从我国公募基金行业的监管处罚看基金治理安排  

Fund Governance Arrangements from the Regulatory Penalties of China's Mutual Fund Industry

作　　者：邓译娜 DENG Yina(School of Business,Macao University of Science and Technology,Macao 999078,China)

机构地区：[1]澳门科技大学商学院,中国澳门999078

出　　处：《中国证券期货》2024年第3期44-53,共10页Securities & Futures of China

摘　　要：公募基金行业的违法违规行为为基金治理提供了一种新的视角。本文以2015年至2022年为样本区间,整理了公募基金行业的刑罚、行政处罚、行政监管措施和自律纪律处分等处罚案例,进行统计分析,并结合基金治理分析违法违规行为的原因。将基金治理分为内部治理和外部治理,研究我国现行基金内部治理框架下的制度完善安排和外部治理的市场化和法治化路径。结果表明,作为基金治理结构中核心的基金管理人和基金经理,因违法违规行为理论上应承受各个方面的压力直至退出行业,但由于他们掌握绝对权力控制,现有的不管是内部的基金份额持有人还是托管人约束,以及现存的外部的监管力量和市场力量都有待改善或加强,因此需从内部治理和外部治理方面进一步完善基金治理。Violations of laws and regulations in the mutual fund industry provide a new perspective on fund governance.Taking 2015 to 2022 as the sample interval,this paper compiles penalty cases of criminal penalties,administrative penalties,administrative regulatory measures and self-regulatory disciplinary actions in the public fund industry,conducts statistical analysis,and analyzes the causes of violations in the context of fund governance.Fund governance is divided into internal governance and external governance to study the institutional improvement arrangements under the current internal fund governance framework in China and the marketization and rule of law path of external governance.The results show that fund managers and fund administrators,as the core of the fund governance structure,should theoretically be subjected to pressure from all sides until they withdraw from the industry due to illegal and unethical behaviors,but due to the absolute power and control they hold,they are actually unable to be effectively restrained by either the internal fund shareholders and custodian constraints,as well as existing external regulatory and market forces,need to be improved or strengthened,and therefore fund governance needs to be further improved in terms of both internal and external governance.

关 键 词：公募基金 基金治理 监管处罚 

分 类 号：F832.51[经济管理—金融学]