投资基金法律制度：比较与选择
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摘要
投资基金作为商事信托的一种，体现了在资本主义上升阶段人类对于信托这一财产运用工具之功能最大化的张扬和利用。作为继受国我国对于投资基金法律设计的研究不可避免。然而，我国对于投资基金从法律角度的分析、研究不敷应用。鉴于各国文化传统的差异，及我国在继受投资基金时将受到我国法律传统的阻扼，本文运用比较法学的方法以借鉴外国先进之经验，并在结合我国本土情况下对我国现行法制当中问题较为突出的投资基金的名称、投资基金的信托契约构造、投资基金管理人的信赖义务和投资基金监管体制四个问题进行探讨，由此全文分为四个部分：
第一部分：投资基金名称是本国投资基金内涵的外在表征，而科学的投资基金名称能为整个投资基金制度的设计带来良性的互动，它对立法乃至法的执行至关重要。我国内地的投资基金业起步较晚，其名称混乱，应借鉴域外经验，将我国内地的投资基金名称定位于证券投资信托基金。
第二部分：信托契约是契约型投资信托存在和运作的基础。契约型投资基金各方关系的明确皆有赖于信托契约的合理安排。如何将信托契约加以准确定位关系到投资基金的有效运作以及投资者的利益之维护。在比较分析各国投资基金契约结构的设置后，本部分对我国现行投资基金结构的缺陷逐一剖析，揭示了我国投资基金将投资者排斥出基金契约之外的不合理性，以及基金结构的非信托性，建议以日本“一元制”基金契约结构为圭臬，引入信托机制，将我国投资基金契约规定为一个信托契约，并把基金持有人、基金管理人和基金托管人纳入一个信托契约当中。
第三部分：投资基金管理人在投资基金这个集合投资制度设计中享有几近绝对的投资自由裁量权，如何对这种权力进行有效制约关系至巨。各国法制均规定基金管理人对基金持有人负有信赖义务以限制
其权力，并据此构建更为科学的投资者利益保护机制。我国在这方面的
尚欠缺这方面的明确规定，而这种立法疏漏不利于对一投资者的保护以
及投资基金的健康发展。本部分闸述了基金扮理人信赖义务的概念、
产生原因及其内容，并在此基础上提出我国应确立和完善投资基金管
理人之信赖义务。
第四部分:作为金融投资工具之一投资基金在金融市场上所起到
的作用日益彰现，是否能有效对其进行行政监管在一定程度上国家的
金融体系的稳定与否。本部分通过比较各国的投资基金监管体制，结
合分析我国监管体制的疏漏，建议我国实现统一严格的监管体制、完
善行政监管的手段，并且将证券信托投资基金协会的制度予以明确以
建立我国的投资基金的自律监管。
Being a commercial trust, inventing fund reveals man's utmost enlargement and usage of trust, an instrument of property using, during the ascending period of capitalism. As the derivative nation, it is inevitable for China to dig into the legal design of investing fund; whereas, internal analysis and study of investing fund through the legal cut is far from being enough. Tn light of the deviation of culture tradition among nations, and the hamper initiated by the original legal tradition when China derivates investing fund, this article uses the comparative method to take foreign nations' advanced experiences for reference, and expound, combined with Chinese internal situation, four issues, ranging in the name of investing fund, the trust contract structure of investing fund, the fiduciary duty of investing fund manager and the supervising system of investing fund, in that the whole article is divided into four parts:
Chapter I : The name of investment fund is a manifestation for the connotation of a country's investment fund; therefore, a scientific name of investment fund could bring a good mutual effect to the whole investment fund system, which is essential to legislation and law enforcement of it. The industry of investment fund of our country lagged behind others' and its name is in confusion. We should take foreign experience for reference and definite it as security investment trust fund.
Chapter II: Trust contract is the fundament for the existing and motion of the contractual investing fund. The defining of roles of the sides of investing fund depends on the reasonable arrangement of the trust contract. It correlates to defending the investors' benefits that how to define trust contract correctly. Based on the comparatively studying different countries' contract structure of investing fund, this
chapter dissects the loopholes and drawbacks of Chinese existing contract structure of investing fund, and suggests taking Japanese model as reference to import trust system to create a unit trust contract, then putting fund holder, fund manager and fund custodian into one trust contract.
