中国证券投资基金发展策略研究
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摘要
证券投资基金作为一种金融投资工具，已有100年多年的历史，但在我国发展不过10几年的时间，而且要算接近正规发展要从1997年《证券投资基金管理暂行办法》算起，那么时间就更短了，才5年多时间。可想而知，我国的证券投资基金处于初级阶段，就象我国的股票市场、债券市场一样，它存在若干问题，它迫切需要发展，本文正是从这个角度出发，来探讨我国证券投资基金的发展策略。
本文从我国证券投资基金现状分析入手，从内部和外部两方面来分析我国证券投资基金存在的问题。在内部问题上，主要分析了基金治理结构所涉及到的三方当事人(基金持有人、管理人、托管人)之间所存在的问题；在外部问题上，主要从立法和市场结构两方面找出存在问题。然后，针对这些问题，介绍其它基金业成熟国家的做法，并且对不同国家的做法进行比较分析，最后提出我国证券投资基金发展策略。
本文的意义在于为还未出台的《证券投资基金法》提供一些建议。如在立法时，本文提出应明确证券投资基金的信托本质，并在名称上有所体现，并且关于立法模式，本文提出设立一种新的模式，即投资者为委托人，管理人和托管人为共同受托人，同时通过特别立法赋予托管人极大的权限，使其不局限于信托契约中的权利义务，享有更多的权利，负有更多的义务。在市场结构问题上，主要从四方面进行了分析，第一方面，提出应丰富我国的投资基金品种，并在文中具体提出了如何发展若干种新投资基金；第二方面，投资者结构方面，提出了丰富机构投资者种类和进一步引导个人投资者；第三方面，基金监管方面，提出了我国证券投资基金在各个发展阶段的监管策略；第四方面，基金评价体系方面，在借鉴美国晨星系统(证券投资基金评级系统)基础上，设计了我国基金评价体系，并且提出具体评价方法，可为我国基金评级体系的建立做一些参考。
文中引用了必要的数据进行分析说明，使文章建立在客观现实的基础上，以期为我国证券投资基金的发展提供一些建议和策略思考。
Security investment funds, as a financial investment tool, have a history of more than 100 years, but they develop less than 10 years in our country. Actually, from "security investment funds management temporary means" in 1997, their rather regular development is only more than 5 years. As we know, the security investment funds, as stock market and bond market, are in primary stage, so there are many problems, and they need grow urgently. This paper just starts from this point of view, and studies the developing strategies of security investment funds of our country.
Starting from the status of security investment funds of our country, this paper analyzes the problems existing in security investment funds from the inside and the outside. At the inside problems, it mainly analyzes the problems in three parties, namely, funds holder, funds manager and funds trustee, involved in the funds management configuration. At the outside problems, it finds the issues from the aspects of lawmaking and market structure. Then, it aims at these issues to introduce deeds of other countries who have mature funds industry, at the same time, comparative analysis goes along in different countries, finally we put forward the strategies about security investment funds of our country.
The meaning of the paper consists in a bit of advice for the coming on of the security investment funds' law. For example, the paper puts forward that we should make sure the entrust essence in the law of security investment funds, and correct the name, and build a new model about lawmaking model, that is, investors is client, and funds manager and trustee are assignee, and at the same time, much right should be given to the trustee in order to make him own much right and bear much duties. At the market structure problems, it analyzes them from four sides: putting forward that we should enrich our funds variety and how to enrich; putting forward we should enrich funds investors' variety and attract more individual investors; putting forward the strategies hi different ward moment; referring American estimation system-
Morning Star, designing the system of our country, and putting forward particular evaluation means to build our funds estimation system.
In writing the paper, the author used a great number of data to make it founded on the basis of reality, with the purpose of affording some suggestions and strategic questionings for the development of security investment funds of our country.
