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从全球证券投资基金发展的趋势来看,目前的主流形态是公司型基金,而我国的《证券投资基金法》虽然为公司型基金预留了制度空间,但是目前我国证券投资基金仍然只有契约型基金一种组织形态。是否在未来《证券投资基金法》的修订中移植公司型基金,不仅要分析这两种组织形态法律结构的异同,更重要的是要比较这两种组织形态制度功能上的优劣。新制度经济学的核心概念是交易成本,证券投资基金组织形态制度功能的优劣,就体现在降低交易成本上的优劣。公司型基金只有在降低交易成本上具有制度优势,才有移植的必要。
From the trend of the development of global securities investment funds, the current mainstream form is corporate funds. Although the “Securities Investment Fund Law” in our country reserves institutional space for corporate funds, at present, China’s securities investment funds are still only contractual Fund a form of organization. Whether or not to transplant the corporate funds in the future revision of the Securities Investment Funds Law should not only analyze the similarities and differences between the legal structures of the two organizational forms, but more importantly, compare the merits and demerits of the organizational structures of the two organizations. The core concept of new institutional economics is transaction costs. The advantages and disadvantages of the functions of the securities and investment fund organizational system are reflected in the advantages and disadvantages of reducing transaction costs. Corporate funds only have the institutional advantages of reducing transaction costs, only the need for transplantation.