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研究生:陳文信
研究生(外文):Wen-Hsin Chen
論文名稱:共同基金治理制度研究
論文名稱(外文):A Study of Mutual Fund Governance
指導教授:劉紹樑劉紹樑引用關係
指導教授(外文):Lawrence Liu
學位類別:碩士
校院名稱:東吳大學
系所名稱:法律學系
學門:法律學門
學類:一般法律學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:92
中文關鍵詞:投信基金共同基金基金治理投信事業投資顧問治理機關資訊揭露道德規範行為準則自律組織社會責任投資股東會表決權
外文關鍵詞:governance regimeinvestment adviserSecurities Investment Trust Enterprisefund disclosureSITE fundmutual fundcode of ethicsstandards of conductself-regulatory organizationsocially responsible investingproxy votingfund governance
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共同基金具公益性,且涉及金額相當龐大,因此與金融秩序、經濟發展及投資人利益息息相關。除了嚴格的行政監督之外,亦必須在基金治理上訂有完善的規範,秉持應有的忠實義務,追求投資人的最大利益,解決利益衝突問題,同時善盡社會責任與公民義務,以謀求社會的進步與永續發展。

共同基金治理制度的範疇尚無定論,本研究擬參照國外立法例,討基金治理機關、基金資訊的揭露、基金的自律規範及共同基金行使股東會表決規範等重要議題,嘗試建立基金治理架構,並針對我國相關法制提出批評與建議。

共同基金治理制度的核心無疑是治理機關的設置。世界主要先進國家無不致力改革基金治理機關的設置方式及其內涵,提高其獨立性,期盼能發揮「守衛者」(watchdog)的角色,以有效監督基金管理公司的行為,為投資人的權益把關。本研究討論美國、加拿大及澳洲等國近幾年來在基金治理機關上的改革,以做為我國立法上的借鏡。

資訊揭露亦為基金治理制度重要的一環。公開原則係證券法規的基石,資訊的充份及公平揭露有助於投資人做出正確的投資判斷,同時也可以據此監督基金運作情形,防止基金公司之濫權情事發生。至於自律規範,雖無法規之強制性,但仍能發揮一定之約束力,並補充法律規定之不足。其主要功能可以減少行政權過度介入,且可增強業者的榮譽感,進而激發道德規範的潛能,不失為對投資人權益的一道保障。

基於共同基金的公益性,且機構投資人對於被投資公司的影響力逐漸升高,共同基金應扮演好公益角色,善盡社會責任,並為社會的永續發展做出貢獻。在基金公司的內部,應可考慮建立一套規範,排除投資對整體社會可能造成不利益的產業。在對外方面,則應積極善加利用股東會表決權,導正被投資公司的經營或管理策略,並推動公司治理的改革。

本研究最後提出相關改革建議,主要包括設立基金治理委員會、強制投信事業設置一定比例獨立董事、定期更新基金公開說明書、賦予自律機關仲裁功能、推動社會責任投資、規定投信事業應制訂被投資公司股東會表決權行使相關作業準則等,以加強我國投信基金之治理,促進投資人權益保護,期使投信事業能永續發展。
Mutual funds affect the public interest and have a close relationship with the stability of financial markets, economic development and investors’ interests. Thus, they require intensive government regulations as well as complete fund governance procedures. In addition, mutual fund managers are obliged to exercise fiduciary duties, work for the best interest of investors, resolve conflicts of interest, fulfill their social responsibilities and promote the development of society.

The scope of mutual fund governance is still undefined. This research intends to establish a feasible mutual fund governance system by discussing the topics of fund governance regime, fund disclosure, self-regulations and proxy voting procedures. Foreign regulations are discussed and our own regulations in Taiwan are also reviewed. This research also provides recommendations for the regulator’s reference.

There is no doubt that the governance regime is the center of mutual fund governance. Many developed countries have been making efforts at reforming their fund governance regimes to enhance their independence and enable them to play the role of “watchdog” and protect the investor’s interests. This research discusses recent reforms of fund governance regime in the U.S., Canada and Australia and proposes a governance regime for the SITE funds in Taiwan.

Disclosure is an important part of fund governance and is often called the “cornerstone” of securities regulations. Full and fair disclosure of mutual fund information can help investors make good investment judgments and monitor fund operations closely. As for the code of ethics and standards of conduct, they could support the implementation of laws and regulations, decrease the regulator’s intervention and strengthen the confidence of investment professionals.

