Western countries have a high degree of marketization, reasonable fund system construction, standardized and transparent fund management, fund assets evaluation through the market, funds do not guarantee investment income, and investors bear the risk of investment income fluctuation. It can be seen that the success of the fund industry depends more on a highly developed, unified, mobile and efficient securities market, so as to avoid insider trading and market manipulation, reduce the internal governance risks of listed companies, reduce transaction costs and irrational fluctuations in market prices, and effectively protect the interests of investors. Sometimes, investors' confidence is more important than their income and wealth, and enhancing investors' confidence depends on establishing and perfecting various market systems, such as information disclosure system, legal system, accounting system, policy formulation and implementation. Unreasonable and imperfect systems can be improved, but there must be no "rules of the game".