证券投资基金是一种集合投资、专业理财的工具,本质上体现的是委托——代理关系。委托人（基金持有人）与代理人（基金管理人）追求的目标并不一致,委托人和代理人之间的信息不对称的,代理人处于相对弱势。目前,我国的证券投资基金是公募的契约型（最新的《证券投资基金法草案》已称之为“信托制基金”）的基金,本文通过契约型基金与公司型基金治理结构的比较,通过公募基金与私募基金治理结构的比较分析,指出我国基金业还处于发展的初级阶段,在基金管理的实际运作过程中,我国基金业还未建立起较完善的、能有效保护基金持有人利益的基金治理结构;我国基金市场尚未进入完全的市场竞争阶段,在某种意义上更加弱化了市场力量对基金管理人的外部监督作用。因此,建立适合我国国情的能切实保护投资者 Securities investment fund is a collection of investment, professional financial management tools, essentially reflects the principal-agent relationship. The principal (the fund holder) and the agent (the fund manager) pursues the goal is not consistent, the client and the agent of the information asymmetry, the agent is at a relative disadvantage. At present, China’s securities investment fund is a public offering contractual type (the latest “Securities Investment Fund Act Draft” has been called “trust fund”) fund. Through the comparison of contract fund and corporate fund governance structure, The comparative analysis of public fund and private fund governance shows that the fund industry of our country is still in the initial stage of development. During the actual operation of fund management, the fund industry in our country has not set up a perfect system and can effectively protect the interests of fund holders The fund management structure of our country has not yet entered the stage of complete market competition and in some sense weakened the external supervision function of market forces on fund managers. Therefore, the establishment of suitable for China’s national conditions can effectively protect investors