我国证券投资资基金法理模式之选择

世界各国的证券投资基金分为公司型和契约型 ,而契约型又有分离式和非分离式之别。无论哪种模式 ,证券投资基金在法理上均存在双层信托关系。在模式的选择上 ,各国注重本国的法律文化特别是公司制度、行政监管与之密切配合。很难单纯对公司型和契约型的优劣作出评判。我国应当允许两种类型同时并存、同步竞争。在契约型中 ,为便于一般投资者理解和有利于行政监管 ,我们应采取非分离模式。

Choice of Legal Pattern for the Security Investment Fund in China

The security investment funds in countries all round the world fall into two categories: company type and contract type which is divided further into disunion type and union type. There is a relation of two-double trust nomologically to whatever types of the security investment fund. In choosing the types, every country attach importance to their national legal culture, especially the cooperation with company system and administrative supervision. It is difficult to judge whether or not the company type is better than the contract type. These types should be allowed to exist and compete together at the same time. But we should choose disunion type in the contract type in order to make convenience for the understanding of common investors and the administrative supervision.