论私法自治环境中的投资基金监管

The Supervision of Investment Funds in the Environment of Private Law Autonomy

在私法自治环境中,基金管理人的信赖义务和风险防范与控制机制是投资基金存在与运行的重要制度基础,能保障投资基金安全和顺利的发展与运作。然而,私法自治本身存在的局限性,使基金管理人提供的制度保障不可避免地产生缺陷,从而危及基金投资者的利益和基金市场的正常运作秩序,结果是政府必须出面干预基金市场,使监管成为必然。同时,因为在投资基金监管中,政府失灵现象严重,因此,政府监管必须遵循适度干预原则。

In the environment of private law autonomy, fund supervisors＂ trust obligation aria the risk defending and controlize mechanism are the important system basis on which investment fund exists and runs. However,the limitation of private law autonomy inevitably makes the system safegard offered by fund supervisor produce defects thereby which will endanger the interest of fund investors and the natural running order of fund market,resulting in government intervene fund market,so regulation becomes inevitable. At the same time, the phenomenon of government failure is severe in the regulation of investment fund,so government supervision must follow the principle of moderate intervening.