本文从我国证券投资基金现状分析入手，从内部和外部两方面来分析我国证券投资基金存在的问题。在内部问题上，主要分析了基金治理结构所涉及到的三方当事人(基金持有人、管理人、托管人)之间所存在的问题；在外部问题上，主要从立法和市场结构两方面找出存在问题。然后，针对这些问题，介绍其它基金业成熟国家的做法，并且对不同国家的做法进行比较分析，最后提出我国证券投资基金发展策略。
本文的意义在于为还未出台的《证券投资基金法》提供一些建议。如在立法时，本文提出应明确证券投资基金的信托本质，并在名称上有所体现，并且关于立法模式，本文提出设立一种新的模式，即投资者为委托人，管理人和托管人为共同受托人，同时通过特别立法赋予托管人极大的权限，使其不局限于信托契约中的权利义务，享有更多的权利，负有更多的义务。在市场结构问题上，主要从四方面进行了分析，第一方面，提出应丰富我国的投资基金品种，并在文中具体提出了如何发展若干种新投资基金；第二方面，投资者结构方面，提出了丰富机构投资者种类和进一步引导个人投资者；第三方面，基金监管方面，提出了我国证券投资基金在各个发展阶段的监管策略；第四方面，基金评价体系方面，在借鉴美国晨星系统(证券投资基金评级系统)基础上，设计了我国基金评价体系，并且提出具体评价方法，可为我国基金评级体系的建立做一些参考。
文中引用了必要的数据进行分析说明，使文章建立在客观现实的基础上，以期为我国证券投资基金的发展提供一些建议和策略思考。
Security investment funds, as a financial investment tool, have a history of more than 100 years, but they develop less than 10 years in our country. Actually, from "security investment funds management temporary means" in 1997, their rather regular development is only more than 5 years. As we know, the security investment funds, as stock market and bond market, are in primary stage, so there are many problems, and they need grow urgently. This paper just starts from this point of view, and studies the developing strategies of security investment funds of our country.
Starting from the status of security investment funds of our country, this paper analyzes the problems existing in security investment funds from the inside and the outside. At the inside problems, it mainly analyzes the problems in three parties, namely, funds holder, funds manager and funds trustee, involved in the funds management configuration. At the outside problems, it finds the issues from the aspects of lawmaking and market structure. Then, it aims at these issues to introduce deeds of other countries who have mature funds industry, at the same time, comparative analysis goes along in different countries, finally we put forward the strategies about security investment funds of our country.
The meaning of the paper consists in a bit of advice for the coming on of the security investment funds' law. For example, the paper puts forward that we should make sure the entrust essence in the law of security investment funds, and correct the name, and build a new model about lawmaking model, that is, investors is client, and funds manager and trustee are assignee, and at the same time, much right should be given to the trustee in order to make him own much right and bear much duties. At the market structure problems, it analyzes them from four sides: putting forward that we should enrich our funds variety and how to enrich; putting forward we should enrich funds investors' variety and attract more individual investors; putting forward the strategies hi different ward moment; referring American estimation system-
Morning Star, designing the system of our country, and putting forward particular evaluation means to build our funds estimation system.
In writing the paper, the author used a great number of data to make it founded on the basis of reality, with the purpose of affording some suggestions and strategic questionings for the development of security investment funds of our country.
