论文标题:我国证券投资基金的发展及运作研究
The Plan of BD Company"s Incentive Mechanism
论文作者 李林峰
论文导师 白思俊,论文学位 硕士,论文专业 工商管理
论文单位 西北工业大学,点击次数 129,论文页数 72页File Size4314k
2002-03-01论文网 http://www.lw23.com/lunwen_50479077/ 证券投资基金;发展;运作
securities investment funds;development;operation
证券投资基金以其方便投资、专家管理、分散风险、利益共享的独特魅力，以及在促进证券市场的发展，促进资本形成，优化产业结构，培植新的经济增长点等方面的积极作用受到各国政府和投资者的广泛关注，因而在世界各国得到了迅速发展。本文对证券投资基金发展及运作的研究是为了达到促进证券市场发展的三大目的：(1)超常规发展以证券投资基金为主的机构投资者；(2)证券投资基金市场监管政策的光滑性、平稳性、科学性；(3)保护证券投资基金持有人的合法权益。 在研究创作中我着重完成了以下几方面的工作：(1)根据中外投资基金有关资料，对证券投资基金给出较为确切的定义；从经济角度与法律角度分析界定其内涵。对国内投资基金的发展历程作回顾与分析，推断出目前我国证券投资基金所处的历史阶段；(2)重点分析了我国投资基金的现状、发展及运作中存在的主要问题，找出了形成的深层次原因，提出了中国证券投资基金规范化发展的战略决策；(3)对欧美和亚洲一些主要国家和地区投资基金进行比较分析，在比较中借鉴国外投资基金发展中的有益经验，以促使我国证券投资基金健康有序地发展；(4)对证券投资基金的投资理念、策略变化展开了具体分析研究，论述了监管与发展、运作与发展、开放式基金的推出与投资基金业的长期发展之间的辨证关系，指出科学化、系统化的研究对基金投资的重要性，指出了中国目前和将来所需发展证券机构投资者的方向与要求。 国内证券投资基金投资方式与投资策略近年来发生了演变与转换，投资风格日益多样化，数理模型的研究与使用日渐受到重视，证券投资基金的行为规则比博弈本身显得更重要。我国基金业的大发展时代即将来临，但随着基金数量和规模的增长，行业行为规范必须先行确立。研究表明，高效的市场监督与有效运作是证券投资基金发展的基石；开放式基金的建立与发展是证券投资基金长期发展的保证；投资研究的系统化和科学化是证券投资基金的主要内容；证券投资基金运作的专业化、理性化、规范性、合法性是其生存与发展的前提。
Securities investment funds (SIFs) are paid wide attention by governments and investors of all nations for their unique fascinations of convenience of investments, specialist management, decentralizing risks, sharing benefits and their positive functions of promoting security markets forming capitals optimizing industrial structures and cultivating new economic growth spot etc., and accordingly make rapid progress in all nations over the word. In this paper, researches on development and operation of SIFs aim at three main goals of promoting security markets progress: (1) hypernormally developing institutional investors most of which are SIFs; (2) the smooth, steady and scientific of supervisory policies in SIFs markets; (3) protecting legal benefits of SIFs holders.In my research, the following tasks have been emphatically completed from many respects: (1) On base of relative data of SIFs at home and abroad, making comparatively accurate definition of SIFs; analysing and demarcating its intension from economic and legal points of view. Development courses of domestic SIFs are reviewed and analysed, and the historic phrase of SIFs of our country at present is concluded. (2) The main problems lying in the present situation, development and operation of SIFs of our country are emphatically analysed, and the deep cause of their forming is found out and strategic decision of regularizing the development of SIFs in China is put forward. (3) They are contrasted among main nations and regions in Europe, America and Asia, and in the contrast the beneficial experiences of the development of SIFs in foreign countries are used for reference so as to promote domestic SIFs to develop soundly and regularly. (4) Investment ideas and varieties of strategies of SIFs are analysed and researched specifically, and the dialectical relationships between supervision and development, operation and development, the carrying forward of open-end funds and long-term development of investment funds industry are discussed, and the importance of scientific and systematical researches to fund investment is pointed out, and the orientation and the demand of developing institutional investors in China at present and in the future are pointed out.Investment patterns and strategies of domestic SIFs have evolved and transited in these years, and investment styles are increasing day and day, the study and the usage of mathematic modes are shown solicitude for increasingly, and conduct regulars of SIFs show more important than games themselves. The time in which the security industry of our country develops greatly is coming, but industrial conduct criterion must be erected first along with the growth of the quantity and the scale of SIFs. Researches show that high-efficiencymarket supervision and efficient operation are foundations of the development of investment funds; and that the construction and development of open-end funds are the insurance of long-term development of SIFs; and that systematization and scientificating of investment researches are the main contents of SIFs; and that specialization rationalization regularity and legality of the operation of SIFs are prerequisites of their survival and development.
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