10384 X0115071 UDC The Research For The Actuality And Development Stratagem Of The China Securities Investment Fund (MBA) 2003 11 2003 12 2003 12 2 0 0 3 11

100 1991, WTO

Abstract Abstract The Securities Investment Fund has been developing rapidly in more than one hundred years since it began, and is playing an important role in the financial market of Western advanced countries.in China, the Investment Fund appeared in Chinese capital market in 1991, with a background that the Socialist Market Economy system was set up and Securities market was born.within these years, Chinese Investment Fund experiences from nothing to beginning, from disordered to ordered, from substandard to normative,achieve a great progress, and has been playing more and more important role in Chinese capital market. However, Chinese Investment Fund is still at a preliminary and slow stage. For the better development of the Investment Fund the research and establishment of a stratagem on the development of Chinese Investment Fund has come to be a task of the whole society including the government, experts and scholars, investors and the Investment Fund participators. This article is trying to look into the current situation of Chinese Investment Fund, dynamically follow the changes and development of the market, policies and legal conditions, and give the helpful and advance reference for establishing a stratagem which is reflecting the changing situation, in accordance with the Fund's interior rules, with Chinese and modern characteristic. Three Chapters for this article. Chapter1.is introducing the concept of the Investment Fund and its history in China, summarizing the achievement of Chinese Investment Fund and its current situation. From this chapter, the readers will have a general idea on Chinese Investment Fund and give a judgment on the level of its current stage.

The Research For The Actuality And Development Stratagem Of The China Securities Investment Fund Chapter 2 is giving a detailed and in-depth analysis on the challenges and problems that Chinese Investment Fund is facing after joining WTO, including its opening to the world, Financial market, system, laws, credit, supervision and investment ideas. This chapter is for the readers to have a clear idea on the current deficiency of Chinese Investment Fund, and then give a pertinently solution. Chapter 3 Where, after learning and making use of the successful experience and latest developing trend of the foreign Funds, the writer is trying to give a total proposal on the future development of Chinese Investment Fund, including seven detailed suggestions on market reformation, credit building, the Fund's organizing options, innovations, internationalization, supervision, personnel training. Key Words: Securities; Investment Fund; Development Stratagem.

...1...3...3...6...7...15 WTO...15...16...17...19...21...22...23...25...29...29...32...34...39...41...43...44...46...47...49

1997 1999 2002 8 2003 3 100 2000 7 64556-1 -

- 2 -

1 2-3 -

3 4 5 6 100 7 1-4 -

2 3 4 5 6-5 -

1985 1997 1987-1997 1985-1990 1985 12 1987 1990 1989 5 20 50 1991-1997 1991 11 8000 1992 1 1992 1992 10 37 22 1993 5 19-6 -

1994 60 80 1997 11 75 58 100 8000 5.815 1000 47 3000 1998 1997 11 14 1998 3 1998 3 27 2000 10 8 2001 9 2003 8 31 91 1616 4% 12% 37 54 1-1 1-2 2003 9 31 8-7 -

91 1616 A 12% 1-1 184688 1998.3.27 20 0.9266 1.8293 500001 1998.3.27 20 0.8905 1.5994 500008 1998.4.28 20 1.1026 2.035 500003 1998.6.22 20 0.9701 2.1461 500006 1998.7.25 20 0.9670 1.8882 184689 1999.1.6 20 0.9527 1.628 500002 1999.4.8 20 0.9029 1.465 184690 1999.4.8 20 0.9484 1.7998 184691 1999.5.5 20 0.7897 1.2803 500005 1999.5.10 20 0.8819 1.3849 500009 1999.6.15 30 0.9972 1.4747 184692 1999.6.15 30 0.9521 1.3684 184693 1999.7.14 30 0.8946 1.1966 500018 1999.7.14 30 0.9923 1.3397 184698 1999.8.25 30 0.9868 1.3404 500016 1999.9.17 15 1.0245 1.4546 500011 1999.10.21 30 0.9315 1.2223 184699 1999.11.8 30 0.9424 1.2397 184696 1999.11.10 5 0.9953 1.1146 500007 1999.9.17 10 0.9743 1.2745 184695 1999.9.20 10 0.8719 1.143 184701 1999.12.30 30 0.8662 1.0386 500015 1999.12.30 30 0.7863 0.9753-8 -

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