证券投资基金管理公司公平交易制度研究

发布时间：2018-11-15 17:34

【摘要】：在欧美发达国家成熟的证券市场中，证券投资基金（以下简称基金）是最大的机构投资者之一。基金具有集合理财、专业管理的特点，，以组合投资的方式分散投资风险。基金投资有利于中小投资者克服在投资的时间和信息上的劣势，降低投资的风险，为中小投资者拓宽了投资的渠道。作为机构投资者，基金的发展壮大还有利于维护我国证券市场的稳定和健康发展。在引入我国之后的短短十几年间，基金已经成为我国证券市场中最大的机构投资者之一，基金法律法规体系也逐渐形成。但是，基金行业在取得成就的同时也暴露出诸多的问题，《基金黑幕》一文曝出证券投资基金管理公司（以下简称基金公司）的种种黑幕。在证券市场中基金公司追涨杀跌，呈现涨时助涨、跌时助跌的特点，不但没有起到稳定市场的作用，反倒加剧了市场的动荡。而且基金公司在操作中使用各种违法违规手段，不断侵害基金持有人的合法权益，严重破坏了证券市场的公平秩序。基金公司的这些行为严重打击了基金的声誉，阻碍了基金业的健康发展。如何有效的规范基金公司的经营管理行为，更好地保护基金投资者的利益，已经成为亟待解决的问题。2008年3月中国证监会出台《证券投资基金管理公司公平交易制度指导意见》（以下简称《指导意见》），开始完善基金公司的公平交易制度，解决基金公司的公平交易问题。《指导意见》实施以来，在完善基金公司公平交易制度、规范基金公司的公平交易行为等方面发挥了积极作用。但是在实施过程中公平交易制度还存在许多问题。2011年8月证监会发布了修订后的《指导意见》，针对实施过程中存在的问题修订稿做了相应的改进。但是修订稿没能解决造成基金公司违法违规操作行为的制度设计上的问题，基金公司公平交易制度仍需要进一步完善。本文以基金公司的公平交易制度为中心，通过分析基金公司公平交易制度的法律基础阐述公平交易制度的本质特征。在分析基金公司内部治理结构、外部监管以及基金市场竞争机制的现状和存在的问题的基础上，提出进一步完善基金公司公平交易制度的建议。本文共分以下四个部分：第一部分论述基金公司公平交易制度的法理基础，主要从基金公司公平交易制度的内涵、内容以及价值方面来阐述。第二部分论述基金公司在内部治理结构方面存在的问题，并提出相应的完善基金公司内部治理结构的建议。第三部分主要分析现阶段基金公司外部监管机制存在的问题，通过对问题的分析提出相应的完善外部监管机制的建议。第四部分阐述当前基金公司的外部市场竞争机制，探讨通过推进基金市场的充分竞争来促进基金行业的健康发展。《指导意见》实施以来，公平交易制度在规范基金公司公平交易、保护基金投资者的利益方面取得了很好的效果。但是在实施过程中仍然存在许多问题，中国证监会于2011年修订了《指导意见》。本文试图通过对基金公司公平交易制度的分析，找出导致基金公司违法违规行为在基金治理和市场机制方面的原因，并针对存在的问题提出完善的建议。
[Abstract]:In the mature stock market of the developed and European countries, the securities investment fund (hereinafter referred to as the fund) is one of the largest institutional investors. The fund has the characteristics of collection management and professional management, and the investment risk is dispersed in the form of combined investment. The investment of the fund is beneficial to the small and medium-sized investors to overcome the disadvantages of the time and information of the investment, reduce the risk of the investment, and widen the investment channel for the small and medium-sized investors. As an institutional investor, the growth of the fund is also beneficial to the maintenance of the stability and healthy development of our securities market. The fund has become one of the largest institutional investors in China's securities market after the introduction of our country, and the legal and legal system of the fund is also gradually formed. However, the Fund's industry has also exposed a number of problems while achieving its achievements, and the paper, "The Fund of the Fund", shows the various problems of the securities investment fund management company (hereinafter referred to as the fund company). In the stock market, the fund company's pursuit of the fall, the increase in the rise, the characteristics of the drop in the fall, not only play the role of stabilizing the market, but also aggravate the market The fund company, in its operation, uses all kinds of illegal and illegal means to constantly encroach on the legitimate rights and interests of the fund holder, and seriously damages the equity of the securities market Order. These actions of the fund company have severely hit the reputation of the fund and hindered the health of the fund industry. Development. How to effectively standardize the management behavior of the fund company, and better protect the fund investment The interests of the funds have become a problem to be solved urgently. In March 2008, the China Securities Regulatory Commission (CSRC) introduced the Guide to the Management of the Fair Trading System of the Securities Investment Fund (hereinafter referred to as the "Guide Opinions"), and began to improve the fair trading system of the fund company and solve the public affairs of the fund company. After the implementation, it has played a role in improving the fair trading system of the fund company, regulating the fair trading behavior of the fund company, etc. Positive role. But there are many problems in the fair trading system in the course of implementation. In August, 2011, the SFC issued the revised version of the to do so for the problems existing in the implementation process. The corresponding improvement. However, the draft is not able to solve the problem of the system design that caused the illegal operation of the fund company, and the fair trading system of the fund company still needs to be In this paper, the fair trade system of the fund company is the center, and the fairness is expounded through the analysis of the legal basis of the fair trading system of the fund company. On the basis of analyzing the present situation and existing problems of the internal governance structure, external supervision and the fund market competition mechanism of the fund company, the paper puts forward the further improvement of the fund company. The proposal of the flat trading system. This paper is divided into four parts: the first part discusses the legal basis of the fair trading system of the fund company, mainly from the fair trading system of the fund company The second part discusses the problems existing in the internal governance structure of the fund company, and puts forward the corresponding conclusion. The third part mainly analyzes the existing problems of the external supervision mechanism of the fund company and puts forward the analysis of the problem The fourth part expounds the external market competition mechanism of the current fund company, and probes into the full development of the fund market. Competition to promote the healthy development of the fund industry. The interest of the gold investor has achieved a good effect, but there are still many problems in the implementation process, the Chinese certificate In 2011, the supervisor revised the . This paper attempts to find out the original of the fund management and the market mechanism through the analysis of the fair trading system of the fund company.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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