The main cause is no owner representative and no act on behalf of runner's relations in state-owned mono-investment enterprise and joint stock company which forms a restricting balance system.

其主要原因是国有独资和国有控股公司中没有所有者代表，没有所有者对经营者直接委托代理关系所形成制衡机制。

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If you want to know how to not protect investors, take a good look at the Investment Company Act of 1940.

FORBES: Develop a "Fiduciary Response" or You Will Get Scammed

Investment companies are regulated primarily under the Investment Company Act of 1940.

FORBES: Why Unit Investment Trusts Can Be A Good Investment Alternative

At the heart of the problem is the fact that the Commission continues to believe the legal fictions incorporated in the Investment Company Act of 1940, the federal statute that regulates mutual funds.

FORBES: The Great Mutual Fund Clean Up That Almost Happened (April 4, 2004 )