投资法人制度的导入与投资者保护——以日本法为借鉴

The introduction of investment corporation system and the investor protection: learn for the law in Japan

证券投资基金根据组织形式的不同,可以分为公司型基金和契约型基金。目前,公司型基金在我国的立法和实践中尚未得到认可。但从整个国际趋势来看,公司型基金是一种不可或缺的主要基金组织形式,其在美国、英国、日本等国家都有了迅速而健全的发展。其中日本在1998年导入被称为"证券投资法人"的公司型投资基金制度,2000年又将其修改为"投资法人"制度,弥补了单一基金形式的不足,极大地促进了基金品种的创新,更全面地保护了投资者的利益。投资法人制度与其原有的契约型投资基金制度共同推动着日本投资基金业的发展。本文在考察分析日本投资法人制度的基础上,探讨该制度对当前我国《证券投资基金法》修改的借鉴意义以及在投资者保护方面的积极作用。

Securities investment funds under the different organizational forms can be divided into corporate funds and contractual funds. Currently, the corporate funds have not been recognized in the legislation and practice in China. However, as an international trend, corporate funds is an indispensable organization format, and have a rapid and sound development especially in the US, UK, Japan and other countries. A corporate investment fund system, known as the ＂securities investment corporation＂ was introduced in Japan in 1988, which was later modified to ＂institutional investor＂ system in 2000, making up for insufficiency of a single fund, therefore greatly promoted the innovative fund products and put more protection on the interests of investors. The institutional investor system together with the original contractual investment fund system promote the development of Japanese investment fund industry. Based on the analysis of the Japanese institutional investor system, this paper discusses its reference to the modification of China’s ＂Securities Investment Fund Law＂ and its positive role in the protection of investors.