证券投资基金模式演变的几个理论解释

Several Theory Explaination on Evolvement of Investment Fund Pattern

一百多年来,证券投资基金不断得到发展,基金形式也从早期单一的封闭式基金演变成为开放式基金占主导。本文试从科斯的交易成本理论、委托代理理论和契约理论来对这种演变进行解释。

In the early stage, close-end is the only pattern of investment fund.But in the recent 100 years or so, a-long with the constantly development of investment fund, open-end fund gradually predominate over the close-end one. In the thesis, the author tries to explain this kind of evolvement by Coase' s transaction cost theory, Principal-agent theory, and Deed theory.