我国证券投资基金契约结构设计之检讨

证券投资基金契约结构是证券投资基金法制的核心。我国证券投资基金法律中存在有关基金契约结构的条款相互矛盾， 基金契约订约方间法律责任不明， 基金发起人充当基金契约订约方违反代理法理、并可能损害投资人权益等弊端， 我国基金契约结构设计应在明确投资基金和基金契约独特的法律地位和性质前提下， 通过修改完善相关规定， 采纳三位一体的二元投资基金契约结构模式， 即以基金管理人、托管人为订约方， 投资者为相关受益方的三位一体型态， 从而形成基金管理人、托管人为实质受托人， 受益人为实质委托人的二元结构。

An Inquiry into Chinese Structure Design of Investment Fund's Contract

Contractual structure is the core content in the legal system of securities' investment fund such as vague liabilities of contractors and fund sponsors' violation of the agency, which may cause damages to investors. The author suggests that, on the prerequisite of clearly stipulating the legal status and nature of investment fund and its contract, China should adapt a structural mode of dual structure and a trinity type by modifying its rule of the securities investment fund. That is to say, the fund trustee and manager are contractors and investors are beneficiaries, this in fact has formed a dual structure.