Chapter Ml: The investing fund manager enjoys almost an absolute right of discretion in this collective investment fund system, so that it is of great importance to restrict this power. Laws of different countries stipulate that fund managers bear fiduciary duty to fund
holders to restrict this power, based on which a comparatively more scientific system protecting investors' benefits has been set up. Our country is in lack of this kind of provision, this loophole of legislation affect safeguarding the benefits of investors and sound development of investing fund. This part states fiduciary duty's concept, initiating reason and content, based which it, aiming at the defects of fiduciary duty of legal system in China, holds that our law should define and consummate the fiduciary duty of investing fund manager.
Chapter IV: As a financial investing tool, investing fund has been playing more and more conspicuous role in financial market, in that it, to some extent, decides that whether our country's financial market is stable or not. This part compares different nations' supervising system of investing fund, and analyzes Chinese supervising system's, based which it suggests uniting Chinese supervising system, perfecting methods of administrative supervision, and setting up Chinese self-supervising system of investing fund by constructing Chinese committee of security trust investing fund.
第一部分：投资基金名称是本国投资基金内涵的外在表征，而科学的投资基金名称能为整个投资基金制度的设计带来良性的互动，它对立法乃至法的执行至关重要。我国内地的投资基金业起步较晚，其名称混乱，应借鉴域外经验，将我国内地的投资基金名称定位于证券投资信托基金。
第二部分：信托契约是契约型投资信托存在和运作的基础。契约型投资基金各方关系的明确皆有赖于信托契约的合理安排。如何将信托契约加以准确定位关系到投资基金的有效运作以及投资者的利益之维护。在比较分析各国投资基金契约结构的设置后，本部分对我国现行投资基金结构的缺陷逐一剖析，揭示了我国投资基金将投资者排斥出基金契约之外的不合理性，以及基金结构的非信托性，建议以日本“一元制”基金契约结构为圭臬，引入信托机制，将我国投资基金契约规定为一个信托契约，并把基金持有人、基金管理人和基金托管人纳入一个信托契约当中。
第三部分：投资基金管理人在投资基金这个集合投资制度设计中享有几近绝对的投资自由裁量权，如何对这种权力进行有效制约关系至巨。各国法制均规定基金管理人对基金持有人负有信赖义务以限制
其权力，并据此构建更为科学的投资者利益保护机制。我国在这方面的
尚欠缺这方面的明确规定，而这种立法疏漏不利于对一投资者的保护以
及投资基金的健康发展。本部分闸述了基金扮理人信赖义务的概念、
产生原因及其内容，并在此基础上提出我国应确立和完善投资基金管
理人之信赖义务。
第四部分:作为金融投资工具之一投资基金在金融市场上所起到
的作用日益彰现，是否能有效对其进行行政监管在一定程度上国家的
金融体系的稳定与否。本部分通过比较各国的投资基金监管体制，结
合分析我国监管体制的疏漏，建议我国实现统一严格的监管体制、完
善行政监管的手段，并且将证券信托投资基金协会的制度予以明确以
建立我国的投资基金的自律监管。
Being a commercial trust, inventing fund reveals man's utmost enlargement and usage of trust, an instrument of property using, during the ascending period of capitalism. As the derivative nation, it is inevitable for China to dig into the legal design of investing fund; whereas, internal analysis and study of investing fund through the legal cut is far from being enough. Tn light of the deviation of culture tradition among nations, and the hamper initiated by the original legal tradition when China derivates investing fund, this article uses the comparative method to take foreign nations' advanced experiences for reference, and expound, combined with Chinese internal situation, four issues, ranging in the name of investing fund, the trust contract structure of investing fund, the fiduciary duty of investing fund manager and the supervising system of investing fund, in that the whole article is divided into four parts:
Chapter I : The name of investment fund is a manifestation for the connotation of a country's investment fund; therefore, a scientific name of investment fund could bring a good mutual effect to the whole investment fund system, which is essential to legislation and law enforcement of it. The industry of investment fund of our country lagged behind others' and its name is in confusion. We should take foreign experience for reference and definite it as security investment trust fund.
