“託管造林”法律關係研究及展開: 兼論美國最高法院 1946 年霍伊案

With the ending of “Wanli Da Zaolin” Case in April 2009 which is a typical illegal event to the legal activities involving “Tuoguan Zaolin”, it attracts many an attentions and leads to hot debates. How would we apprehend the properties of the legal nexus as to “Tuoguan Zaolin” which might be involved to pooling, trusting or investing activities? Considering the important role and great impetus of the economic activities, and whereas the similar and comparative features of historical development of the economy, the article suggests that the regulators should conditionally absorb the term of “investment contract” in Securities Act of the United States to construe the legal nexus about “Tuoguan Zaolin”, further explain the properties of non-governmental pooling money and protect public interests, and reasonably resolve the problems stemmed from the activities related to non-governmental pooling money through comparatively analyzing the “Wanli Da Zaolin” Case and Howey Case.