毕业设计(论文)外文参考资料及译文-美国证券投资基金的现状及走势.doc

毕 业 设 计（论 文）外 文 参 考 资 料 及 译 文译文题目：The present situation and trend of The United States security investment fund 学生姓名： 盛怡静 学号： 0721116231 专业： 金融学 所在学院： 龙蟠学院 指导教师： 熊发礼 职称： 讲 师 2011年 1 月 25 日The present situation and trend of The United States security investment fundKenneth, JovanovicAbstract10 years (especially in recent years), mutual funds in developing innovation, in innovation development, put forward a series of worth learning from other countries new ways of new varieties, including company of fund of the system of independent directors, mutual funds of new products, pension funds into mutual funds, etcKeywords: USA; Funds; Innovation; Retirement pension The United States securities investment fund development situation In the global securities investment funds, the United States securities investment fund oricon dominant position. Main show has three: it is in the world of securities investment fund, Americas securities investment funds in the total asset of 59.82 percent of global, consequently, the further development of securities investment fund has significant influence, Second it is Americas securities investment fund operations relative standard, among them, the company type, open after 80 years history etc is more mature, in the eighties later became the other countries or regions studying object, therefore, has a guide into effect; Third it is in the United States, financial innovation emerge in endlessly, both for securities investment fund operation provides increasing market space, also for securities investment fund further perfect provides a good market environment.The United States securities investment fund can be divided into mutual funds and enclosed fund two kinds, among them, mutual funds in either the total asset, fund only number or investors quantity are accounted for absolute advantage. Mutual fund, the main fund type has stock fund, a bond fund, mixture fund and monetary market fund (including taxable monetary market fund and tax-free money market funds into four categories.Mutual funds in total asset is the fastest growing stock fund, a growth of 15.54 times. Second in the absolute value of the fund, from assets, it is money market funds and assets absolute increased 13470 billion dollars, but from the asset growth rate, it is the mixture fund, during this period, it has increased 869 times. According to the four fund variety trend can be expected in the future, quite some time, fund asset value, it will still have to keep stock fund, money market funds, mixture fund and bond funds sorting, but for assets growth, the case is more complex. The basic reason is, Americas stock index tumbled, stock fund asset value in reducing posture, and than before, stock fund asset value reduced 796 billion, while the us stock market index returned to the level in the first half of 2000 to quite a while, therefore, in a few years hard by rising stock market influence, stock fund hard also have big development; On the other hand, mixture fund development so fast in money market funds and bond funds, and the stock market development, and it is directly related to the corresponding, as stock index to fall, the fund variety of rapid development momentum will also be affected. Then, from the open-end fund with the closed-end funds relationship look, mutual funds are open-end fund, therefore, we can draw the conclusion, the development of open-end funds and is far more rapid than closed-end funds. but this does not direct means closed-end funds will no longer development even died. The rapid development of open mode fund at the same time, the American closed-end fund asset value are also on the increase, but compared with open mode fund at a slower speed. From the coming time see, closed-end fund scale will also some development, if the development of open-end funds is slowing down, then the closed-end fund development speed may also relative improvement.Once again, from fund assets growth, we can see the American mutual fund assets, more than half of the assets are good results by fund operations to bring, including not cashed asset appreciation, capital gains income reinvested dividends and the investment again, Only about 40% of the assets are formed by new inflows of funds, including selling new fund unit, no redemption that part of the funds and net mutual trade, etc. The stock market deep amplitude adjustment, mutual fund fund inflow and outflow acceleration, reduce stock fund assets decreased 790 million us dollars, but monetary market fund net inflow 1590 billion dollars in new money so that 3880 billion dollars, under the condition of mutual fund total assets increased 123 billion, achieve 69652 billion dollars, and maintain the general trend. After 2000, the new capital inflows has become support mutual funds for the further development of the important factors, in other words, if no new capital inflows, or a new capital inflows of capital outflows not greater than quantity, the mutual funds of the total scale may narrow. At last, from each fund asset scale perspective, the end of 2000, the United States had a mutual fund 8027 only, each fund assets reached the average about $9.05 scale, and the total open-end fund 53450 only, each fund assets of average size only life-time TFR will be 2.27 billion dollars, thus, except outside of the United States to fund asset size is every 1.08 billion dollars, only for the American 1/8 less than. Fund asset size means fund managers in the stock market investment operation ability, thus, we can see that the future quite some time, both in the U.S. financial markets (including securities market) or in the international financial market, Americas mutual funds are still will play an important guiding role. American company of fund of the system of independent directors Mutual funds the independent director system originated in 1940 investment company law. This law makes clear a request mutual fund set up the system of independent directors. Thus, in the American mutual fund board members was divided into two kinds: the interests of the directors and independent directors. Interests directors usually by fund sponsors (including fund managers institutions, such as investment consulting company, etc.), and a representative appointed by the independent directors criterion and fund sponsors institutions or fund securities underwriter, without any substantial benefit relations. More than 60 years of practice has proved that this system establishment, to protect the rights and interests of fund holder, make the mutual fund industry for decades of development process from various scandals, etc., has played a very important role. In the late 1990s, as mutual funds in developing sophisticated