우리나라 증권투자신탁의 발전방향에 관한 연구

Abstract

Securities investment trust is one of property increase ways and a system in which profits on investment are returned to the investors. A specialized investment organization collects small funds from general investors and invests them in securities. The trust system can be said to exist for general investors who have no specialized knowledgement, or can't invest their funds effectively, caused by their lack of time. Also, It can be rightly said that the system grantees profits, security and conversion. Securities investment trust finds its orgin in England in the middle of 19th century, although the investment skill, type and management are different among countries thesedays. Although each country has own distinction of investment trust, the same principle of investment trust can be applied for any country in that a special organization collects small funds from general investors to invest in the stock market, avoiding risk of investment. The trust system of Korea imitated that of Japan and in 1970 May, Han Kook investment trust corp.(taken over to Dae Han investment trust company) issued stock in a fund of 100,000,000. In 22 years since, investment trust industry shows off 14 investment companies and fund amount of 27,000 billion and 4,980,000 investors as of 1992 Jan. In the development process, investment trust contributed not only to the property multiplication of general investors, but also to the national economy by increasing nation's saving amount. Especially rapidly changing periods from '70s to 80's, securities investment trust has contributed to the development of stock market and liberalization of capital. As economy growed, investors wanted to maximize the returns on investment while avoidig risk and preferred indirect investment like investment trust. So, the importance of stockmarket and investment trust increased. The development of investment trust system expanded smoothly the supply of money into the stockmarket and make investment in stock multiplicated. And investment trust has supported the devolopment of stock market by optimum divisions. However, it is thought that the new investment system must be developed to continue, trust company's improvemeny and counter repidly changing fanancial conditions of the world. When countermeasures of investment trust must be set up to counter the opening of capital stockmarket, it is necessang to check the present condition of investment trust industry and the way of continuous development. So, this study is centered on general development background and development process and present condition of investment trust in korea, and is to compare the investment system of korea with Mutual Fund of U.S.A, Unit trust and investment trust of England, contract trust of Japan. The problems nentioned below could be pointed out First, the investment trust system of korea couldn't fulfill its function as a special investment organization because it was thought that the protection of benefactors and means of policy conduct were more important. But it is the time when self- control of trust industry is needed to prepare for the intenationalization. Also the specialization of investment trust couldn't be too exaggerated. Second, "Fund Manager" should take control of funds under his responsibility and more reward must be attributed to the "Fund Manager" who made more profit on investment. Third, investment trust firms are to jump over the domestic market to international market through a variety of services like the new development of investment fund in abroad, the set up of overseas companies, the simplication and integration of domestic and overseas market. To become a special trust organization invstment trust industry should try to invent various commodities in domestic market and specialized services with new ideas to meet the customers needs. And more careful attention must be to the fine services. In the long run, more progressive attitude is needed to seek for the best trust system. The nature as institutional investors of investment trust should not be ignored, even through the nature as a proficient business organization is intensitied. Investment trust should prepare for the internationalization of investment by minimizing the regulation of government and protecting self-control. So, Afterwards, investment trust fund should try to develop as all-round investment trust firm by intensifing management of their assets as all round special management organization. Finally, it was very difficult to collect datas, caused by the lack of materials on the present condition of international trust firms. And it is righly thought that more intensified study on investment trust firms is needed. It can be suggested that systematic and continuous study on the firms can help investors to understand the system and give huge help to the development of investment trust.