【摘要】：在歐美發(fā)達(dá)國(guó)家成熟的證券市場(chǎng)中，證券投資基金（以下簡(jiǎn)稱基金）是最大的機(jī)構(gòu)投資者之一�；鹁哂屑侠碡�(cái)、專業(yè)管理的特點(diǎn)，，以組合投資的方式分散投資風(fēng)險(xiǎn)。基金投資有利于中小投資者克服在投資的時(shí)間和信息上的劣勢(shì)，降低投資的風(fēng)險(xiǎn)，為中小投資者拓寬了投資的渠道。作為機(jī)構(gòu)投資者，基金的發(fā)展壯大還有利于維護(hù)我國(guó)證券市場(chǎng)的穩(wěn)定和健康發(fā)展。在引入我國(guó)之后的短短十幾年間，基金已經(jīng)成為我國(guó)證券市場(chǎng)中最大的機(jī)構(gòu)投資者之一，基金法律法規(guī)體系也逐漸形成。 但是，基金行業(yè)在取得成就的同時(shí)也暴露出諸多的問(wèn)題，《基金黑幕》一文曝出證券投資基金管理公司（以下簡(jiǎn)稱基金公司）的種種黑幕。在證券市場(chǎng)中基金公司追漲殺跌，呈現(xiàn)漲時(shí)助漲、跌時(shí)助跌的特點(diǎn)，不但沒(méi)有起到穩(wěn)定市場(chǎng)的作用，反倒加劇了市場(chǎng)的動(dòng)蕩。而且基金公司在操作中使用各種違法違規(guī)手段，不斷侵害基金持有人的合法權(quán)益，嚴(yán)重破壞了證券市場(chǎng)的公平秩序�；鸸镜倪@些行為嚴(yán)重打擊了基金的聲譽(yù)，阻礙了基金業(yè)的健康發(fā)展。 如何有效的規(guī)范基金公司的經(jīng)營(yíng)管理行為，更好地保護(hù)基金投資者的利益，已經(jīng)成為亟待解決的問(wèn)題。2008年3月中國(guó)證監(jiān)會(huì)出臺(tái)《證券投資基金管理公司公平交易制度指導(dǎo)意見(jiàn)》（以下簡(jiǎn)稱《指導(dǎo)意見(jiàn)》），開(kāi)始完善基金公司的公平交易制度，解決基金公司的公平交易問(wèn)題�！吨笇�(dǎo)意見(jiàn)》實(shí)施以來(lái)，在完善基金公司公平交易制度、規(guī)范基金公司的公平交易行為等方面發(fā)揮了積極作用。但是在實(shí)施過(guò)程中公平交易制度還存在許多問(wèn)題。2011年8月證監(jiān)會(huì)發(fā)布了修訂后的《指導(dǎo)意見(jiàn)》，針對(duì)實(shí)施過(guò)程中存在的問(wèn)題修訂稿做了相應(yīng)的改進(jìn)。但是修訂稿沒(méi)能解決造成基金公司違法違規(guī)操作行為的制度設(shè)計(jì)上的問(wèn)題，基金公司公平交易制度仍需要進(jìn)一步完善。 本文以基金公司的公平交易制度為中心，通過(guò)分析基金公司公平交易制度的法律基礎(chǔ)闡述公平交易制度的本質(zhì)特征。在分析基金公司內(nèi)部治理結(jié)構(gòu)、外部監(jiān)管以及基金市場(chǎng)競(jìng)爭(zhēng)機(jī)制的現(xiàn)狀和存在的問(wèn)題的基礎(chǔ)上，提出進(jìn)一步完善基金公司公平交易制度的建議。 本文共分以下四個(gè)部分： 第一部分論述基金公司公平交易制度的法理基礎(chǔ)，主要從基金公司公平交易制度的內(nèi)涵、內(nèi)容以及價(jià)值方面來(lái)闡述。第二部分論述基金公司在內(nèi)部治理結(jié)構(gòu)方面存在的問(wèn)題，并提出相應(yīng)的完善基金公司內(nèi)部治理結(jié)構(gòu)的建議。第三部分主要分析現(xiàn)階段基金公司外部監(jiān)管機(jī)制存在的問(wèn)題，通過(guò)對(duì)問(wèn)題的分析提出相應(yīng)的完善外部監(jiān)管機(jī)制的建議。第四部分闡述當(dāng)前基金公司的外部市場(chǎng)競(jìng)爭(zhēng)機(jī)制，探討通過(guò)推進(jìn)基金市場(chǎng)的充分競(jìng)爭(zhēng)來(lái)促進(jìn)基金行業(yè)的健康發(fā)展。 《指導(dǎo)意見(jiàn)》實(shí)施以來(lái)，公平交易制度在規(guī)范基金公司公平交易、保護(hù)基金投資者的利益方面取得了很好的效果。但是在實(shí)施過(guò)程中仍然存在許多問(wèn)題，中國(guó)證監(jiān)會(huì)于2011年修訂了《指導(dǎo)意見(jiàn)》。本文試圖通過(guò)對(duì)基金公司公平交易制度的分析，找出導(dǎo)致基金公司違法違規(guī)行為在基金治理和市場(chǎng)機(jī)制方面的原因，并針對(duì)存在的問(wèn)題提出完善的建議。
[Abstract]:In the mature stock market of the developed and European countries, the securities investment fund (hereinafter referred to as the fund) is one of the largest institutional investors. The fund has the characteristics of collection management and professional management, and the investment risk is dispersed in the form of combined investment. The investment of the fund is beneficial to the small and medium-sized investors to overcome the disadvantages of the time and information of the investment, reduce the risk of the investment, and widen the investment channel for the small and medium-sized investors. As an institutional investor, the growth of the fund is also beneficial to the maintenance of the stability and healthy development of our securities market. The fund has become one of the largest institutional investors in China's securities market after the introduction of our country, and the legal and legal system of the fund is also gradually formed. However, the Fund's industry has also exposed a number of problems while achieving its achievements, and the paper, "The Fund of the Fund", shows the various problems of the securities investment fund management company (hereinafter referred to as the fund company). In the stock market, the fund company's pursuit of the fall, the