On The Standard And Development Of Stock Investment Fund In China

As a kind of important financial investment tool, investment fund has a history of more than 100 years. And it has occupied a more and more important position in the present international financial market. Because of its characters "combination investment and experts' conducting financial transactions", investment fund can enhance the efficiency of diversion of savings into investment, stabilize and promote capital market, in addition to its capability of helping investors avoid risks and increase profits. Thus, once investment fund came into being, it was paid much attention to and took on a great vitality The introduction of the first investment fund into our country's financial market dated back to!980's. And it was an overseas national fund followed by XinHongJi Fund in 1989 and Shanghai Fund, etc. These overseas national funds have greatly stimulated the domestic investment fund market. So in July, 1991,the first domestic fund-Zhu Xin fund was established in Zhuhai. Subsequently, domestic investment funds appeared like bamboo shoots after a spring rain. At the same time, due to the imperfection of domestic correlative laws, rules and the slacking of governing, speculation phenomena of investment fund also become worse. On the 14th of November, 1997, the stock committee of state council enacted "Temporary Governing Measures of Stock Investment Fund"to regulate the behaviors of investment fund. It showed that our country's investment fund industry has stepped into a course of standard development. China's fund industry habitually regard the funds established according to "New Measures" after 1997 as new funds. The character of new funds can mainly be found in the following three aspects: The norm of the establishment of fund, the norm of investment main body and limitations of fund investment, etc. Hence, our country's investment fund has definitely been classified as stock investment fund and estate investment fund (including investment funds of risk and starting and undertaking). While the standard and development of stock investment fund is the emphasis that this article will discuss.The enactment and enforcement of "Temporary Governing Measures of stock Investment Fund" has laid legal foundation for the standard development of our country's stock investment fund industry. And it makes "new fund" effectively avoid the problems that exist in "old fund", namely investment is diverted from negotiable securities and real estate with high risks and bad mobility to negotiable securities with relatively lower risks and good mobility. And it makes "new fund" effectively avoid the problems that exist in "old fund", The protection of fund investors' various rights has also been obviously strengthened. But during the course of practice, some new problems emerged, such as "fund shady deal " and "underground fund ",etc. And these problems made stock investment not completely perform its anticipated functions and furtherly damaged the benefits of some middle and small investors. The main expressions are: Firstly, stockinvestment didn't perform its function of stabilizing stock markets. Secondly, there existed behaviors of violating rules in the operation of fund investment, the problems of commission and acting are serious in the operation of fund investment. Thirdly, the problems of commission and acting are serious in the operation of fund investment. The above problems came from the following reasons: On one hand, it is because our country's stock market was late in developing, short in history, and not ripe enough in growth. On the other hand, it is because with the development of stock investment fund, the laws and rules related to our country's stock investment couldn't correspond to the need for the further development of stock investment fund. In addition, the backwardness of governing means and methods make up an important factor of leading to these problems. So, in order to ensure the healthy and rapid development of our country's stock investment fund: At first, we should furtherly perfect the stock...