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论文编号：	9791
作者编号：	2120142821
上传时间：	2017/12/11 14:12:01
中文题目：	我国公募基金行业的法律监管研究
英文题目：	Research on Legal Supervision of Public Funds Industry in China
指导老师：	齐善鸿
中文关键字：	公募基金；现实困境；监管漏洞；法律监管
英文关键字：	Public funds; Realistic predicament; Supervision loopholes； Legal supervision
中文摘要：	随着大资管时代的到来，公募基金作为惠及社会公众的公共性投资产品，国家也加大了政策支持和法律监管，公募基金发展迎来新的机遇。公募基金不断加强产品创新，产品类型不断丰富，扩展长期投资的资金来源，扩大资产管理规模，提升国际影响力和竞争力。然而，机遇与挑战并存。公募基金行业的发展也面临着现实困境。基金从业人员的违规行为屡禁不止，老鼠仓行为、利益输送、监管套利、违规虚假宣传等屡见不鲜。公募基金行业由来已久的利益冲突也不断影响着基金投资决策和投资运行。基金经理的大规模“出走”，导致公募基金行业人才的紧缺。公募基金的监管缺陷降低了基金公司的系统性风险控制能力。公募基金行业出现的一系列问题，侵害了投资人的合法权益，降低了基金公司的信誉形象，影响了金融市场的稳定秩序，亟需加强监管。分析公募基金行业的现实困境，可知公募基金的监管漏洞是造成以上问题产生的重要原因。目前，公募基金行业的监管并不健全，从内部治理到外部监管都存在诸多不合理、不合规的制度机制。如基金份额持有人大会的监督作用失灵，独立董事“不独不懂”，内部监察稽核不到位，缺乏长效激励约束机制。基金管理人的注意义务不明确，行政与刑事处罚力度不够，民事诉讼程序的缺失及信息披露制度的不健全等。内外部监管漏洞导致基金运作缺乏科学、合理、合法的监管制度保障，进而产生一系列违法违规操作行为。为规范公募基金行业运作，实现公募基金行业的可持续发展，可从以下方面予以改革与完善：坚持基金份额持有人利益优先的基本原则，加强基金公司的内部治理，建立长效激励约束机制，加大行政与刑事处罚力度，设置民事诉讼机制，增设经济损失补偿制度及完善信息披露制度。
英文摘要：	With the arrival of the era of large asset management, public funds as the public investment products of benefiting the public, the state has also increased the policy support and legal supervision, the public funds usher in new opportunities. Public funds continue to strengthen product innovation, enrich the product types, extend the sources of funds of the long-term investment, expand the scale of asset management and enhance international influence and competitiveness. However, both opportunities and challenges exist. The development of public funds industry is also facing realistic predicament. There are a lot of illegal acts of fund practitioners, for example，rat trading，profit transfer，supervision arbitrage，false propaganda and so on. The Long-standing conflict of interest continues to affect the fund investment decision-making and investment operation. Massive loss of the fund managers results in the shortage of talent. Regulatory defects reduce the systemic risk control ability of fund company. A series of questions of public funds industry have infringed the legitimate rights and interests of investors，reduced the credibility of the fund company's image and affected the stability of the financial market. There is an urgent need to strengthen regulation. According to analysis the Realistic predicament, we can see that the supervision loopholes in public funds is the main cause of resulting in the above problems. At present, the supervision of the public funds industry is not perfect, there are many unreasonable, noncompliant institutional mechanisms from internal governance to external supervision. Such as fund-holders meeting does not play a supervisory role，the independent directors are not independent and understandable，internal audit is not in place and long - term incentive and restraint mechanism is missing. The attention duty of fund manager is not clear, administrative and criminal penalties are not enough, civil proceedings is lost and the information disclosure system is not perfect. The internal and external supervision loopholes lead to the lack of scientific, rational and legal supervision system in fund operation, bringing out a series of illegal acts. In order to regulate the public funds operation and achieve the sustainable development of the public funds industry, we can take the following measures：uphold the basic principles of the interests of fund holders，strengthen the fund company's internal governance，establish long - term incentive and restraint mechanism，increase administrative and criminal penalties，set up civil proceedings, add economic loss compensation system and improve the information disclosure system and so on.
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