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中國 증권투자펀드 투자자의 권익보호에 관한 硏究
No full text학위논문 (석사)-- 서울대학교 대학원 : 법학과, 2012. 2. 박준.증권투자펀드는 국제적으로 통용되는 보편적인 포트폴리오 투자방식의 하나로서, 1860년대에 탄생하여 현재까지 세계적으로는 이미 100여 년 이상의 발전과정을 거쳐왔다. 이에 비해, 중국에서는 1992년에 최초의 증권투자펀드가 출시되어 비교적 뒤늦게 출현된 편이다.
최근 들어 중국 자본시장의 적극적인 변화에 따라 증권투자펀드 산업이 양과 질적 측면에서 매우 큰 발전을 이루었다. 그러나 투자자의 금융상품에 대한 지식과 정보수집능력은 이러한 변화를 따라가지 못하고 있고 펀드관리자의 미공개정보 이용행위를 포함한 여러 형태의 위법행위가 발생하고 있으며 정보 비 대칭성 문제로 인해 투자자에 대한 보호 필요성이 크게 대두되고 있다. 이러한 문제점과 펀드시장의 발전 수요에 부응하고자 규제 당국은 투자자 보호제도를 마련하여 운영하고 있지만 여전히 투자자 보호에 대한 우려의 목소리는 높은 편이다.
투자자의 전문성 보완 및 대리인 문제 등으로부터 투자자를 보호하기 위해서는 펀드시장 종사자들의 윤리의식 제고가 무엇보다 중요하지만 제도적 보완도 필요하다는 점에 입각하여 본 연구에서는 중국 증권투자펀드의 투자자 권익 보호제도에 대하여 전반적으로 고찰하였다.
증권투자펀드의 법적 구성형태에서 중국은 현재 신탁형펀드만을 규정하고 있어 본 연구도 주로 신탁형펀드에 대해 다루었다. 신탁형펀드에서 펀드보유자대회는 투자자들이 자신의 의사를 표시할 수 있는 유일한 방식이기 때문에 우선 펀드보유자대회가 기능을 충분히 발휘할 수 있는 제도를 구축해야 한다. 펀드보유자대회의 소집, 의결권 행사 등에서 발생하는 문제점을 개선하여 펀드보유자대회가 펀드관리자 및 보관자의 간섭을 받지 않고 자신의 권익을 보호할 수 있는 제도를 마련해야 한다. 하지만 펀드보유자대회를 통해 투자자의 권익을 보호받는 데는 한계가 있기 마련이므로 펀드관리자에 대한 제도 개선이 무엇보다 중요하다. 펀드관리자의 권한을 줄이고 위법행위에 대한 처벌 강도를 높이는 등 충실하게 투자자의 이익을 보호할 수 있도록 해야 한다.
한편, 펀드관리자에 대한 펀드보관자의 감독 역할도 무시할 수 없다. 현재 중국에서 보관자는 일반적으로 관리자에 의해 선임되고 있어 관리자에 대한 감독이 형식에만 그치거나 또는 위법행위를 발견해도 감싸주는 경향이 존재한다. 이런 문제점을 해결하려면 펀드보관자와 펀드관리자의 이익을 결여 시키고 펀드보관자의 독립성을 강화하는 등 조치를 취해야 한다.
비록 중국에서 증권투자펀드가 출현된 지 21여 년이라는 시간이 흘렀지만 아직도 많은 문제점들이 존재하고 있다. 특히 현재 종적인 규제 체제를 취하는 중국 현행 법적 체계로는 규제 면에서 많은 공백이 존재하는 바 종적인 법적 체계를 횡적으로 개선하는 것이 바람직하다. 향후 외국의 관련 제도를 참조하여 중국 실정에 맞는 제도를 모색하여야 할 것이며 제도를 구축할 때 규정을 정하는 것도 중요하지만 실행 가능성과 효과적으로 실행될 수 있는지에 대해서도 전면적으로 연구해야 할 것이다.证券投资基金是国际上普遍适用的投资组合方式，首次产生于1860年，至今已经历了100多年的历史演变。相比，中国证券投资基金于1992年诞生，虽起步比较晚，但是在中国资本市场的高速发展的背景下，基金业实现了跨越式发展。然而，由于投资者缺乏有关金融商品的专业知识以及收集信息能力有限，并且投资者作为委托人由于信息不对称，在基金法律关系中处于相对弱势的地位，不断发生包括内幕交易等种种管理人的违法行为。中国政府也针对这些问题和基金市场的发展需要，不断出台相关规定，但是投资者的权益还是得不到有效保障。
为了健全证券投资基金业的健康发展，提高基金管理人的职业道德固然很重要，但是这也需要完善的法律制度来支撑。本文正是基于上述考虑，以研究投资者权益保护相关制度为主线，全面分析了中国证券投资基金出现的不同程度的问题。
证券投资资金的法律形式中，目前中国只允许信托型基金，因此，本文也主要围绕信托型基金展开了分析。其中，基金份额持有人大会是信托型基金为持有人利益实现特别设立的一项重要制度，它是投资者行使权力、保护自身利益的重要途径和场所。但是从实践来看，制度设计上的缺陷使得基金份额持有人怠于参加持有人大会，宁愿用脚投票。针对持有人大会制度现存的问题，应完善基金持有人大会的召集、表决权的行使等条款，实现持有人大会不受管理人及保管人的任何干涉，创造投资者参与持有人大会行使其权力的有利条件。但是，通过持有人大会保障投资者权益是有限的，据此，完善基金管理人制度显得尤其重要。改变基金管理人权力高度集中的失衡结构，并且要求基金管理人持有最低动态比例的基金份额，将基金管理人与广大基金持有人绑上同一架利益战车，以期解决基金管理人与基金持有人的利益冲突问题。
另外，基金保管人对管理人的监督作用也不可忽视。目前，在中国基金托管人通常是由基金管理人负责选任，换言之, 基金管理人往往决定着基金托管人的去留, 因此，托管人的地位缺乏独立性必然导致其监督的软弱性，从理论构想的角度来看,基金托管人是监督基金管理人行为的重要力量,但是因为选择方式的非独特性, 造成了基金托管人对基金管理人的监管不力,对基金管理人的违规行为不敢干涉, 对基金的利益不敢保证。为了保管人积极行使自己的权限，应该加强保管人的独立性，使保管人摆脱管理人的间接控制。
虽然，证券投资基金在中国已有21年的历史发展，但是证券投资基金相关制度仍然存在诸多问题，而且目前中国采取的纵向法律体制下法律适用方面空白较多。为此，日后应该参照发达国家的相关制度，将其改制为横向法律体制，探索建立符合中国国情的具有中国特设的并有效实施的制度。Securities investment funds are an internationally-accepted universal portfolio investment approach that first appeared in the 1860s and such funds have undergone evolution globally for more than about a century.
