保险基金管理公司的治理研究

我国现有的基金管理公司治理中还存在持有人利益缺乏保护、信息不透明、外部监督不完善等问题，保险公司出于信息不完全和缺乏控制力的考虑，对基金的投资比例难以实现重大突破，因此通过发起和参股基金管理公司的方式建立保险基金管理公司成为当务之急。保险基金管理公司是双重委托代理关系。保险基金管理公司须从内部治理机制和外部监督机制两个方面来控制治理风险。内部治理机制主要包括科学的投资决策机制、严格的风险控制制度和合理的激励约束机制；外部监督机制主要包括市场监督和法制监督。

The corporate governance of existing mutual fund management companies is flawed with problems such as lack of protection on participant＇s benefits, lack of transparency and insufficient external oversight, etc. Out of consideration of lack of complete information and power of control, insurance companies are not able to achieve major breakthrough in the percentage of mutual fund investment. Therefore, it has become important and urgent for insurance companies to set up their own insurance mutual fund management company by initiating or making equity investment in mutual fund management companies. There are two layers of agency relationship in an insurance mutual fund management company. It should control its governance risks from the aspects of internal governance mechanism and external supervision mechanism. The internal governance mechanism mainly includes scientific investment decision - making mechanism, strict risk control mechanism and rational incentive restriction mechanism. The external supervision mechanism refers to market supervision and legal supervision.