试论投资基金的治理结构

On the Governance Structure of Investment Fund

投资基金的治理结构包含三个层次,即基金的各方当事人权利义务的制度安排、基金内部约束机制、外部市场压力及监管制度。针对我国基金治理结构目前存在的问题,可通过引入独立董事制度、将基金经理的报酬机制与公司的经营业绩挂钩、增强外部市场的竞争压力等途径,使之逐步完善。

As a set investment tool and the combination of trust, contract and corporate institutions, investment fund is a new form of enterprise operating on the basis of organized and contractized trust. The governance structure of investment fund includes: the arranging systems of the rights and obligations of each party to the funds, the checking and balancing mechanism inside the investment funds and the pressures from market competition and supervision mechanism of government . This paper explores the present situation of the governance structure of investment fund and suggests ways to perfect it at the three levels.