投资基金管理人不当行为与处罚研究

为了保护基金持有人的利益,欧美国家对投资基金管理者不当行为的法律约束,比证券市场的对等交易更为严格。中国基金业在发展过程中存在契约精神缺失、经济主体对政府信用过度依赖、法律监管不完善等问题,达不到履行信托责任的基本要求。因此,除了依靠法律对基金管理人不当行为进行约束,还要利用出资人对自身利益保护的内在要求,在法律层面对适当的基金治理结构进行规制,减少不完全契约的不确定性。

On Improper Behavior and Punishment for Investment Fund Managers

In order to protect the benefits of the fund holder,the US and Europe make more strict law to punish the misconduct of fund management company than to restrain the unfair transaction in securities market.With the development of Chinese fund industry,some factors don’t satisfy with the principles of fiduciary duty which fund industry is based on,such as the scarcity of contracted spirit,the overdependence on government credit and the inefficient legal supervision.To build up the social environment on sincerity and protect the interests of investors,not only do we restrain the misconduct of fund management company but also set up the principal and agent incentive compatibility governance mechanism between fund management Company and fund holder.