Chapter g Investment Companies
Chapter 9 Investment Companies
Chapter y Investment Companies INvestment companies Investment companies are a type of financial intermediary, they obtain money from investors and use it to purchase financial assets. In return the investor receive certain rights regarding the financial assets that the investment company has invested and any earnings that it may generate In the simplest and most common situation, the investment company has only one type of investor stockholders
Chapter 9 Investment Companies Investment companies – Investment companies are a type of financial intermediary, they obtain money from investors and use it to purchase financial assets. – In return the investor receive certain rights regarding the financial assets that the investment company has invested and any earnings that it may generate. – In the simplest and most common situation, the investment company has only one type of investor— stockholders
Chapter y Investment Companies For an individual there are two advantages to investing in such company instead of investing directly in the financial assets that these companies own. One is economies of scale(portfolio) and the other is professional management(specia list VNet asset value (NAv) An important concept in understanding how investment company operates is net asset lu
Chapter 9 Investment Companies – For an individual there are two advantages to investing in such company instead of investing directly in the financial assets that these companies own. One is economies of scale(portfolio) and the other is professional management(specialist ). Net asset value (NAV) – An important concept in understanding how investment company operates is net asset value
Chapter y Investment Companies If an investment company's NAv at the end of day t, it can be determined by the following equation: MVAt-liaBt NAT Where mavliab nsa denote the market value of the investment company's asset, the dollar amount of the investment company's liabilities and the number of shares the ic has outstanding at the day
Chapter 9 Investment Companies – If an investment company’s NAV at the end of day t, it can be determined by the following equation: – Where MAV,LIAB, NSA denote the market value of the investment company’s asset, the dollar amount of the investment company’s liabilities, and the number of shares the IC has outstanding at the day. t t t t NSO MVA LIAB NAV − =
Chapter y Investment Companies v Major types of investment companies Unit investment trust A unit investment trust is an investment company that owns a fixed set of securities for the life of the company, that is the investment company rarely alters the composition of its portfolio over the life of the company. Formation-to form a UIT, a sponsor( often brokerage firm) purchases a specific set of financial asset and deposits them with a trustee
Chapter 9 Investment Companies Major types of investment companies – Unit investment trust • A unit investment trust is an investment company that owns a fixed set of securities for the life of the company, that is the investment company rarely alters the composition of its portfolio over the life of the company. • Formation — to form a UIT, a sponsor( often brokerage firm) purchases a specific set of financial asset and deposits them with a trustee
Chapter y Investment Companies The security public offered from the UIT often called redeemable trust certificated Managed companies Managed company should have board of directors and portfolio manager, like the other generally corporate Investor received return form IC should pay management fees(also called advisory fees). Closed-end investment company Unlike UiT closed-end investment companies
Chapter 9 Investment Companies • The security public offered from the UIT often called redeemable trust certificated. – Managed companies • Managed company should have board of directors and portfolio manager, like the other generally corporate. • Investor received return form IC should pay management fees(also called advisory fees). • Closed—end investment company – Unlike UIT closed—end investment companies
Chapter y Investment Companies more often called closed-end funds do not stand ready to purchase their own shares whenever one of their owners decides to sell them. Their shares are traded in the organized exchange or OTO Most closed-end funds have unlimited lives Open-end investment company y Investment policy
Chapter 9 Investment Companies more often called closed—end funds, do not stand ready to purchase their own shares whenever one of their owners decides to sell them. Their shares are traded in the organized exchange or OTC. Most closed—end funds have unlimited lives. – Open—end investment company Investment policy
Chapter y Investment Companies y Chinese investment funds 如基金管理暂行办法中规定,封闭式基金的募集期限为3 个月,自该基金批准之日起计算。封闭式基金自批准 之日起3个月内募集的资金超过该基金批准规模的80% 的,该基金方可成立。开放式基金自批准之日起3个月 内净销售额超过2亿元的,该基金方可成立。封闭式基 金募集期满时,其所募集的资金少于该基金批准规模 的80%的,该基金不得成立。开放式基金自批准之日起 3个月内净销售额少于2亿元的,该基金不得成立。基 金发起人必须承担基金募集费用,已募集的资金并加 计银行活期存款利息必须在30天内退还基金认购人
Chapter 9 Investment Companies Chinese investment funds 如基金管理暂行办法中规定，封闭式基金的募集期限为3 个月，自该基金批准之日起计算。封闭式基金自批准 之日起3个月内募集的资金超过该基金批准规模的 80% 的，该基金方可成立。开放式基金自批准之日起3个月 内净销售额超过2亿元的，该基金方可成立。封闭式基 金募集期满时，其所募集的资金少于该基金批准规模 的80%的，该基金不得成立。开放式基金自批准之日起 3个月内净销售额少于2亿元的，该基金不得成立。基 金发起人必须承担基金募集费用，已募集的资金并加 计银行活期存款利息必须在30天内退还基金认购人
Chapter g Investment Companies 投资基金的发起设立,应向中国证监会提交以下 文件: 申请报告;发起人名单及协议;基金契约和托管 协议;招募说明书;证券公司、信托投资公司 作为发起人的,经会计师事务所审计的发起人 最近3年的财务报告;律师事务所出具的法律 意见书;募集方案;中国证监会要求提交的其 他文件
Chapter 9 Investment Companies 投资基金的发起设立，应向中国证监会提交以下 文件： 申请报告；发起人名单及协议；基金契约和托管 协议；招募说明书；证券公司、信托投资公司 作为发起人的，经会计师事务所审计的发起人 最近3年的财务报告；律师事务所出具的法律 意见书；募集方案；中国证监会要求提交的其 他文件
Chapter y Investment Companies 基金发起人认购基金单位占基金总额的比例和在基金存 续期间持有基金单位占基金总额的比例,由中国证监 会规定。闭式基金的存续时间不得少于5年,最低募集 数额不得少于2亿元。基金发起人应当于基金募集前3 天在中国证监会指定的报刊上刊载招募说明书 封闭式基金扩募或者续期,应当具备下列条件,并经中 国证监会审查批准:年收益率高于全国基金平均收益 率;基金托管人、基金管理人最近3年内无重大违法、 违规行为;基金持有人大会和基金托管人同意扩募或 者续期;中国证监会规定的其他条件。 开放式基金只能在符合国家规定的场所中申购、赎回
Chapter 9 Investment Companies 基金发起人认购基金单位占基金总额的比例和在基金存 续期间持有基金单位占基金总额的比例，由中国证监 会规定。闭式基金的存续时间不得少于5年，最低募集 数额不得少于2亿元。基金发起人应当于基金募集前3 天在中国证监会指定的报刊上刊载招募说明书。 封闭式基金扩募或者续期，应当具备下列条件，并经中 国证监会审查批准：年收益率高于全国基金平均收益 率；基金托管人、基金管理人最近3年内无重大违法、 违规行为；基金持有人大会和基金托管人同意扩募或 者续期；中国证监会规定的其他条件。 开放式基金只能在符合国家规定的场所中申购、赎回