契约型证券投资基金管理人制约机制探析

发布时间：2018-04-27 01:07

本文选题：基金管理人 + 内部治理　；参考：《西南政法大学》2011年硕士论文

【摘要】：契约型证券投资基金管理人的制约理论历来都备受重视,但是对于分散的制约要点以及仅仅从表面上去分析我国现行立法的不足很可能使探讨陷于困扰之中。本文在探讨契约型证券投资基金管理人制约机制时主要是从两个方面把握探讨重点：一是对于基金管理公司而言,内部的公司治理结构是从内而外延伸开去,找到基金管理人背离其他基金关系参与主体利益的根由,同时基金管理公司的内部结构不同于一般公司,也难以寻求如英美法中衡平法以及信托原理、多重所有制制度的支持,而只能从固有民商法理论中实现补偿。二是从信托理论入手,以求解决委托人的利益都不同程度受受托人不当行为侵害的基本问题,对此,本文从信托关系即基金法律关系架构及不同利益主体博弈的角度探寻利益的平衡点,从法律与经济思维的角度寻找各当事人如何在稳健和谐的利益链条中对基金管理人进行有效的制约,最后实现基金法律关系的重塑,将基金管理人的制约机制转化为基金法律关系的改良和完善,以此促进我国契约型证券投资基金行业的健康发展。本文除引言外,共分为三部分：第一部分基金管理人公司治理的完善,主要介绍了基金管理公司内部治理结构的优化与改进、基金管理人固有义务对基金管理人的限制以及基金管理人评价体系对基金基金公司自身建设的进一步推动。其中,重点部分为基金管理人公司治理的完善,基金管理公司不同于一般公司治理中的股东与董事、监事、高管的关系,而是从第三方利益主体基金份额持有人的角度探讨公司治理的新模式,以自身公司治理的完善来保障基金法律关系的稳定,从而实现公司治理的更高目标——股东利益与基金投资者利益的统一。第二部分基金法律关系的完善,共分为三节。分别阐释了基金法律关系架构的完善、基金托管人对基金管理人的制约以及基金份额持有人对基金管理人的制约。其中,重点部分着落在基金持有人对基金管理人制约机制的考量。基金法律关系有分离论与非分离论,我国基金法律关系属于法定的三方关系统一在一个信托关系当中,两个受托人同时为委托人完成信托事务,然而这种设计只能依靠我国固有的传统民法理论中的委托代理、合同关系、侵权关系等加以保护,本节重点以适合于我国国情的传统理论的应用与完善来构建稳健和谐的各方当事人利益链条。基金托管人与基金持有人对基金管理人的制约在我国显得比较薄弱,本节重点在于探讨基金持有人个体以及持有人大会对基金管理人的制约作用,同时从程序法以及操作细节上保障基金持有人即信托关系中的委托人有效制约受托人的代为理财行为。第三部分基金托管人责任体系的完善,主要借助前两部分对基金管理人制约要点的确定,从而配之于相应的责任追究制度。主要内容包括行政责任、民事责任、刑事责任在制度层面以及操作层面的完善。
[Abstract]:The restrictive theory of the contractual securities investment fund manager has always been paid much attention. However, the main points of the restriction and the analysis of the deficiency of the current legislation in our country on the surface are very likely to be troubled. This paper is mainly to grasp two aspects when discussing the management mechanism of the contractual securities investment fund manager. The key points are as follows: first, for the fund management company, the internal corporate governance structure extends from the inside out, finds the foundation that the fund manager deviates from the other fund relations and participates in the interests of the main body, while the internal structure of the fund management company is different from the general company, and it is difficult to seek the equity and trust principles in the Anglo American law. The support of the system of multiple ownership can only be compensated from the inherent civil and commercial law theory. Two is the basic problem that the trustee's interests are affected by the trustee's misconduct to different degrees from the trust theory. In this paper, the paper seeks the benefit from the perspective of the trust relationship, the framework of the legal system of the fund and the game of different interests. From the perspective of legal and economic thinking, we find out how the parties can effectively restrict the managers of the fund in a stable and harmonious interest chain, finally realize the reconstruction of the legal relationship of the fund, and transform the restriction mechanism of the fund manager into the improvement and perfection of the legal relationship of the fund so as to promote the contractual securities of our country. The healthy development of the investment fund industry.
In addition to the introduction, this article is divided into three parts.
The first part is the improvement of the corporate governance of the fund manager. It mainly introduces the optimization and improvement of the internal governance structure of the fund management company, the limitation of the inherent obligation of the fund manager to the fund manager and the evaluation system of the fund manager on the self construction of the fund company. The fund management company is different from the relationship between the shareholders and directors, the supervisors and the executives in the general corporate governance, but the new model of corporate governance is discussed from the angle of the third party interest fund holders, which ensures the stability of the legal relationship of the fund by the improvement of its own corporate governance so as to realize the corporate governance. High goal -- the unity of shareholders' interests and fund investors' interests.
The second part of the legal relationship of the fund is divided into three sections. It explains the perfection of the framework of the legal relationship of the fund, the restriction of the fund custodian to the fund manager and the restriction of the fund holder to the fund manager.
The legal relationship of the fund has the theory of separation and non separation. The legal relationship of the fund in our country belongs to the legal three party relationship in one trust relationship, and the two trustees complete the trust affairs for the trustee at the same time. However, this design can only rely on the principal-agent, contract relationship and tortious relationship in the traditional civil law theory of our country. Protection, this section focuses on the application and improvement of traditional theories suitable for China's national conditions, so as to build a stable and harmonious interest chain among the parties.
The restriction of fund custodian and fund holder to fund manager is relatively weak in our country. The focus of this section is to discuss the individual of the fund holder and the restriction of the holder's meeting on the fund manager. At the same time, the principal of the fund holder, that is, the trustees in the trust relationship, can effectively restrict the trustee from the procedural law and the operation details. It's an act of money.
The third part of the fund custodian system of responsibility to improve, mainly by the first two parts of the fund manager to determine the key points, so as to match the corresponding accountability system. The main content includes the administrative responsibility, civil liability, the criminal responsibility in the system level and the operational level.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.28;F832.51

【参考文献】