Securities investment funds were first launched in China in 1992. Despite its relatively late start, positive changes in the Chinese capital market in recent years have led to great strides in Chinas securities investment fund industry both in quantity and quality. However, an investor's ability to gather knowledge and information about finance has not kept pace with these changes, and several forms of misconduct by fund managers such as the use of non-public information and non-symmetrical information have led to a significant rise in investor protection issues. In response to these issues and the development of the fund market, the regulatory authorities have established and utilized an investor protection scheme, but still, voices of concern over investor protection are raised persistently. The most important means to complement expertise and protect investors from agency problems is to raise the ethical awareness of fund market workers, but because institutional improvements are also needed, this study examined the overall system currently in place for protecting the interests of investors in Chinas security investment fund market.
Within the legal configuration of its securities investment funds, China currently provides trust funds only and so this study deals mostly with trust funds. Because fund-holder conventions for trust funds provide the only means for investors to voice their opinions, focus should be placed on improving the conventions. Improving such problems as how the conventions are convened and the voting system is a necessary step for providing investors a way to protect their own interests without interference from fund managers and fund custodians. Still, limitations exist in the extent to which investor interests can be protected through these conventions, and thus, improvements in the fund managing system are of highest priority. A system must be established to reduce fund manager authority and regulate funds so that investors will be faithfully protected. Because many gaps exist in regulations under Chinas current legal system with its current vertical regulatory regime, horizontal improvements are recommended for its horizontal legal system.
Meanwhile, using fund custodians to direct fund managers cannot be ignored. Currently in China, custodians are generally elected by managers, and directorship is only nominal, or they have a tendency to hide misconduct when it is discovered. To resolve these problems, fund custodians and their interests must be eliminated and the independence of the fund custodians should be strengthened.
Although securities investment funds in China have a history of over 21 years, there are still many problems to be resolved. China must seek a system which meets the needs of the reality, and while determining regulations regarding building such system is important, research across the board is needed as to whether the system is feasible and effective.Maste
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No full textIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Intro -- Title Page -- Copyright Page -- Dedication -- Contents -- Acknowledgments -- Introduction -- 1. Spirit Truth -- 2. From Absorption to Theatricality and Back Again -- 3. "I Will Build a New Present" -- 4. Sons as Authors -- 5. Fathers as Publishers -- 6. The Daughter as Author -- 7. Lovers as Authors -- 8. At Sea with the Family -- 9. Yellow News, Yellow Stories -- 10. The Return Home -- Notes -- Bibliography -- Index -- About Jay WilliamsIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
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