对中国基金业困境的契约理论思考

Thinking of Contracts Theory on Trouble of China Investment Fund Industry

现实的契约都是不完全的,中国基金的契约也不例外,基金契约的不完全直接导致了封闭式基金折价率居高不下和开放式基金遭遇大范围的巨额净赎回。对此,要规范、约束契约主体行为,缩小契约“缺口”,构建第三方强制履约体系,建“立声誉”机制,促进基金契约自我履行。

All contracts in the world are incomplete, besides the contracts of China investment fund. This has caused China investment fund industry to get in trouble, which is the discount rate of closed-end fund is high and the open-ended fund encounters with extensive huge net redemption. Therefore we should control and restrict the managers＂ and trustees＂ behavior, reduce gap of the investment fund contract, construct the third sides of compulsive performing system of the investment fund contract, and build the reputation mechanism to promote the self-performing of investment fund contract.