China's investment funds started in 199 1 year, marked by the promulgation and implementation of the Interim Measures for the Management of Securities Investment Funds in 1997+00, which is divided into two main stages.

I. Development of investment funds before 1997 10

199 1 10 In June, when the China stock market was just starting, Wuhan Securities Investment Fund and Shenzhen Nanshan Venture Capital Fund were approved by Wuhan Branch of the People's Bank of China and Shenzhen Nanshan Venture Capital Government respectively, becoming the first batch of investment funds. Since then, only in 1992, 37 investment funds have been issued with the approval of the people's banks at all levels or other institutions. Among them, "Zibo Township Enterprise Fund" was approved by the head office of the People's Bank of China and listed on the Shanghai Stock Exchange on August 1993, becoming the first listed investment fund. At the beginning of 1993, with the approval of the head office of the People's Bank of China, three education funds, Jianye, Jinlong and Baoding, were issued in Shanghai, raising 300 million yuan, and were listed and traded on the Shanghai Stock Exchange at the end of that year. By the end of 1997 and 10, there were 72 domestic investment funds, raising 6.6 billion yuan. Its characteristics are as follows:

1, with a single organizational form. All 72 funds are closed-ended, except Zibo Township Enterprise Investment Fund, Tianji Fund and Blue Sky Fund, the others are contractual.

2. Small scale. The largest single fund is the space-based fund, with 580 million yuan, and the smallest is the first phase of Wuhan Fund, with only 65.438+million yuan. The average scale is 80 million, and the total scale is only 6.6 billion.

3. Wide investment scope and low asset quality. The assets of most investment funds are composed of securities, real estate and financing, among which real estate accounts for a considerable proportion and has low liquidity. The results of the statistical investigation at the end of 1997 show that its investment scope is roughly as follows: monetary fund 14.2%, stock investment 3 1%, bond investment 3.5%, real estate and other industries investment 28.2%, and other investments account for 23. 1%.

4. The range of fund sponsors is very wide. The sponsors of investment funds include banks, trust and investment companies, securities companies, insurance companies, finance and enterprises, among which trust and investment companies account for 565,438+0% and securities companies account for 20%.

5. The income level varies greatly. During the period of 1997, Tianji Fund with the highest income level achieved a rate of return of 67%, while Longjiang Fund with the lowest income level only achieved a rate of return of 2.4%.

There are some problems in the initial stage of investment fund industry in China, including:

First of all, there is a lack of clear and effective supervision institutions and rules in the establishment, management and custody of funds. For example, the establishment of most funds is examined and approved by the local branches of the People's Bank of China or local governments according to local laws and regulations (such as the Interim Provisions on the Administration of Investment Trust Funds in Shenzhen). There is no uniform standard, and even there are great differences in names. After the fund was approved to be established, the examination and approval authorities failed to fulfill their regulatory obligations, and lacked corresponding supervision and restriction mechanisms in fund asset operation and investment direction.

Second, the operation and management of some investment funds are not standardized, and the rights and interests of investors have not been fully protected. For example, some fund managers, custodians and sponsors are trinity, and the fund is only a source of funds for the fund manager, and the fund assets are mixed with the fund manager's assets, which leads to confusion in accounting treatment. Another example is that the fund custodian did not play a supervisory role, and the behavior of the fund manager was not effectively monitored.

Third, the liquidity of assets is low, and the book asset value is higher than the actual asset value. A large number of assets of investment funds are invested in real estate, projects, legal person shares and other assets with low liquidity, and at the same time there is the problem of overvaluation of assets. For example, in the mid-1990s, when the real estate bubble was gradually eliminated in some areas, the assets stored in real estate were still priced at cost, not adjusted according to the market price, which made the book value of individual fund assets higher than the actual asset value.

Second, the development of China Securities Investment Fund after 1997 10.

The Interim Measures for the Management of Securities Investment Funds was issued in June of 1997+0O, which indicated that China's securities investment funds entered a stage of standardized development. The Interim Measures clearly regulate the establishment, raising and trading of securities investment funds, the rights and obligations of fund custodians, fund managers and fund holders, and the operation and management of investment. 1March, 1998, the establishment of Jintai and Open Source Securities Investment Funds marked that standardized securities investment funds began to become the leading direction of China's fund industry. As the first open-end fund, 200 1 Huaan Innovation Investment Fund has become another milestone in the development of China's fund industry. At the same time, the cleaning, reorganization and raising of the original investment funds are also in progress, and some of them have reached the standard requirements and re-listed as new securities investment funds.

By the end of 1 1 in 2002, there were seven fund management companies 17 that were formally established and standardized, and 54 closed-end securities investment funds and 7 open-end funds 17, of which the issuance scale of closed-end funds reached 8010.7 billion yuan, with a market value of about 77.3 billion yuan. At the same time, the continuous improvement of the Interim Measures for the Management of Securities Investment Funds and its implementation guidelines, the Listing Rules of Securities Investment Funds and the Pilot Measures for Open-ended Securities Investment Funds have also laid a solid foundation for the standardized development of securities investment funds.

At present, the main features of China Securities Investment Fund are as follows:

1. The continuous improvement of laws and regulations and the strengthening of supervision have created a good external environment for the operation of the fund industry and promoted its rapid development. A number of fund laws and regulations have been promulgated one after another. The Fund Supervision Department of China Securities Regulatory Commission, as the main implementation department of fund supervision, effectively supervises the establishment, operation and custody of fund management companies and funds. Once the Investment Fund Law is officially promulgated and implemented, it will also become the core legal basis for the development of China's fund industry.

2. With the continuous expansion of the fund scale, its influence on the market is increasing, and it has gradually become an important institutional investor that cannot be ignored in the securities market. It includes not only newly issued closed-end and open-end funds, but also standardized securities investment funds formed after the original investment funds are cleaned up, reorganized and raised. At present, the total market value of securities investment funds supervised by China Securities Regulatory Commission is close to 80 billion yuan, which is equivalent to about 7% of the circulating market value of Shanghai and Shenzhen stock markets.

3. The variety of funds is increasingly diversified, and the investment style is gradually highlighted. Since the development of the first batch of balanced funds from 65438 to 0998, there have been different styles of funds such as growth, value and compound, especially with the gradual introduction of open-end funds, the style of funds has become more distinct, providing investors with various investment choices.

4. Facing the competition pattern after China's entry into WTO, fund management companies have extensively cooperated with foreign countries, learned advanced management and technical experience, and promoted the innovation of fund products and operations, laying a foundation for China's entry into the international financial market competition.

The fund is in China.

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