The Research On The Mechanism Of The Incentive Of Our Country Securities Investment Fund Manager

Securities Investment Fund is essentially a principal-agent relationship between implicit. Principal and agent have their own interest objectives pursued by. But principal (investors) and agents (fund managers) have different ability to access information, the former is relatively inferior. Incentive mechanism of fund management is important part of Investment fund management system. And it is considered to effectively protect the interests of investors. So far, China has not yet established an effective incentive mechanism to protect the interests of the client. So, in our initial stage of development fund industry, to establish and improve the client can play the actual role of protecting the interests of fund managers is extremely important incentive mechanism.In this paper, firstly, writer introduced the main incentives basic theory of incentive mechanism. The principal-agent theory, human capital theory, incentive theory is focal point. And then writer analyzed the relationship between these three theories and fund managers incentives. And it is the theoretical basis of this paper. Secondly, from the perspective of raised funds and private equity funds, writer described the U.S. fund manger incentives. Thirdly, writer discoursed the current situation of china fund manager's incentive mechanism. Some of the results writer had obtained were single fixed management fee brought adverse effects. It lead to inadequate incentives, ultimately damage the interests of the investors. Finally, writer made clear the necessity of china's fund management incentives, and gave some advices of building incentive mechanism.