本文選題：證券投資基金 + 信賴義務(wù)　； 參考：《復(fù)旦大學(xué)》2011年碩士論文

【摘要】：作為新興市場,近些年來,我國資本市場的發(fā)展尤為迅猛,證券投資基金業(yè)亦隨之經(jīng)歷了高速增長。與全球同類市場相似,我國基金業(yè)在高速發(fā)展的同時,仍回避不了問題的存在。其中,基金管理人違背信賴義務(wù),在管理與運行基金財產(chǎn)的過程中,行為不當、違法違規(guī),侵犯基金持有人權(quán)利,即屬為害甚重的一個。由此,如何對基金管理人進行有效地制約和監(jiān)督,使其恪守信賴義務(wù),從而保障基金份額持有人的利益,就成了擺在實務(wù)界和學(xué)界面前的一個課題。 文章分為五部分展開： 第一章在對證券投資基金管理人不當行為進行考察、界定后,詳細研究了管理人侵害基金投資人利益的各種情形,有內(nèi)幕交易、自我交易、關(guān)聯(lián)交易、共同交易、經(jīng)紀交易圖利行為和不公平對待,對每種行為的實施主體、行為模式、社會危害性、動機和條件都進行了描述。 第二章通過探析基金管理人道德風險產(chǎn)生原因及表現(xiàn),對基金管理人不當行為形成的原因進行理論解析�；鸸芾砣说赖嘛L險產(chǎn)生的原因可分成兩類：其一,基金管理人與投資人利益目標不一致是形成基金管理人道德風險的主觀原因。其 基金契約內(nèi)容的不完全、激勵約束機制設(shè)計不合理以及委托代理制度造成的信息不對稱,為道德風險最終形成提供了客觀條件。 第三章對美國、日本、中國香港和中國臺灣等國家和地區(qū)的立法進行考察,特別是對美國的《1940年投資公司法》和《1940年投資顧問法》中有關(guān)基金管理人忠實義務(wù)的內(nèi)容進行分析,從基金管理人本人交易、基金經(jīng)理個人交易和基金管理費等方面對基金管理人的忠實義務(wù)做出探討。同時還介紹了投資基金治理結(jié)構(gòu)及其模式和獨立董事制度,以及美國的投資基金獨立董事制度。在基金外部監(jiān)管方面,介紹了國外投資基金的相關(guān)法律制度以及信息披露制度,力求為我國證券投資基金的規(guī)范發(fā)展提供良好的借鑒。 第四章對我國的制度現(xiàn)狀進行了考察。與發(fā)達國家相比,我國的證券市場本身發(fā)育不成熟,加上投資基金相關(guān)的法律法規(guī)不完善,這使得證券投資基金在運行過程中暴露出諸多問題,基金管理人道德水準低下,利益沖突交易屢禁不絕,其最主要的原因是證券投資基金內(nèi)部治理以及外部信息披露制度的不規(guī)范不成熟。 第五章提出了完善我國證券投資基金相關(guān)制度的具體建議：首先要強化基金管理人的信賴義務(wù),其中又包括明確基金管理人的忠實義務(wù)和注意義務(wù)、嚴格規(guī)制基金管理人的關(guān)聯(lián)交易行為以及改變基金管理費率問題；其次要完善基金獨立董事制度,形成良好的基金內(nèi)部監(jiān)督制度；最后要完善信息披露制度,在補充相關(guān)內(nèi)容的基礎(chǔ)上進一步優(yōu)化信息披露文件的格式。
[Abstract]:As an emerging market, China's capital market has developed rapidly in recent years, and the securities investment fund industry has experienced a rapid growth. Similar to similar markets in the world, China's fund industry is developing at a high speed, but still can not avoid the existence of problems. In the process of managing and running the fund property, the fund manager disobeys the trust obligation, acts improperly, violates the law and violates the rights of the fund holder, which is the most harmful one. Therefore, how to restrict and supervise the fund manager effectively, so as to ensure the benefit of the fund share holder, becomes a subject in front of the practical and academic circles. The article is divided into five parts: The first chapter investigates the improper behavior of the managers of the securities investment funds, defines it, and studies in detail the various situations in which the manager infringes the interests of the investors of the fund, such as insider trading, self-dealing, related party transactions, and joint trading. The profit-seeking behavior and unfair treatment of brokerage transactions describe the subject, mode, social harmfulness, motivation and conditions of each behavior. The second chapter analyzes the reasons of fund managers' improper behavior by analyzing the causes and manifestations of fund managers' moral hazard. The reasons for the moral hazard of fund manager can be divided into two categories: one is the subjective reason of forming the moral hazard of fund manager which is not consistent with the interests of the fund manager and the investor. Its The incomplete content of the fund contract the unreasonable design of incentive and constraint mechanism and the asymmetric information caused by the principal-agent system provide the objective conditions for the ultimate formation of moral hazard. The third chapter examines the legislation of the United States, Japan, Hong Kong, China and Taiwan, especially the contents of the U.S. Investment companies Act 1940 and the Investment Advisers Act 1940 concerning the loyalty obligations of fund managers. This paper probes into the faithful obligation of fund manager from the aspects of fund manager's own transaction, fund manager's personal transaction and fund management fee. At the same time, it introduces the governance structure of investment fund and its model and independent director system, as well as the independent director system of American investment fund. In the aspect of fund external supervision, this paper introduces the relevant legal system and information disclosure system of foreign investment funds, and tries to provide a good reference for the normative development of securities investment funds in China. Chapter four investigates the present situation of China's system. Compared with the developed countries, the securities market of our country is immature and the laws and regulations related to the investment fund are not perfect, which exposes many problems in the process of operation of the securities investment fund, and the moral standard of the fund manager is low. The main reason for the repeated prohibition of conflicts of interest is the immaturity of the internal governance of the securities investment funds and the immaturity of the external information disclosure system. The fifth chapter puts forward the concrete suggestions to perfect the relevant system of China's securities investment fund: firstly, we should strengthen the trust obligation of the fund manager, which includes clarifying the faithful obligation and the duty of care of the fund manager. Strictly regulate the related transaction behavior of fund manager and change the rate of fund management fee; secondly, improve the independent director system of the fund, form a good internal supervision system of the fund; finally, improve the information disclosure system, Further optimize the format of information disclosure documents on the basis of supplementing relevant contents.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D922.287;F832.51

【引證文獻】

相關(guān)碩士學(xué)位論文 前1條

1 閆毓珊;我國證券投資基金關(guān)聯(lián)交易法律監(jiān)管研究[D];北京交通大學(xué);2013年

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本文編號：1979456