近20年美国共同基金的发展过程看，共同基金在美国已成为超过商业银行和保险公司的一支最大的金融力量，是一种与债券、股票三分天下的大众投资工具。在美国资本市场乃至对世界金融形势发挥着巨大的、不可缺少的作用和影响。目前我国共同基金还处在初始阶段。至1996年底，我国 In the course of nearly 20 years of development of mutual funds in the United States, mutual funds have become one of the largest financial powers in the United States over commercial banks and insurance companies. They are a popular investment tool with bonds and stocks one-third of the world. In the United States capital markets and even the world financial situation to play a huge, indispensable role and influence. At present, China’s mutual fund is still in its infancy. By the end of 1996, China