論證券投資信託之監理機制及其公司治理與自律規範

隨著金融市場全球化，金融商品日新月異，使得投資人對於自身之資產管理配置擁有更多的選擇。「證券投資信託制度」基於其專業投資與分散風險之特性，不僅受到大眾投資人所喜愛，對於全球資本市場亦扮演著重要的角色。然而，由於證券投資信託制度之架構設計，使得資金所有權與管理權分離而導致投資人與基金管理人產生資訊不對稱與代理成本之問題進而引發利益衝突之基金弊案。為保障投資人之利益與建立對基金市場的信心，近年來基金治理為各國證券主管機關所重視，實屬目前基金發展之重要課題。證券投資信託係屬主管機關高度監理之行業，其監督機制包含藉由行政機關訂立相關法規進行約束的外部監理模式，並交錯透過同業間組成的自律機構進行監督，促進投信事業訂立相關自律規範，以達內部監理的效果。近年來，因國際與國內之基金弊案不斷地發生，公司治理落實於證券投資信託事業公司治理呼聲興起，且依據國際證券管理機構組織(IOSCO)之定義，基金治理是從公司治理之概念發展，因此，若能落實公司治理並訂立相關規範於投信事業之自律規範中，必能強化證券投資信託之監理制度。本文著眼於我國證券投資信託制度之現行監理機制，希望藉由分析比較外國立法例於基金架構及法制上對於證券投資信託監督機制的建構，提供我國法規面與制度面之強化與檢討，期望能促進國內證券投資信託法制之健全，以充分發揮保護基金投資者之目的。

關鍵字

證券投資信託；基金治理；公司治理； OECD公司治理原則；自律規範；獨立監督機制

並列摘要

With the globalization of the financial market and the rapid development of financial products, investors have more choices for their asset management. The "Securities Investment Trust Fund" is not only popular among public investors, but also plays an important role in the global capital market based on its professional investment and risk diversification characteristics. However, due to the structural design of the Securities Investment Trust, the separation of the ownership of the fund and management rights has led to information asymmetry and agency costs between investors and fund managers, which has led to conflicts of interest and fund scandals. In order to protect the interests of investors and build confidence in the fund market, in recent years, the supervisory mechanism of the Securities Investment Trust has been valued by the securities authorities, and it is indeed an important issue for fund development. Securities Investment Trust Fund is an industry that is highly supervised by the competent authority. Its supervision mechanism includes an external supervision model that is governed by relevant laws and regulations established by administrative agencies, and an internal supervision model that is supervised through self-regulatory institutions to promote securities investment trust companies to establish relevant self-regulation. In recent years, due to the continuous occurrence of fund scandals, the voice of the corporate governance should be implemented in securities investment trust companies has risen, and according to the definition of the International Organization of Securities Commissions (IOSCO), fund governance is developed from the concept of corporate governance. Therefore, if we can implement corporate governance and establish relevant norms in the self-regulation of securities investment trust companies, it will definitely strengthen the supervisory mechanism of securities investment trusts. This thesis focuses on the current supervisory mechanism of the securities investment trust in our country and attempts to generalize and compares the fund structures, legal system and legislation among United Stated and Japan. Hope that the study will bring different perspectives and provide suggestions to our securities investment trust legal system. To enhance our supervisory mechanism and achieve the purpose of protecting investors.