Company fund contract fund

Also known as trust fund, it is the trust deed for issuing beneficiary units between fund managers (fund management companies) and trustees (custodians) representing the interests of beneficiaries. The manager is engaged in the management of trust assets according to trust deed, and the custodian, as the nominal holder of the fund assets, is responsible for keeping the fund assets. By issuing beneficiary units, contractual funds enable investors to become fund beneficiaries after purchase and share the operating results of the fund. The legal document for the establishment of contractual funds is trust deed, but there is no fund charter. The behaviors of fund managers, custodians and investors are bound by trust deed.

The development foundation of contractual funds is a perfect credit system and a mature and developed trust market, but the development in this respect in China is still very insufficient. The joint-stock company system in China has a long history and is relatively mature. Under this condition, it is beneficial to the development of enterprise funds. At present, all the 60 funds that have been issued in China are contractual funds. Zibo Fund, which was listed on Shanghai Stock Exchange before, was the first closed-end corporate fund in China, but it became a contractual fund after the restructuring. 1. The nature of funds is different. The fund of contract fund is the trust property raised by issuing fund shares; The capital of a company's fund is the capital raised by a company as a legal person through the issuance of common shares.

2. The status of investors is different. Investors of contractual funds become one of the parties to the fund contract after purchasing fund shares. The investor is the principal of the fund, that is, based on his trust in the fund manager, he entrusts his own funds to the fund manager for management and operation, and is also the beneficiary of the fund, that is, he enjoys the benefit right of the fund. Investors of corporate funds become shareholders of the fund company after purchasing its shares. Therefore, investors in corporate funds have a greater influence on fund operation than investors in contractual funds.

3. The operating basis of the fund is different. Contractual funds operate funds according to fund contracts, and corporate funds operate funds according to the articles of association of investment companies.

In February of 20001year, Tsingtao Brewery issued 654.38 billion A shares, and Taihe Fund subscribed for 33 million shares in one fell swoop, accounting for 65.438+06.5% of Tsingtao Brewery's circulation. This alone includes tens of millions of profits. In order to obtain such a number of placements, the fund Taihe needs to use 7.87 billion yuan on the book, while its net assets are only 2.6 billion yuan. The fund Taihe only made a subscription declaration of 6,543.80 billion shares in advance of 6,543.80 million yuan.

Similarly, in February of 2000 1,1,Shenzhen Expressway Co., Ltd. issued A shares, and 47 funds participated in offline subscription, with a total subscription fund exceeding105.6 billion yuan, while the total net value of these funds at that time was less than 78 billion yuan.