中国证券投资基金的治理机制缺陷与改进策略  

Defects and Improving Strategies of Governance Mechanism for China Security Investment Funds

作　　者：孙杨[1] 尚震宇[1] 

机构地区：[1]南京财经大学金融学院

出　　处：《财经科学》2008年第2期33-40,共8页Finance & Economics

基　　金：科技部国家软科学项目(批准号:2006GXQ3D134);江苏省教育厅高校哲学社会科学基金项目(批准号:06SJB790025)

摘　　要：本文对证券投资基金的治理机制进行了分析,认为基金契约的签订、费率的确定、费率的计提是导致基金管理人侵害基金持有人利益的本质缺陷,而现有的基金托管人制度、基金持有人大会、独立董事制度和证券市场环境建设,没有真正有效的保护到基金持有人利益。对此,笔者另辟蹊径,分别从制度环境、法律环境和市场环境方面,紧紧与契约有机结合,提出了相应的改善策略,因势利导进行环境建设,引导基金规范发展,为完善基金治理提供了新思维。Through the analysis of governance mechanism for security investment funds, this paper argues that the sign of contract, the decision of rate and the extraction of rate are all the radical defects in governance mechanism, which lead to the damage of fund managers on fund holder＇ s benefits, but until now the arrangements , in fund custodians system, fund holders convocation system, independent director system and stock market environment construction haven＇ t really protected the benefits of fund holders efficiently and thus the author puts forwards some improving strategies, which embrace the contracts tightly and organically in a fresh way from the environment of system, law and market, to conduct environment construction and the norm development of fund. All provide perfecting the mechanism of fund governance with new minds.

关 键 词：基金管理人 基金托管人 独立董事 保护性约束 信赖义务 

分 类 号：F832.51[经济管理—金融学]