Given the impact of mutual funds on the public interest and their increasing influence on portfolio companies, mutual funds could make a contribution to the society by fulfilling some social needs. Mutual funds governance systems could include some procedures to identify and deal with companies whose products or behavior may cause harm to society. Policies, strategies or governance of portfolio companies could also be done through proxy voting.

Finally, this research proposes recommendations for fund governance in Taiwan, mainly the establishment of a fund governance committee for SITE funds, the requirement of a certain percentage of independent directors in each SITE’s board, periodic updates on fund prospectus, the promotion of socially responsible investing and the stipulation of procedures for exercising proxy votes. Thus, fund governance could be strengthened and better protect investors’ interests.
第一章緒論
第一節研究動機………………………………………………1
第二節研究目的………………………………………………2
第三節文獻探討………………………………………………3
第四節研究方法………………………………………………5
第五節預期結果………………………………………………5
第六節研究架構………………………………………………6
第二章基金治理機關
第一節共同基金概說…………………………………………8
一、共同基金的起源…………………………………………8
二、共同基金的特點…………………………………………8
三、共同基金的類型…………………………………………10
第二節美國共同基金治理機關………………………………12
一、美國共同基金組織架構…………………………………12
二、美國共同基金治理機關…………………………………14
三、共同基金董事的責任及義務……………………………15
四、共同基金治理制度的重要改革及最新發展……………18
五、小結………………………………………………………22
第三節加拿大及澳洲兩國共同基金治理機關………………22
一、前言………………………………………………………22
二、單位信託簡介……………………………………………23
三、加拿大共同基金治理機關之改革………………………23
四、澳洲共同基金治理機關之改革…………………………23
五、小結………………………………………………………26
第四節我國共同基金治理機關………………………………28
一、我國投信基金之架構……………………………………28
二、我國投信基金治理機關概況及改革芻議………………29
第五節投資人大會……………………………………………33
第六節結語……………………………………………………34
第三章基金資訊的揭露
第一節前言……………………………………………………36
第二節基金資訊揭露…………………………………………36
一、公開說明書………………………………………………36
二、投資人報告………………………………………………39
三、其他重大資訊……………………………………………40
四、揭露的管道………………………………………………41
五、小結………………………………………………………41
第三節基金廣告………………………………………………42
一、案例事實摘要……………………………………………42
二、案例分析…………………………………………………44
三、法規最新發展……………………………………………46
四、我國廣告相關法規………………………………………47
第四節結語……………………………………………………48
第四章基金的自律規範
第一節前言……………………………………………………50
第二節基金公司倫理規範與行為準則之內容………………51
一、倫理規範…………………………………………………51
二、行為準則…………………………………………………53
第三節美國有關倫理規範的法令……………………………53
一、投資公司法第 17j-1 號規則……………………………54
二、投資顧問法第204A-1號規則……………………………55
第四節自律組織………………………………………………57
第五節社會責任投資…………………………………………60
一、社會責任投資的定義……………………………………60
二、社會責任投資的歷史背景………………………………60
三、社會責任投資策略………………………………………61
四、社會責任投資標的的篩選………………………………62
五、對於社會責任投資的批評………………………………63
第六節我國相關法令的現況及檢討…………………………63
第七節結語……………………………………………………65
第五章共同基金行使股東會表決權規範
第一節前言……………………………………………………67
第二節美國共同基金及投資顧問行使股東會表決權法規…67
一、共同基金行使表決權的新規定(第 30b1-4 號規則)……69
二、投資顧問行使表決權的新規定(第 206(4)-6 號規則)…71
第三節美國共同基金行使表決權實務探討…………………74
第四節我國投信事業行使表決權之規定……………………79
第五節結語……………………………………………………82
第六章結論與建議
第一節結論……………………………………………………84
第二節建議……………………………………………………85
參考書目………………………………………………………88
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Howell E. Jackson & Edward L. Symons, Jr.著,吳志攀等譯,金融監管(Regulation of Financial Institutions),中國政法大學出版社,2003年。

Arthur Levitt & Paula Dwyer著,戚瑞國譯,散戶至上(Take on the Street),先覺出版社,民92年。

王蘇生,證券投資基金管理人的責任,北京大學出版社,2001年。

林宗勇,證券投資信託制度之理論及實務,實用稅務出版社,民73年。

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溫泉,完善我國證券投資基金業的治理結構,http://yanglee.com/papers/FDP/fdp04070501 (2005年2月14日)。

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賴源河、王志誠,現代信託法論,五南圖書出版,民90年6月。


英文部份:

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