increase in the rise, the characteristics of the drop in the fall, not only play the role of stabilizing the market, but also aggravate the market The fund company, in its operation, uses all kinds of illegal and illegal means to constantly encroach on the legitimate rights and interests of the fund holder, and seriously damages the equity of the securities market Order. These actions of the fund company have severely hit the reputation of the fund and hindered the health of the fund industry. Development. How to effectively standardize the management behavior of the fund company, and better protect the fund investment The interests of the funds have become a problem to be solved urgently. In March 2008, the China Securities Regulatory Commission (CSRC) introduced the Guide to the Management of the Fair Trading System of the Securities Investment Fund (hereinafter referred to as the "Guide Opinions"), and began to improve the fair trading system of the fund company and solve the public affairs of the fund company. After the implementation, it has played a role in improving the fair trading system of the fund company, regulating the fair trading behavior of the fund company, etc. Positive role. But there are many problems in the fair trading system in the course of implementation. In August, 2011, the SFC issued the revised version of the to do so for the problems existing in the implementation process. The corresponding improvement. However, the draft is not able to solve the problem of the system design that caused the illegal operation of the fund company, and the fair trading system of the fund company still needs to be In this paper, the fair trade system of the fund company is the center, and the fairness is expounded through the analysis of the legal basis of the fair trading system of the fund company. On the basis of analyzing the present situation and existing problems of the internal governance structure, external supervision and the fund market competition mechanism of the fund company, the paper puts forward the further improvement of the fund company. The proposal of the flat trading system. This paper is divided into four parts: the first part discusses the legal basis of the fair trading system of the fund company, mainly from the fair trading system of the fund company The second part discusses the problems existing in the internal governance structure of the fund company, and puts forward the corresponding conclusion. The third part mainly analyzes the existing problems of the external supervision mechanism of the fund company and puts forward the analysis of the problem The fourth part expounds the external market competition mechanism of the current fund company, and probes into the full development of the fund market. Competition to promote the healthy development of the fund industry. The interest of the gold investor has achieved a good effect, but there are still many problems in the implementation process, the Chinese certificate In 2011, the supervisor revised the . This paper attempts to find out the original of the fund management and the market mechanism through the analysis of the fair trading system of the fund company.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.287;F832.51

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本文編號(hào)：2333980

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