信息结构与基金管理人的违规行为分析

Analysis on Informational Structure and the Mis-conduct of Fund Manager

通过对基金各行为主体的博弈分析,发现信息结构对基金管理人的经营行为有重大影响。在信息不对称条件下,任何加大基金管理人违约成本和减少信息不对称的措施都有助于减少基金管理人的违规行为。为此,需要建立激励相容的监管制度,强化托管人的独立地位及其约束机制,完善基金管理人的内部治理机制,加强证券投资基金的信息披露并加大基金管理人的违规成本。

Through the analysis on fund's different aspects, it's discovered that informational structure has a big impact on fund manager's operating behavior. Under the circumstance of information asymmetric, any increase cost of breaking a contract and reduce information asymmetric will cut down fund manager' s mis-conduct. Therefore, compatible monitoring system should be encouraged. Strengthening trustees' independent position, setting up restrictive mechanism, optimizing the internal governance system of fund management, strengthening information disclosure of stock investment fund and increase the cost of breaking a contract should be taken into account.