The Establishment And Development Of China's Securities Investment Fund: Compared With Foreign Experiences

Securities investment funds is a modern economic system an important financial system and financial instruments. Public Offering securities investment funds or through private placement is not specific to the form of specific investors or raise funds by professional investment institutions to operate, and invest in the securities market in order to obtain investment income, benefit-sharing, risk-sharing. The securities investment funds from the financial market experts in investment management, with investment in information, knowledge, experience and advantages, but also has a large number of investment funds, the strength. Professional investment institutions in operation, through the investment portfolio strategy, the use of the funds dispersed to various risks different securities, avoidable blindness and personal investment decision-making errors, thus avoiding the personal investment may encounter danger. Therefore, the professional investment institutions to invest in the operation of the Fund, in the socio-economic development of many investors by the warm welcome and the broad support of all Governments.The development of securities investment funds in the financial system system and the formation of community organizations and economic investment and risk management, as well as the many aspects of socio-economic development will have a significant impact. As China's domestic financial market development and improvement of various new financial instruments, financial innovation, investment will continue to emerge. Securities investment funds in recent years is the domestic financial market a new type of financial instrument. China's economic development in the new circumstances, a correct understanding of the nature of the securities investment funds, fully learn from advanced countries in the development of investment funds successful experience of the development of China's fund industry is particularly important. Contemporary socio-economic development in the new context of the development of securities investment funds process and the status quo, strengthen governance and so on path to conduct a comprehensive study and analysis of China's securities investment fund industry's healthy development is of great realistic significance. Securities investment funds originated in the 19th century the British 1960s, and large-scale development in the United States in 1924, the United States established its first investment fund - Massachusetts Investment Trust. After World War II, the United States investment fund industry to the rapid development at an alarming rate. Experienced 80 years, the United States has become the Common Fund the world's largest investment fund industry. China's securities investment funds, a late start, but China's Securities Investment Fund, the development of faster. October 1991, China's fund industry officially started, until the end of 2007, after 17 years, China's securities investment funds have been 303, the total assets of funds reached 3.1 trillion copies. Securities investment funds and the rapid development of China's economy, the impact of the financial system has continually increased, the fund industry in the national economy and financial market in the position has become increasingly important.This paper closely grasp the "ask questions, analyze and solve problems," the basic idea framework of the developed countries of the world through securities investment funds the development process, the status quo as well as operational management, asset allocation and monitoring mechanism in areas such as comparative analysis, to seek the China is the development of securities investment funds from the experiences and lessons of significance, from the experience of the Chinese foreign securities investment funds established and development.This paper is divided into four chapters. The first chapter of the investment funds of the relevant basic theory and briefly reviewed, focusing on the interpretation of securities investment funds in accordance with the content and the classification of different signs. Chapter 2 will focus on analyzing foreign securities investment funds, the development and management: First, foreign securities investment funds for development of foreign securities investment fund basic component and the United States, Britain, Japan and other developed countries the development of securities investment funds process and secondly, Japan , the United States developed countries the status of securities investment funds, the type of management model, governance structure, asset allocation and investment objectives, operational monitoring mechanisms in areas such as a comparative analysis of finding foreign securities investment funds can borrow from the development experience and the lessons learned. Chapter III focus of China's securities investment funds the development and management: First, China's securities investment funds for the development of China's securities investment fund basic component of China's Securities Investment Fund and the course of development; Secondly, the analysis of the securities investment fund management and operational characteristics Through the investment in China's securities investment fund management, asset allocation and investment objectives and characteristics of the scale analysis to identify the development of China's securities investment funds operating problems. Chapter IV of the China Securities Investment Fund on the development of policy recommendations and Prospect. For a sound legal regulatory system, the development of the fund industry to create a good environment for the reconstruction fund governance system, the formation and development of an open-end fund, made the corresponding development of the securities investment fund policy proposals reveals China prospects for the development of securities investment funds -- open-end funds the fund industry has become the mainstream of development.Based on the Japan-US Securities Investment Fund developed a comparative analysis of foreign securities investment funds in accordance with the development and management of the lessons of China's securities investment funds, the development of management problems, asset allocation and management for more detailed analysis. Comparison based on the findings of the study, in light of China's social and economic status, the World Fund for the development of the industry trends of China's securities investment funds, the establishment and development of China's securities investment funds to the development of macro policies, strategies and prospects of development of choice, made a number of shallow recommendations.