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导读：这是一篇金融学essay范文，讨论了证券投资基金。证券投资基金是一种利益共享、风险共担的集合投资方式。证券投资基金以其专业化管理、长期投资的眼光，能够非常有效地捍卫中小投资者的利益，并成为稳定证券市场的中坚力量。证券投资基金作为一种新型、独特的金融产品，可以提供专家理财等相关的服务。 Securities investment fund refers to a kind of collective investment method that shares interests and risks. With the continuous development of China's economy and the rapid expansion of securities investment fund scale, securities investment fund has made indelible contributions in stabilizing the market. However, China's securities market investment fund started relatively late, compared with the rapid development of the fund itself, fund risk management is relatively backward. China's securities investment fund has a large gap in both the external investment environment of the fund and the internal investment management of the management company, which has caused serious risks and hidden dangers to the entire fund industry and even the entire securities market. 证券投资基金是指一种分享利益和风险的集体投资方式。随着中国经济的不断发展和证券投资基金规模的迅速扩大，证券投资基金在稳定市场方面做出了不可磨灭的贡献。但是，中国的证券市场投资基金起步较晚，与基金本身的快速发展相比，基金风险管理相对落后。中国证券投资基金在基金对外投资环境和管理公司内部投资管理方面存在较大差距，给整个基金业甚至整个证券市场带来了严重的风险和隐患。 As China's securities market is still young, with large fluctuations and a large number of small and medium-sized investors, the introduction and development of securities investment funds can play an important role in stabilizing the market and mobilizing social financial resources. With its professional management and long-term investment vision, securities investment funds can effectively defend the interests of small and medium-sized investors and become the backbone of the stable securities market. China's securities market after more than ten years of development, has initially formed a certain scale of national debt market, corporate bonds, financial bonds market and stock market, relatively perfect system of securities market, in attracting foreign investment, and speeding up the transformation of state-owned enterprise management mechanism, to speed up the socialist market economic system established plays a huge role. However, compared with the western securities market which has been developed for more than 100 years, it is still far from perfect and standard. China's securities market is established during the transition from planned economy to market economy. The characteristics of the policy market are very obvious, and the regulation from the listed financing to the secondary market and the rise and fall of the stock index are obviously regulated by the policy. However, with the gradual improvement of China's market economy system, the securities market will be gradually market-oriented. Looking forward to the development of China's securities market, its basic situation will take the increasing role of market mechanism as the main line, speed up the deepening process of the securities market, and improve the functions of the securities market. Need on the basis of the specification in our stock market gradually cultivate the rational institutional investors, especially the securities investment fund in order to improve the structure of the stock market investors, play to securities investment funds to support the role of market and stabilize the market, reduce market risk, so as to promote the health of the securities market, the sustained and stable development. From the perspective of development trend, China's securities market innovation will be jointly promoted by theoretical innovation, institutional innovation, product innovation and technological innovation and form a benign interactive industrial innovation trend. Therefore, it is necessary for China's securities market and national economic development to correctly understand the risks of China's securities investment funds and effectively prevent them. The "free rider" mentality of diversified fund holders weakened or eliminated the monitoring of fund managers. The separation of ownership and control of fund assets exacerbates "insider control" risk. In traditional enterprises, ownership and management rights are closely combined, so there is no risk of insider control. However, the "legal person property system and legal person management structure" determine the insider control is a concomitant problem with modern corporate system. As far as securities investment funds are concerned, due to the large number of investors, they cannot directly carry out the asset operation. In order to achieve the return effect of fund asset investment, only through the contract can they reach a separation of ownership and management right between fund holders, fund managers and fund custodians. Therefore, such a structural paradigm provides the DE facto soil for the emergence of internal controllers. Information asymmetry aggravates the failure risk of internal governance structure. Accurate, true, complete and effective information is the cornerstone of the fund holder's effective supervision of the fund manager. However, the dissociation of the ownership and management of fund assets results in the dissociation of interests between fund holders and fund managers, the decentralization of fund holders and the hard-to-eradicate "free ride" mentality, which determines the persistence of information asymmetry between fund holders and fund managers. In turn, it deepens the internal controller phenomenon in the management of fund companies, thus leading to the interactive checks and balances between the holders, managers and custodians established by the law. Illegal manipulation of the market, fund managers manipulation of the market mainly because the current market is not standard, some participants through the manipulation of stock prices to obtain higher returns. Fund investors must bear the market risk and legal risk caused by such improper behavior. The fund manager's remuneration has little relation with the actual income level of the fund. Due to the imperfection of laws and regulations, with the development of society, the securities investment fund structure has become the core of the securities investment fund legal system. There are some defects in China's securities investment fund law, such as contradictory provisions concerning fund structure, unclear legal liabilities between fund