Chapter II: Trust contract is the fundament for the existing and motion of the contractual investing fund. The defining of roles of the sides of investing fund depends on the reasonable arrangement of the trust contract. It correlates to defending the investors' benefits that how to define trust contract correctly. Based on the comparatively studying different countries' contract structure of investing fund, this
chapter dissects the loopholes and drawbacks of Chinese existing contract structure of investing fund, and suggests taking Japanese model as reference to import trust system to create a unit trust contract, then putting fund holder, fund manager and fund custodian into one trust contract.
Chapter Ml: The investing fund manager enjoys almost an absolute right of discretion in this collective investment fund system, so that it is of great importance to restrict this power. Laws of different countries stipulate that fund managers bear fiduciary duty to fund
holders to restrict this power, based on which a comparatively more scientific system protecting investors' benefits has been set up. Our country is in lack of this kind of provision, this loophole of legislation affect safeguarding the benefits of investors and sound development of investing fund. This part states fiduciary duty's concept, initiating reason and content, based which it, aiming at the defects of fiduciary duty of legal system in China, holds that our law should define and consummate the fiduciary duty of investing fund manager.
Chapter IV: As a financial investing tool, investing fund has been playing more and more conspicuous role in financial market, in that it, to some extent, decides that whether our country's financial market is stable or not. This part compares different nations' supervising system of investing fund, and analyzes Chinese supervising system's, based which it suggests uniting Chinese supervising system, perfecting methods of administrative supervision, and setting up Chinese self-supervising system of investing fund by constructing Chinese committee of security trust investing fund.
引文
[1] 沈达明．衡平法初论[M]．北京：对外经济贸易大学出版社，1997．
[2] 周玉华．投资信托基金法律应用[M]．北京：人民法院出版社，2000．
[3] 商文江．投资基金之法律研究[D]．中国政法大学博士学位论文，1996．
[4] 吴弘．中国证券市场发展的法律调控[M]．北京：法律出版社2001．
[5] 谢卫．金融制度变革中的投资基金[M]．北京：中国经济出版社1997．
[6] 厉以宁．曹凤岐 跨世纪的中国投资基金业[C]．北京：经济科学出版社，2000．
[7] 王保树．商事法论集(第5卷)[C]．北京：法律出版社，2000．
[8] 龙卫球．民法总论[M]．北京：中国法制出版社，2001．
[9] 扬崇森．投资与信托[M]．台湾：正中书局，1979．
[10] 罗伯特·C·克拉克．公司法则[M]．北京：工商出版社，1999．
[11] 梁慧星．民商法论丛(第9卷)[C]．北京：法律出版社，2000．
[12] 徐国香．信托法研究[M]．台湾：五南图书出版公司，1996．
[13] 徐学鹿．商法研究 第2辑[C]．北京：人民法院出版社，2000．
[14] 徐洪才．投资基金与金融发展[M]．北京：中国金融出版社，1997．
[15] 贺卫．寻租经济学[M]．北京：中国发展出版社，1999．
[16] 卞耀武．英国证券发行与交易[M]．法律法律出版社，1999．
[17] 吴世亮、于凤坤．中国投资基金理论与规范化操作[M]北京：中国金融出版社，1999．
[18] 何向陶、刘少波．实用基金交易教程[M]．广州：暨南大学出版社，1994．
[19] 孟晓苏、贾廷战．投资基金理论与实务[M]．北京：人民出版社，1994．
[20] 刘传葵．投资基金经济效应论[M]．北京：经济科学出版社，2001．
[21] 刘传葵．中国投资基金市场发展论[M]．北京：中国金融出版社，2001．
[22] 郭琳广．区沛达 香港公司证券法[M]．北京：法律出版社，1999．
[23] 季敏波．中国产业投资基金研究[M]．上海：上海财经大学出版社，2000．
[24]【日】河本一郎 大武泰南/著候水(?)／译．证券交易法概论[M]．北京：
法律出版社，2001．
[25]何宝玉．英国信托法原理与判例[M]．北京：法律出版社，2001．
[26]古学彬、向进．投资基金理论与实务[M]．广州：暨南大学出版社，1997．
[27]刘李胜．共同基金的管理与运作[M]．北京：企业管理出版社，1995．
[28]纪尽善．投资基金运作[M]．北京：民主(?)建设出版社，1998．
[29]王勇．投资基金新论[M]．北京：中国财政经济出版社，2000．
[30]周小明．信托制度比较法研究[M]．北京：法律出版社，1996．
[31]William D. Colemn, Financial Services, Globalization and Domestic Policy Change, Macmillan Press Ltd., 1996.
