1. The Administrative Office,Chang′an University, Xi′an 710064, China;
2.Department of Economic Law,East China University of Politics and Law, Shanghai 200042, China
Close-end securities investment fund has its own advantages in capital market.However,the
interestsof beneficiaries(or unit-holders)are often susceptible to be ignored and undermined by the
trusteesdue to the features of the funds of this kind.From the viewpoints of the structuralism and
system economics(or information economics), this essay lays great emphasis on the improvements of
the allocation of property rights among these parties concerned in the laws and fund contracts, which
lead to the setup of an internal governance structure of high efficiency contributing to the perfect
protection of the interests of the beneficiaries.