| Corporation fund and contract fund are devided according to the difference of organization form of investment fund. Corporation fund is popular in USA, and contract fund is in fashion in England and Japan. So far, all investment fund are in the form of contract fund in China. It should say that, this form is fit for the situation of legal and market when we create the fund initially. Along with the passing time, more and more questions are discovered in the governance structure of contract fund. The existence of these questions have hurt the trust of the investor to invest fund greatly, and also added more unhappy factors to the development of fund in the future in China. So, the key of reformation in the fund sector of China is to improve the structure of fund governance, to protect the benefit of investor, to enhance the trust of the investor. The article starts with the governance structure of corporation fund and contract fund, analyses the typical modes of this two kind of funds deeply, not only in theory, but also in practice. It discovers the characters and successful experience of them, and it provides excellent uses for reference for the improvement of the governance structure of contract fund, it also widen the thoughts for the creation and development of corporation fund which haven't come on yet. There are three parts in the following article.The first part, including the first chapter, mainly explains basic meaning of several important concepts, such as investment fund, governance structure of fund, corporation fund and contract fund. It also draws a comparison between corporation fund and contract fund from many aspects, and lays theory foundations for the in-depth analyses of the following text.The second part, including the second and third chapter, puts emphasis on the research of the several modes existed in the true life of corporation fund and contract fund, involves the mutual fund of USA and trust fund of England, Japan and Hong Kong. It provides practical consult for the reformation of China fund sector through in-depth analysis of the organization character of these modes and the successful experience in the protection of the benefit of the investors.The third part, including the fourth, the fifth and the sixth chapters, is mostlyestablished in the practice of China fund sector. One side, it gives emphasis to analyses the status quo of governance structure of contract fund in China, and brings out corresponding advices for improvement; on the other side, it makes research on the legal obstacle that corporation fund faced at present, and also provides several ideas for the future development, In the end, it brings forward it's own viewpoint on the legal orientation of these two kind of funds in the course of investment fund legislation.It ought to say, corporation fund and contract fund existed broadly in sizable area. Although, corporation fund has more scientific arrangement in the governance structure, contract fund also has the rationality of its existence. The purpose we studied is not to substitute another kind of fund with a kind of fund, but to provide more options for the investors, so that the investor or the market decides finally: which are more adaptable to the market of China, corporation fund or contract fund. |
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