[32]Marcia L. Mac Harg Barton B.Clark, International Survey of Investment Advisor Regulation,2nd edition, published by Kluwer Law International,.Ltd, 1999
[2] 周玉华．投资信托基金法律应用[M]．北京：人民法院出版社，2000．
[3] 商文江．投资基金之法律研究[D]．中国政法大学博士学位论文，1996．
[4] 吴弘．中国证券市场发展的法律调控[M]．北京：法律出版社2001．
[5] 谢卫．金融制度变革中的投资基金[M]．北京：中国经济出版社1997．
[6] 厉以宁．曹凤岐 跨世纪的中国投资基金业[C]．北京：经济科学出版社，2000．
[7] 王保树．商事法论集(第5卷)[C]．北京：法律出版社，2000．
[8] 龙卫球．民法总论[M]．北京：中国法制出版社，2001．
[9] 扬崇森．投资与信托[M]．台湾：正中书局，1979．
[10] 罗伯特·C·克拉克．公司法则[M]．北京：工商出版社，1999．
[11] 梁慧星．民商法论丛(第9卷)[C]．北京：法律出版社，2000．
[12] 徐国香．信托法研究[M]．台湾：五南图书出版公司，1996．
[13] 徐学鹿．商法研究 第2辑[C]．北京：人民法院出版社，2000．
[14] 徐洪才．投资基金与金融发展[M]．北京：中国金融出版社，1997．
[15] 贺卫．寻租经济学[M]．北京：中国发展出版社，1999．
[16] 卞耀武．英国证券发行与交易[M]．法律法律出版社，1999．
[17] 吴世亮、于凤坤．中国投资基金理论与规范化操作[M]北京：中国金融出版社，1999．
[18] 何向陶、刘少波．实用基金交易教程[M]．广州：暨南大学出版社，1994．
[19] 孟晓苏、贾廷战．投资基金理论与实务[M]．北京：人民出版社，1994．
[20] 刘传葵．投资基金经济效应论[M]．北京：经济科学出版社，2001．
[21] 刘传葵．中国投资基金市场发展论[M]．北京：中国金融出版社，2001．
[22] 郭琳广．区沛达 香港公司证券法[M]．北京：法律出版社，1999．
[23] 季敏波．中国产业投资基金研究[M]．上海：上海财经大学出版社，2000．
[24]【日】河本一郎 大武泰南/著候水(?)／译．证券交易法概论[M]．北京：
法律出版社，2001．
[25]何宝玉．英国信托法原理与判例[M]．北京：法律出版社，2001．
[26]古学彬、向进．投资基金理论与实务[M]．广州：暨南大学出版社，1997．
[27]刘李胜．共同基金的管理与运作[M]．北京：企业管理出版社，1995．
[28]纪尽善．投资基金运作[M]．北京：民主(?)建设出版社，1998．
[29]王勇．投资基金新论[M]．北京：中国财政经济出版社，2000．
[30]周小明．信托制度比较法研究[M]．北京：法律出版社，1996．
[31]William D. Colemn, Financial Services, Globalization and Domestic Policy Change, Macmillan Press Ltd., 1996.
[32]Marcia L. Mac Harg Barton B.Clark, International Survey of Investment Advisor Regulation,2nd edition, published by Kluwer Law International,.Ltd, 1999
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