and perfect, independent director system has been changed some important changes, such as requiring the number of independent directors shall be with the board of directors at least the majority, new independent directors should by incumbent independent directors to nominate, the independent directors of power have somewhat expanded, and correspondingly provides safeguard its right by the measures, etc. 1999 July 7th, the American investment company association council resolution, will do their best to strengthen the independent directors independence and effectiveness of 15 the best behavior means systematic recommend, to enhance the fund management system and protect the rights and interests of fund holder. In 2001, on January 9, the securities and exchange commission issued a mutual fund company governance of the new rule. Meanwhile, modify the relevant system of independent directors some terms, in addition, also changed the some regulations. The system of independent directors will encourage further perfect governance structure of mutual funds more effective and more practical protection fund holder rights, at the same time, it will give other countries and regions of securities investment fund management perfect structure of an important enlightenment. Mutual funds product innovation In recent years, the exchange fund, fund shares the classification and portfolio investment plan etc mutual funds in the United States, new products developed very quickly. Exchange fund is issued by investment companies register with the SEC and the stock exchange traded so market open-end fund securities or unit investment trust. It is the main difference with mutual funds have two: one is the issuance and redemption of different ways. ETFs should have first institutional investors will be particularly securities depositary in ETFs, then by giving the ETFs institutional investors corresponding fund securities (units), these funds securities (units) or part or all in the stock exchange. The institutional investors can also return fund securities (units) and redemption of equal value for the purchase of depositary securities. Second it is trade restrictions are different. Retail investors can only at the market sale, such as stock ETFs as, not as straightforward as institutional investors from ETFs there explain buy and redemptive. The classification of fund shares is aimed at in recent years fund sales development and change of market and financial innovation. Some mutual funds in order to meet the needs of various investors, mutual fund shares will be further classification, such as shares of A kind of class B, shares, and stock type C etc, every kind of other stock sales commission design is different, some charge high fees, some low, in order to meet different income level of investors for the sales commission, such as the preference shares of A kind of charge, before A class B shares implemented fee, shares C class adopts horizontal collect fees etc. Investors may, according to the different distribution costs, to choose the most suitable for oneself circumstance of fund shares categories. Portfolio investment plans in the United States from 2000 on popular a kind of innovation investment tools, mean investors through brokers or investment consultant account, in a business deal can buy to previously packed for stock portfolio. At present, in view of portfolio investment plan of rapid development, American investment company management association (ICI) called for the SEC shall follow the 1933 securities law and the company law in 1940, pursuant to the provisions of the investment portfolio investment plan required register, like norms as mutual funds into the strict legal supervision under control, so as to facilitate the risks and the conflict of interest solves promptly, protect the interests of investors. Can foresee along with the further development of the financial product innovation, but also will have more mutual fund new products are created, this is to promote mutual fund further development and improvement of the important mechanisms. The pension market expansion and mutual funds fast development American retirement pension is an important source of mutual fund assets. In the past ten years, mutual fund grows quickly and retirement pension rapid increase joys and sorrows is relevant. Early in the 1980s, the United States has all kinds of retirement pension plan, but the pension market is in the 1990s got big development. The main reason has 3: it is in 1981 economic revival tax bill passed an individual retirement account expanded to all employees, greatly promote the retirement pension market development, Second it is pay frontal determinacy pension plans of employers increasingly favour in mutual funds for its managing assets, rather than accept the traditional financial intermediaries, life insurance companies, Banks and other offer for its financial services, because they didnt like mutual funds is same, daily offer for its price, trade circumstance, telephone inquires the transaction account information such as service, Third it is in accordance with the securities law and mutual fund tax requirement, and can provide the decentralization and diversification of investment, satisfy pension plans in the rules of the required standards. Compared with 1990 in 2000, total pension increased 1.9 times, JueDuiE increased 75450 billion dollars. American retirement pension plans are mainly: an individual retirement account and pay the frontal determine plan, private income frontal determine plan, federal income frontal determine plan and pension annuity. Among them, the individual retirement account includes: traditional IRA, SEPandSAR - SEP, Roth, SIMPLE, complete, a total of five. Pay the frontal determine plan includes the 401 (k) had already left, 403 (b) had already left, 457Plans and other pay frontal determine plan altogether four. All kinds of mutual funds in different pay frontal determinacy pension plans a proportion of assets quantity in 1996-2000 the five years increased 107% and JueDuiE increased 6080 billion dollars, therefore, no pension funds to support, is impossible to have in the 1990s mutual fund high-speed development. In this context, the pension further expansion and product diversification, mutual funds will be further expanded. References1 ICI. 2006 investment company fact bookR . 2006.2 ICI. 2005 investment company fact bookR . 2005.3 ICI. Competition in mutual fund businessR . 2006.4ICI. Understanding investor p references for mutual fund informationR . 2006.5U.S.A.ICI. Mutual Fund Fact Book (2005)6Chen & Dodd. Economic Value Added: an examination of a new corporate performance measure J . 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