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自1997年11月颁布《证券投资基金管理暂行办法》以来,我国针对证券投资基金相继出台了一系列的法律法规,2003年10月颁布了《证券投资基金法》。这些法律法规相互补充、自成体系,为我国投资基金的治理安排构筑了法律框架。在目前基金相关法律法规体系下,我国的证券投资基金首先由基金发起人发起,由发起人与管理人和托管人签订基金契约,向公众招募后正式设立。由于我国投资基金治理结构主要是采取契约型治理结构,经过数年的发展,我们不难看到由于其存在着严重的内部缺陷,以及监管体制的不完善,从而阻碍了我国基金业健康、有序的发展。因此,通过对两种不同类型治理结构的比较研究,我国投资基金应该根据自身特点选择恰当的制度模型、内部制度以及监督机制。
Since the Interim Measures for the Administration of Securities Investment Funds was promulgated in November 1997, a series of laws and regulations have been promulgated for securities investment funds in China. In October 2003, the Securities Investment Funds Law was promulgated. These laws and regulations are mutually reinforcing and self-contained systems, establishing a legal framework for the governance arrangements of China’s investment funds. Under the current fund-related laws and regulations, China’s securities investment fund was first initiated by the sponsor of the fund. The sponsor and the custodian and the custodian signed the contract of fund, which was formally established after recruitment to the public. As China’s investment fund governance structure is mainly contractual governance structure, after several years of development, we can easily see that due to its serious internal defects, as well as the regulatory system is imperfect, which hindered the healthy and orderly fund industry in our country development of. Therefore, through the comparative study of two different types of governance structure, China’s investment funds should choose the appropriate institutional model, internal system and supervision mechanism according to their own characteristics.