Contractual funds and corporate funds are the two basic forms of fund organizations around the world.

As of the end of September 2002, there were 54 closed-end funds and 14 open-end funds in my country's securities market, with fund assets exceeding 120 billion yuan, accounting for 8.91% of the circulating market value of A-shares.

There are more than ten fund management companies.

In just a few years, the fund industry has grown into an important part of the securities market.

However, upon careful observation, it is not difficult to find that the current fund types in our country are quite single, all of which are contract funds. Corporate funds, which are increasingly popular and play a decisive role in the world, are still blank in our country.

The "Interim Measures for the Administration of Securities Investment Funds", which is the most important institutional document related to the establishment and operation of funds, and the "Pilot Measures for Open-ended Securities Investment Funds" based on it, which were issued in November 1997, are also specially formulated for contract funds, even if

The "Securities Investment Fund Law (Draft)" that was recently submitted to the Standing Committee of the National People's Congress for discussion also provides relatively detailed provisions for trust funds, while it only provides principles for partnership funds and corporate funds, which are brushed aside and lacks corporate regulations.

Specific specifications for the organizational form of a type fund.

This cannot but be said to be a major shortcoming in the development of my country's fund industry.

Corporate funds have now become the mainstream form of the world fund organization model, and their advantages mainly stem from relatively reasonable institutional design.

From the perspective of the development and evolution of the fund industry, after the first contractual fund was established in the United States in 1921, the second fund with truly modern characteristics - the "Massachusetts Investment Trust Fund" - was established in Boston.

It was designed by 200 professors from Harvard University and invested US$50,000 on March 21, 1924. Its purpose is to provide investors with professional investment management. Its management agency is the "Massachusetts Financial Services Company". The fund's assets are currently

More than 1 billion US dollars, with more than 80,000 investors.

The U.S. fund market is dominated by corporate funds (funds).

Although contractual unit trust funds dominate the fund markets in the United Kingdom, Japan, Singapore, Taiwan and Hong Kong, after the 1990s, the United Kingdom, Japan and other countries and regions that implement the contractual model have adopted a contract-based model in view of the shortcomings of contractual funds.

, have successively increased their efforts to establish corporate funds, and taken various measures to introduce certain mechanisms of corporate funds to transform existing contractual funds.

The author believes that judging from the situation of the fund pilot for about four years, fund management companies’ indifference to the interests of investors and the imperfect fund governance structure are largely related to my country’s single contract-based fund organization model.

In terms of China's current financial market conditions, integrity status and fund development trends in developed countries, vigorously developing corporate funds should become the main policy orientation of the development model of my country's fund industry.

1. Comparative analysis of two different forms of fund organization Contractual funds refer to investment funds established by issuing benefit certificates based on trust contracts or trust legal principles.

This type of fund is generally established by a trust contract signed by three parties: a fund management company (manager), a custody company (custodian) and investors.

There is no board of directors in the organizational structure. Fund management companies often serve as sponsors to initiate the establishment of funds and manage the management and operation of the funds themselves.

Corporate funds refer to investment funds established in accordance with company law or corporate legal principles and raised funds through the issuance of fund shares.

Similar to a joint stock company in organizational form, fund holders are shareholders of the fund company.

The difference between the two is mainly reflected in: 1. The legal basis for establishment is different.

The establishment of corporate funds is based on company legal principles, and the establishment of contractual funds is based on trust legal principles.

Corporate fund companies have legal personality, while contractual funds do not.

Whether it is a corporate fund or a contract fund, there are three parties involved: fund investors, fund managers, and fund custodians.

In the specific operation and management of corporate funds, there is an additional layer of corporate fund organization than contractual funds.

2. The charter contracts based on the use of assets are different.

Corporate funds use fund assets in accordance with company articles of association, entrusted management contracts, entrusted custody contracts and other documents. Contractual funds rely on trust contracts to operate trust assets. The three parties to the fund rely on fund contracts to adjust their respective rights and obligations.

3. The fund certificates issued and the relationships reflected are different.

Corporate funds issue stocks, while contractual funds issue beneficiary certificates (fund units).

The former is both a certificate of ownership and a trust relationship; the latter only reflects a trust relationship.

4. Investors have different positions in the fund.

As shareholders of the company, investors in corporate funds have the right to express their opinions on the company's major decisions. They can participate in shareholders' meetings, exercise shareholder rights and obtain investment income in the form of dividends. Fund holders have a greater degree of control over fund management.

Participation; investors in contractual funds become beneficiaries after purchasing beneficiary certificates. Except for the annual holders' meeting, they have no say in the use of funds in daily operations.

5. Different debt financing capabilities and financing channels.

Corporate funds have legal person status and can borrow from banks when necessary, making it easier for the company to expand its asset size or solve short-term liquidity problems of assets.

Contractual funds do not have legal person status, and fund management companies generally cannot expand the size of the fund by borrowing from banks.

6. The operating mechanism and specific operations are different.