对我国开放式基金困境的思考

我国开放式基金的契约是不完全的，契约的不完全导致了逆向选择、道德风险和投资者维权困难等一系列问题，进而多数导致投资者选择结束其基金投资行为。此举造成开放式基金遭遇大范围的巨额净赎回，开放式基金陷入困境。本文从不完全契约理论现有分析框架出发，结合我国基金业具体情况，提出了三个方面的对策，即规范、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等，以确保基金契约的较好履行，促进我国开放式基金规范、健康、稳定发展。

On the Dilemma of Chinese Open Investment Fund

This paper holds the view that the contracts of Chinese open fund are incomplete, which has caused a series of problems such as the adverse selection, the moral risk and investors' unprotected rights. Thus, investors have redeemed a lot of their fund share and Chinese open funds are in trouble. On the basis of these analysis, the paper puts forward three proposals to help Chinese open funds get out of the trouble. The first is to control and restrict the managers'and trustees' behavior and reduce the gap of fund contracts. The second is to construct the third sides of compulsive performing system of the fund contracts, the last is to build the reputation mechanism to promote the self-performing of fund contracts.