| The Chinese fund market has begun to take shape after more than ten years ofdevelopment, the amount of funds is growing, and investors increasingly recognized thiskind of investment. But at the same time, fund market exposed many problems, such assingle Contractual Fund form is difficult to meet the demand of diversified investment,lack of reputation mechanism and so on, all of these restricted the development of Chinesefund industry. The corporate fund is a common form of the funds in the world, but thereisn’t base of practice in our country, it is regrettable that the newly revised "SecuritiesInvestment Fund Law" not prescribed how to set up a corporate fund. This paper analysisthe necessity and feasibility of the corporate fund development in China by researchingthe internal governance of the corporate funds, and make suggestions to build the internalgovernance of Chinese Corporate Fund by learning from the advanced experience of thetypical national development of Corporate Fund, hope to help our country to introduce andlocalize Corporate Fund.This paper can be divided into four parts:The first part is introduction, including the background and significance of the paperselection, literature review, and research methods.The second part summarized the concept and characteristics of Corporate Fund,through comparative analysis of the governance mode and legal relationship ofContractual Fund and Corporate Fund, it is concluded that the governance mode ofCorporate Fund can protect investors better; through the analysis of the situation of fundindustry of our country and the development tendency of the international fund industry, itdemonstrate that the development of Corporate Fund in our country is necessary andfeasible.The third part is the focus of the paper. Through the comparison of the internalgovernance structure of Corporate Fund of the typical countries, and focus on the analysisof the independent director system of America, additional director system of the British,monitor system of Japan, it draw relevant revelation to the development of Chinese Corporate Fund, which we should guide the development of Corporate Fund in the form oflegislation, should comply with the actual of our country when we are building CorporateFund system, and create a favorable environment for the development.The fourth part is the innovation of the paper, on the basis of summary and analysis ofseveral parts, and puts forward some suggestions on the design of internal governancestructure system of Chinese Corporate Fund. The paper reorganizes the relevant opinionsof domestic and international perspectives, put forward that we should set up independentdirector in Corporate Fund for external supervision, set up board of supervisors forinternal supervision, and through strict information disclosure system and flexible andeffective incentive mechanism for internal constraints on it, so as to improve thegovernance structure of the fund, to better protect the interests of investors. |