引文
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[2] Markowitz H. Portfolio Selection. Journal of Finance. 1952, Vol.7, 77～91
[3] William F. Sharpe, Gordon J. Alexander, Jeffery V. Bailey. Investments.北京：中国人民大学出版社，2002．167～182
[4] 陈立．影响未来的中国基金产业．北京：中国财政经济出版社．2001．494
[5] 王国良基金投资．上海：上海科学技术文献出版社，2002．8～48
[6] R．R．Arrow．投资基金．北京：企业管理出版社，1999．12～311
[7] 何德旭．我国投资基金在新老交替中成长．瞭望新闻周刊．2000(38)：33
[8] 王彦国．投资基金论．北京：北京大学出版社，2002．86～88
[9] 杜书明，李涌．2002投资基金发展报告．证券周刊．2002(17)：10～18
[10] 李清芬．投资基金市场结构分析当代经济研究．2002(2)：53
[11] 冯秀红，胡维华．中国投资基金发展的经济学分析．华东经济管理．2002(4)：116
[12] 马红军．证券投资基金的制度经济学分析．河南金融管理干部学院学报．2002(1)：44
[13] 刘静．证券投资基金的功能缺陷与委托代理问题．投资与证券．2000(11)：36～39
[14] 王军．我国证券投资基金的法律本质及相关法律问题研究．陕西：西安交通大学．2001：13～50
[15] 周玉华．投资信托基金法律应用．北京：人民法院出版社，2001．337
[16] 秦振球．保险资金目前为何不看好证券投资基金?上海保险．2002(5)：30
[17] 欧明刚．基金治理结构的比较研究．www.158china.com海融资讯网．2001．12
[18] 刘朝晖．英美证券投资基金内部治理结构的比较及启示．江西财经大学学报．2002(2)：7～10
[19] 何德旭，王轶强．美国投资基金制度的最新发展及启示．财贸经济．2002(1)：74
[20] 蔡庆丰，李超．开放式公司型基金治理结构的国际比较．新金融．2002(10)：36～38
[21] 韩国证券投资信托法．1975．7．22
[22] 日本证券投资信托法．1956．6．9
[23] 中华人民共和国信托法．2001．4．28
[24] 王苏生．证券投资基金管理人的责任．北京：北京大学出版社，2001．4～6
[25] 徐敬云．我国证券投资基金信托设计的立法模式选择．www.chinaeis.com．中华企业信息港．2002．5
[26] Vikram Nanda, M.P.Narayanan, Vincent A. Warther. Liquidity, Investment Ability, and Mutual Fund Structure. Journal of Financial Economics. 2000,Vol.57, 417～443
[27] 张惠．聚类分析在投资基金分类中的运用．经济管理．2002(7)：83～85
[28] 陈立．影响未来的中国基金产业．北京：中国财政经济出版社．2001．97～158
[29] 常科．ETFs的运作模式与竞争优势．新金融．2002(9)：37～39
[30] 任奇，秦泓波．透视证券投资基金持有人的机构化趋势：政策突破是关键．证券周刊．2002(17)：47～49
[31] 姜洋，王军．基金管理公司监管的比较分析．财贸经济．1999(3)：34～37
[32] R．R．Arrow．投资基金．北京：企业管理出版社，1999．307～311
[33] Mark M. Carhart, Jennifer N. Carpenter, Anthony W. Lynhch, David K. Musto. Mutual Fund Survivorship. The Review of Financial Studies. 2002, Vol. 15, 1439～1463
[34] Chevalier.J.,Ellison.G. Are Some Mutual Fund Managers Better Than Others? Crosssectional Patterns in Behavior and Performance. Journal of Finance. 1999, Vol.54, 875～899
[35] 赵广辉．开放式基金-理论、实务与投资．北京：机械工业出版社，2001．211～214
[36] 马永开，杨桂元．Morningstar的共同基金业绩评价．江苏统计．2000(5)：15～17
[37] Elton, E.J., M.J.Gruber, C.R.Blake. A First Look at the Accuracy of the CRSP Mutual Fund Database and a Comparison of the CRSP and Morningstar Mutual Fund Databases. Journal of Finance.2001, Vol.56, 2415～2430
[38] 任晓岚．建立健全的证券投资基金监管体系．经济师．2002(8)：105～106
[39] 毕秋香．完善我国基金业绩评价体系．证券日报．2002．11．25
[40] Edelen.R. Investor Flows and the Assessed Performance of Open-end Mutual Funds. Journal of Financial Economics. 1999, Vol.53, 439～466
[41] 刘月珍，杨义群．中国证券投资基金评价体系研究．财贸经济．2002(2)：20
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