关于我国证券基金行业的治理问题研究

发布时间：2018-11-26 14:14

【摘要】：自2007年基金行业爆发式增长后，由于产品的大量发行、基金规模的迅速扩容，新基金公司的大量涌现，一些隐藏着的问题逐渐显现。2008年至今，基金总体规模无增长，重首发、轻持续营销，核心人员流动频繁，基民亏损严重等情况严重影响证券投资基金的声誉，损害了基金投资者利益，妨碍了基金业的发展。这些问题反映出加强基金行业治理的紧迫性和必要性。在此背景下，笔者对我国证券基金行业的治理进行了研究，有着重要现实意义和理论价值。本文旨在揭示当前证券投资基金行业面临的瓶颈和基金管理公司在发展中遇到的问题，分析其原因，试图通过“持基计划”、“持股计划”、改变收费机制、考核激励机制等方式使基金治理和公司治理目标达成一致，更有效地保护基金份额持有人的利益，解决基金管理公司治理上的根本问题。论文第一章主要梳理了我国证券基金行业治理的范畴以及发展历程，指出完善基金公司治理的意义以及完善基金治理结构的思路探索。第二章从我国证券基金行业公司治理结构、特点分析、近年来基金行业各项调研数据和现阶段基金行业公司治理中存在的问题等方面揭示了目前我国证券基金行业公司治理的现状。第三章提出通过推行“持基计划”和改善公募基金的收费机制等措施和方案，，加强和完善基金治理。第四章阐述了从坚持持有人利益为先、坚持合法合规的运作模式和注重投资者教育三方面入手，推动基金治理，促进公司治理与基金治理的目标趋同。第五章从关注各方利益角度，提出通过人合治理的路径，善用考核激励机制等方式，进一步提升基金行业治理。第六章阐述了论文的主要创新及实践意义。本文主要采取理论研究、比较研究和实证研究相结合的方法，从现象到本质，层层剖析产生问题的深层原因。希望通过对基金行业问题的研究，探索出适合我国资本市场和基金业的管理模式，不断完善各项机制、体制，切实保护基金投资者的利益，增强公众对基金业的公信力，防止基金业出现系统性问题，以期为我国基金治理和基金公司治理的进一步规范提供参考，使中国基金业规范发展的瓶颈问题得到根本解决，进而促进我国资本市场的有序运作和社会经济的健康发展。
[Abstract]:After the explosive growth of the fund industry in 2007, due to the large number of products issued, the rapid expansion of the fund scale, the emergence of a large number of new fund companies, and the emergence of some hidden problems, some hidden problems have gradually appeared. Since 2008, the overall size of the fund has not increased, and the fund has started again. Light and continuous marketing, frequent flow of core staff, serious losses of the people and so on seriously affect the reputation of securities investment funds, damage the interests of fund investors, and hinder the development of the fund industry. These problems reflect the urgency and necessity of strengthening the governance of the fund industry. Under this background, the author has carried on the research to our country securities fund profession governance, has the important realistic significance and the theory value. The purpose of this paper is to reveal the bottleneck faced by the securities investment fund industry and the problems encountered in the development of the fund management companies, to analyze the reasons, and to try to change the charging mechanism through the "base-holding plan" and "shareholding plan". The examination and incentive mechanism make the fund governance and the corporate governance goal to reach an agreement, more effectively protect the interests of fund share holders, and solve the fundamental problems in fund management corporate governance. The first chapter mainly combs the category and the development course of the securities fund industry governance in our country, and points out the significance of perfecting the fund company governance and the exploration of the thought of perfecting the fund governance structure. The second chapter analyzes the governance structure and characteristics of the securities fund industry in China. In recent years, the research data of fund industry and the problems existing in the corporate governance of fund industry at present reveal the present situation of corporate governance of securities fund industry in China. The third chapter puts forward some measures and schemes to strengthen and perfect the governance of the fund through the implementation of the foundation holding plan and the improvement of the charging mechanism of the public offering fund. The fourth chapter expounds three aspects: insisting on the interests of the holder, adhering to the operating mode of legality and compliance and paying attention to the education of investors to promote fund governance and promote the convergence of the objectives of corporate governance and fund governance. In the fifth chapter, from the angle of paying attention to the interests of all parties, the author puts forward the ways to improve the governance of the fund industry through the path of joint governance and the proper use of the examination and incentive mechanism. The sixth chapter expounds the main innovation and practical significance of the thesis. This paper mainly adopts the methods of theoretical research, comparative study and empirical research, from phenomenon to essence, to analyze the underlying causes of the problem layer by layer. Through the research of fund industry, we hope to find out the management mode suitable for our country's capital market and fund industry, to improve every mechanism and system, to protect the interests of fund investors, and to enhance the public's credibility to the fund industry. In order to provide reference for the further regulation of fund governance and fund company governance in China, and to solve the bottleneck problem in the development of fund industry in China, the system problems of fund industry should be prevented. Then promote the orderly operation of China's capital market and the healthy development of social economy.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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