Study On The Legislation On Corporate Securities Investment Fund

Corporate securities investment fund is a fund based on the formation of limited company, the company issues shares to investors to raise fund, invests the capital into securities market and distributes the profits to investors as dividend. Because of its advantages on design of the system, corporate fund can, to some extent, overcome shortcomings of contractual fund on the absence of fund holders in the management of fund and the difficulties in conducting fund managers effectively and so on, corporate fund has been developed very well in the world. Basically, all the developed fund markets take corporate fund as the main pattern of fund. At present, the fund has achieved an unprecedented development in China. However, there is only contractual fund in the fund market. From the fund's long-term development perspective, it is necessary to develop corporate fund to keep fund industry healthy. However, today, the fund market in China is still dominated by contractual fund; the regulations on fund industry are also just related to the contractual fund. At present, the"Law of Securities Investment Fund"has being revised, so the study of legislation on corporate fund is significant in theory and practice.The thesis is divided into four chapters with about 40000 words.Chapter one is a general analysis about corporate fund, including three parts, the history of corporate fund, the concept and characteristics of corporate fund , as well as the comparison between corporate fund and contractual fund. Through analyzing two popular theories to delimit corporate fund, the author defines corporate fund and shows advantages of corporate fund by analyzing characteristics of it. Moreover, this chapter emphasizes comparing corporate fund to contractual fund from the legal nature of fund.Chapter two mainly introduces the development and legislation of corporate fund in American, England and Japan and tries to learn successful experience from the three countries to promote the legislation of corporate fund in China. Through studying the legal system in American, England and Japan, the author points out fund industry can be developed by the following ways: the development of corporate fund can not be separated from the protection of legislation; legislation guarantee the healthy development of the fund industry; legislation must be consistent with national conditions .Chapter three analyzes the objective necessity for legislation on corporate fund. China's fund industry just spent a short span of a few decades while the other countries spent nearly a hundred years to finish the journey, and achieved remarkable results. However, behind the boom, risk of disadvantage caused by design defects of contractual fund constantly appear, "Law of Fund" with the core of regulating contractual fund can not adapt the further development of the fund industry. On the base of reviewing the history of fund industry, the author analyzes the problems of fund industry in the existing legal system, and goes further to point out that China has to develop corporate fund and accelerate the legislative process, moreover, the author also analyzes the feasibility of legislation on corporate fund in this chapter.Chapter four focuses on the author's ideas about the legislation in China. China's corporate fund legislation should take the principle to protect the interests of fund investors as the guiding ideology. According to national conditions, the existing law of fund should be modified and the regulation of corporate fund should be added into it to promote harmonization of the legal system. The key problem needed resolving in the process of legislation on corporate fund is how to regulate the relations and behaviors among the parties in order to achieve effective supervision on fund managers, therefore, the specific content of the legislation should also focus on the independent director system established in fund management companies, regulation of fund managers and the right of action of shareholders.