人负责保管与监督基金财产。这种特殊的制度安排，导致基金持有人地位弱化，权利受损，，致使契约型基金偏离基金业的正常发展。实践中，基金持有人大会形式化，投资者普遍存在“理性冷漠”及“搭便车”心理；基金管理人违规操作，违反职业道德，进行关联交易；基金托管人缺乏独立性，监督动力不足，这些都将致使基金投资者无法得到最大化的回报。契约型基金治理结构的缺陷严重损害了基金投资者的利益，直接制约了我国基金业的正常发展。为了实现基金持有人利益最大化,我国应从立法上完善契约型投资基金的治理结构尤其内部治理结构。具体的途径是引入大股东制度使投资者有便车可搭，降低投资者参与基金持有人大会的门槛，充分实现投资者对管理人的监督权利；构建基金管理人的约束与激励机制，如引入声誉机制，鼓励基金经理人拥有基金长期控制权,实施员工持股，实现股权激励；规范基金托管人的监督制度，改变托管人的产生方式，建议在托管人内部引入独立受托委员会，赋予托管人获得基金信息的权利。完善的契约型证券投资基金治理结构是保护投资者利益的关键，是促进基金业健康发展的重要途径。我国的证券投资基金治理结构应与国际接轨，这样才能促进基金业的发展和证券市场的繁荣。
[Abstract]:As a property management system, contractual securities investment funds have greatly promoted the prosperity of fund market in China. However, contractual fund is a special kind of trust, the essence of separation of ownership and beneficial right leads to conflicts of interest between internal subjects. China's contractual investment funds take the fund manager as the core of power, by which they control the investment operation of the fund property, and the fund custodian is responsible for the custody and supervision of the fund property. This special institutional arrangement leads to the weakening of the position of the fund holder and the impairment of the right, which leads to the deviation of the contractual fund from the normal development of the fund industry. In practice, the fund holders' meeting formalizes that investors are generally "rational apathy" and "hitchhiking" psychology; fund managers operate illegally, violate professional ethics and conduct related transactions; fund custodians lack independence. The lack of oversight power will prevent fund investors from maximising returns. The defects in the governance structure of contractual funds seriously damage the interests of fund investors and directly restrict the normal development of the fund industry in China. In order to maximize the interests of fund holders, our country should improve the governance structure of contractual investment funds, especially the internal governance structure. The specific approach is to introduce the large shareholder system to make investors have a free ride, reduce the threshold for investors to participate in the general meeting of fund holders, fully realize the supervision right of investors to the manager, and construct the restraint and incentive mechanism of fund managers. Such as introducing reputation mechanism, encouraging fund managers to have long-term control of the fund, implementing employee shareholding, realizing equity incentive, standardizing the supervision system of fund custodian, changing the way of producing trustee, It is suggested that an independent committee should be introduced within the custodian to give the trustee the right to obtain fund information. The perfect governance structure of contractual securities investment funds is the key to protect the interests of investors and an important way to promote the healthy development of the fund industry. In order to promote the development of the fund industry and the prosperity of the securities market, the governance structure of China's securities investment funds should be in line with the international standards.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.28

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