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The Legal Research on the Internal Governance of Fund Management Company in China

Author: ChenQinQin
Tutor: ZhaoWanYi
School: Southwest University of Political Science
Course: Civil and Commercial Law
Keywords: Fund management company Governance Interests of fund holders Securities investment fund
CLC: D922.291.91;F832.51
Type: Master's thesis
Year: 2011
Downloads: 87
Quote: 0
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Abstract


The securities investment fund has become a very popular investment tool in modern capital market.Chinese securities investment fund has begun to take shape after ten years of development,it not only widens investment channels of investors, provides professional and high-quality investment services for investors,but also brings fresh blood into the stock market,and further promotes its sustainable development. In the system of contractual type fund,fund managers(fund trustee) manage and operate the fund assets with diligence and conscience in behalf of fund holders(client),whose behaviour have a direct impact on investment income of fund holders.That is to say,the fund managers play a key role in the fund.Therefore,for guaranteeing fund to operate normatively,first of all,fund managenent companies should be governed. Comparing with the normal corporate governance,the major difference of fund management company governance is the management objective.Fund management companies not just protect interests of shareholders,but give priority to interests of fund holders.However,owing to the interests of fund managers and fund holders are in conflict,there is a situation in reality that fund managenent companies always take advantage of information and profession to do something which harm the interests of fund holders driven by the interests.Because the problems caused by operation of fund managenent companies will be obstacles which restrict funds industry’s development of our country, so it is necessary to design a system to regulate and bound the behaviour of fund managenent companies in order to protect interests of fund holders.This thesis makes research mainly from the angle of shareholders’ conference、board of directors、supervisory board、inspectors and managerial level,then reveal the shortcomings of these departments.Finally,it puts forward some improving strategies on the basis of deep analysis.This full thesis is divided into a preliminary and a text including five parts :The preliminary mainly introduces the conception、history and development status of securities investment fund,and points out that the development dilemma of securities investment fund depends on the internal governance defects of fund managenent companies.In the first part,it begins with governance of corporations and fund management companies,and indicates the difference between the both companies about institution、the degree of constraints from shareholders and governance goal. In the second part,it is about theoretical elaboration.Firstly,it briefly introduces the Principal-Agent Theory,and analyses the particularity of principal-agent relation in fund management companies.Then it presents Stakeholders Theory which considers that fund holders are belong to stakeholders of fund management companies.In the third part,it illustrates several major problems appeared during the process of fund management company governance,such as moral risk、frequent job-hopping of fund managers、"active management" of shareholders and "marginality" of close-ended funds.In the fourth part,it discusses that the above problems are caused by the internal governance defects of fund management companies.The defects contains the unreasonable ownership structure、limitation of independent directors、the lack of supervision from the supervisory board、ineffective inspectors and unsound incentive and restraining mechanism of fund managers.In the fifth part, it advances some strategy to perfect Chinese fund management company governance,which include the improvement of ownership structure、independent directors、supervisory board、inspectors and fund managers.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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