开放式证券投资基金发展问题研究

A Research on the Development of Open Type Securities Investment Fund

在系统比较分析开放式基金和封闭式基金制度设计及其市场效应的基础上 ,本文提出了开放式证券投资基金制度有效运作的经济条件 ,即证券市场的成熟有效、金融衍生产品市场的充分发展、合理的投资者结构、投资管理人才及技术系统的完善、建立有效的组织制度体系和法律约束机制、国民经济发展水平较高且呈稳定增长态势。由于我国目前并不具备大规模规范发展开放式基金的市场条件 ,我们应通过重组“中国金融监督管理委员会”和设立“阶段 -部分开放式证券投资基金”等 。

Based on a systematic comparison and amalysis of institution designs and securities market effects between open type fund and close type fund,in this paper,the author puts forward the economic conditions to utilize effectively the institution of open type securifies investment fund.the conditions include:efficient securities market,fully developed,financial derivative product market,rationable investors structure,perfect administrative talent and technical system,effective:legal and organization sysstem,continude and stable national economy growimg tendency.As our country has no market condition for developing open type fund on a large scale,it is neccessary for us to gradually develop open type fund through re-organizing'The financlal supervision Committee'and setting up'Stage-partly Open Type securities Investment Fund'and so on.