契约型基金

契约型基金中的基本法律问题研究

Studies on the Basic Legal Issues of the Contract Fund

公司型基金与契约型基金是两种基金治理模式。

The corporation fund and contract fund are two governance fund modes .

第六部分通过对比公司型基金和契约型基金以及开放式基金和封闭式基金，从而得出了适合我国发展的房地产投资信托基金（REITs）的模式。

Part six compares corporate funds and contractual funds , open-end funds and closed-end funds in detail , and concludes on an approachable mode of REITs in China .

我国契约型基金内部约束模式的改革研究

The Reform of Internal Restrictive Mode of Contractual Fund in China

我国目前采取的是契约型基金的治理模式。

Contractual fund is the current model of fund governance in china .

首先，介绍了契约型基金治理中基金托管职能不同的设计模式。

First , introduce the different patterns of the fund trustee system .

但是，目前我国基金市场上仅存在契约型基金一种基金组织形式。

However , there is only contractual fund in the fund market .

证券投资基金（简称基金）作为一种投资组织制度，依据组织形态的不同分为契约型基金和公司型基金，无论何种形态的基金均为信托关系的反映。

The securities investment fund is an invested organized system .

论我国契约型基金托管人法律制度的完善

Study on the Improvement of Legal System of Contractual Fund Custodian in China

契约型基金能更好地保护投资者利益；

Contract fund is better in protecting the investor 's benefit than corporate fund .

第二，公司型基金治理结构优于契约型基金，可以弥补契约型基金治理的不足。

Second , the governance structure of corporation fund is superior to that of contractual fund .

而相比之下，契约型基金由于其结构特点，对管理人的监督不够有力。

In contrast , the supervision in Contractual Fund is not so effective due to its structure .

从基金组织形式划分，基金分为公司型基金和契约型基金。

From the organization information , securities investment funds includes two styles : firms funds and contracts funds .

主要内容包括投资基金的分类以及公司型基金与契约型基金的区别。

The main contents include the classification of investment funds and the differences between contractual funds and company-oriented funds .

契约型基金将当事人之间的契约关系显化，作为第三方的托管人具有较少的剩余监督权。

While contract fund are based on the apparent contractual relations , and the trustee has lesser residual control rights .

基金的主要分类有公募基金和私募基金，公司型基金、契约型基金和有限合伙型基金。

The main kinds of fund are public fund and private fund , corporate fund , contract fund and limited partnership fund .

正是在这一思想的指导下，再加上我国的证券投资基金又为契约型基金，因此笔者决定对这样一个题目作一点阐述。

Just at the guide of such idea , and also the contract fund is our main model , the author decided to finish the article .

从本文的标题人们就可以看出，笔者希望对契约型基金中的基本法律问题作一点探讨。

From the title of this article , readers can know that the author wants to probe into the basic legal issues of the contract fund .

从世界流行的两种证券投资基金模式来看，无论是公司型基金还是契约型基金，其自身都设有保护基金投资人的内部机制，两种保护模式各有优劣。

Both the contractual type and the corporate type have their own internal mechanism to protect their investors . Either of them has its advantages and disadvantages .

契约型基金本质上是一种信托关系，它赋予受托人充分的自由度和信托资产的控制权，容易产生道德风险。

Contractual fund is a kind of trust relationship , which gives the Trustee much freedom to manage the fund property , it may bring on the moral hazard .

将基金托管人作为构建审计监督的核心角色，从多层面分析如何加强对契约型基金的监督管理。

The custodian has been thought the core role in order to construct audit supervision system , and how to strengthen supervision and management on mutual fund from multiple analysis .

作者在文中提出，我国应采取统一立法方式，不分投资对象统一立法，将公司型基金与契约型基金统一纳入《投资基金立法》中。

The author points out that we should construct the system of the corporate fund clearly in the Investment Fund Law in uniform model , not according to the investment objection of fund .

第三，从市场竞争的角度，推出公司型基金可以为投资者提供更多选择，有利于契约型基金的自我完善。

Third , from the aspect of market competition , the introduction of corporation fund offers the investors other choice of fund investment , and also put pressure on the improvement of the contractual fund governance .

投资基金按照组织形式主要分为契约型基金与公司型基金两种类型，目前国际上以美国为代表的许多发达国家采用的主要形式为公司型基金。

Investment funds can be divided by organization into two types : contractual fund and company-oriented fund . Nowadays company-oriented fund is adopted by many developed countries such as America as the main form of investment funds .

我国契约型基金的治理缺陷在于，对于托管人的选择权与监督权由基金管理人掌握，并且基金持有人不具备召开持有人大会进而行使控制权的现实途径。

The disfigurement of fund governance in our country is that the election and superintendence to the third party seized by the manager , and the holders do not have the realism approach to convoke the holder convention .

尽管新的《证券投资基金法》已出台，但我国目前基金的主流形式&契约型基金在对投资人利益的保护上存在着缺陷：在实践上存在着基金内部人控制现象严重等诸多缺陷。

Although < the law of Securities Investment Fund > has come to birth , there exist practical problems on the protection of the benefit of investors , in Contractual Fund which is the main form in China .

由于契约型基金组织结构上的先天缺陷，我国监管机构要求基金管理公司的董事会和独立董事在实现基金管理公司股东利益最大化的同时，起到保护基金投资者的作用。

Because of flaws in contractual mutual funds ' governance structure , Chinese regulators ask the board of directors as well as independent directors of fund management companies to protect the fund investors , while maximizing their shareholders ' interests .

至今我国投资基金的主要形式依旧是单一的契约型基金，然而由于公司型基金的制度性优势，随着基金业的发展，我国的基金业未来发展方向也必然是公司型基金。

So far the main form of investment funds in China is still the single contractual funds , however , as the fund industry develops , the future choice would still be company-oriented fund because of the advantages it brings .

然而，在蓬勃发展的背后，契约型基金由于机构设计上的缺陷所导致的风险劣势不断显现，以契约型基金为规范核心的现行《基金法》也越来越不能适应基金业的进一步发展。

However , behind the boom , risk of disadvantage caused by design defects of contractual fund constantly appear , " Law of Fund " with the core of regulating contractual fund can not adapt the further development of the fund industry .

第四章是本文的创新之处，首先是对中国基金市场现状的分析，契约型基金治理存有缺陷，发展公司型基金是中国基金市场的现实需求，而公司型基金的发展并不存在实质性障碍。

First of all , it analyses the status quo of Chinese fund market : the governance of contract fund is not perfect , the development of corporate fund is the realistic demand of Chinese fund market , and there is no substantial obstacles .