contracting parties, fund sponsors' acting as fund contracting parties in violation of agency law and possibly harming the rights and interests of investors. Structure design should be defined in the fund contract in China investment fund and the fund contract the unique legal status and nature of the premise, by modifying the perfect regulations, adopt the trinity dual investment fund contract structure mode, namely to fund managers, managed artificially counterparty, investors trinity pattern for the relevant beneficiaries, to form a fund manager, managed human essence trustee, benefit to essence of the dual structure of the principal. Although China's fund's advantages in terms of professional ability, information network and capital have increased its ability to control risks, the fund's ability to control risks has declined in some cases due to the restrictions of fund contracts and regulations. Such as when markets slashed to sell for cash, but the law and the fund contract provisions fund will have to scale the capital to invest in the stock and bond markets, cash holdings by certain restrictions, to a large extent can cause certain economic loss, it increase the risk of a securities investment fund investment. As the fund sponsor, the fund management company has the right to choose the custodian, which is the root cause that the custodian lacks independence and leads to weak supervision. In order to strengthen the supervision of fund custodians to fund managers, the choice of fund custodians must be changed. There are two specific methods: one is to directly select fund custodians by fund holders and cut off the connection between managers and custodians economically; Another approach is to use the German experience to refer oversight and options of fund custodians to regulators. In addition, we should strengthen the custodian's supervision of managers and establish a set of benefit-risk mechanism for fund custodians. That is, the fund custodian should make every effort to supervise the operation of the fund since it has obtained the fund trustee fee from the fund investor. If it is due to poor supervision or even "collusion" with fund managers to harm investors, it shall bear the corresponding responsibility. This needs to establish corresponding compensation system in relevant legal aspects. In addition, the introduction of foreign Banks as custodians increases the competition among custodians, thus improving the regulatory efficiency of custodians; Improve the incentive mechanism for fund managers so that the objective functions of fund managers and fund holders are consistent. Also, introduce reputation. Reputation is an indispensable mechanism to maintain the relationship between fund managers and fund investors. Finally, try to develop the internal governance structure of corporate securities investment fund. In China, the securities investment fund mainly adopts contractual internal governance structure. In other countries where the fund industry has developed quite well, such as the United States, the company funds are mainly used. The obvious advantage of a corporate fund is that fund holders can have greater oversight and voting power to better protect their interests.#p#分页标题#e# In order to protect the interests of investors and the good development of China's securities investment funds, it is particularly important to improve the supervision system of the regulatory agencies. The investment of securities investment fund should be restricted according to laws and regulations so as to reduce risk effectively. In order to ensure the independence of fund investment and protect the interests of investors, the management company and its shareholder personnel and assets should be independent from each other and strictly limit the scope of the management company's own capital use. These measures basically prevent shareholders and others from exerting inappropriate influence on the management company. On this basis, we should explore and popularize the management mode of the average shareholding of shareholders, urge fund management companies to improve their internal management system of risk control, and reduce the possibility of related trading and insider trading. We should strengthen the legal construction of securities investment funds. At present, our country has many legal rules about securities investment funds, such as "interim measures for the securities investment fund management", has become China's securities investment fund regulation and operation of the legal basis, and in the pilot of the new situation, introduced the corresponding measures in time, guarantee fund normative, orderly and healthy development. However, there is still no unified investment fund law and relevant legal system. Due to the lack of sound fund laws and regulations, the fund has been unable to follow certain norms. As the relationship between fund managers, custodians and beneficiaries and their rights and obligations are not confirmed in legal form, the rights and obligations of all parties are difficult to be guaranteed. Only legalization will regulate their behavior. As a new and unique financial product, securities investment fund can provide expert financial management and other related services. In general, diversified investment by funds can effectively reduce the risk of individual enterprises or bonds. But if the market as a whole is in decline, so are the portfolios of funds, including securities. Due to the organization structure, operation means of China's securities investment fund and the relevant legal limitations of China's securities investment fund, the defects of China's securities investment fund in risk management have led to the improvement of securities investment fund risks and hindered the healthy and stable development of China's securities investment fund. Through research, this paper believes that the risk of securities investment funds can be reduced by standardizing the internal structure of securities investment funds, improving the supervision system of regulatory agencies, and strengthening the legal construction of securities investment funds, so as to ensure the healthy development of China's economy. |
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