我国私募股权基金法律监管体制研究

The Research on the Legal Regulatory System of Chinese Private Equity Fund

作者: 专业:法律 导师:张忠野 年度:2010  院校: 华东政法大学

Keywords

Private Equity, Private Equity, Fund Legal regulation
        私募股权基金一般是指通过私下募集的方式,投资于未上市企业的股权,并在股权增值后通过多种渠道退出实现获利的资金组织形式。在过去的十年中,由于政策鼓励和国外私募股权基金的带动,我国的私募股权基金行业得到了空前的发展,尤其是创业投资基金,以每年平均增长12%的速度快速成长。创投基金的快速发展大大缓解了中小企业融资难的问题,对中小企业的发展起到了巨大的推动作用。但是由于我国并没有建立完善的私募股权基金法律监管体制,从而导致了其在运行中面临着巨大的法律风险,进而极大的阻碍了私募股权基金行业的发展,从而不能有效的发挥其巨大的作用。尤其是金融危机的爆发,让私募股权基金引发系统风险的可能性也显现出来,这就更加突出了完善法律监管体制的重要性。我国的私募股权基金发展还处在初级阶段,因此必须学习和借鉴国外的先进经验。当下,世界上私募股权基金行业发展最为成熟和典型的国家当属美国。这不仅得益于其拥有发达的市场经济和丰富的企业资源,更重要的是美国拥有一套完整的法律监管思路和制度,为私募股权基金的成长铺平了道路。尤其是在合理控制风险的前提下,设计出大量的豁免规则,给予私募股权基金极大的发展的空间。这些先进的监管理念和经验是值得我们仔细分析和学习的。本文介绍了美国私募股权基金法律监管制度,并结合当下的新情况,着重分析了美国私募股权基金法律监管思路的新变化,并在学习和借鉴美国经验的基础上提出了完善我国私募股权基金法律监管的原则和思路:在适度监管的原则指导下,通过明确监管主体,建立一个多层次的监管体系;完善各种监管法律法规,明确私募行为的界定、建立私募股权基金备案制度、加快制定合格投资人的标准、加强对资金管理人的管理、适当拓宽投资资金的来源以及梳理和健全对外资私募股权基金的监管,保证私募股权基金在规范的轨道内运行,从而形成稳定、有序、连续的行业秩序,最终实现私募股权基金的巨大价值,进一步推动我国资本市场的发展。
    Private equity funds generally refer to raised by the privately way, and then invest in the equity of unlisted companies, and value in the stock after the withdrawal through various channels. In the past decade, due to policies to encourage and promote of foreign private equity funds, China’s private equity fund industry has undergone an unprecedented development, especially venture capital funds, to an average annual growth rate over 12%. This has greatly eased the problem of financing difficulties, and promote the development of small and medium enterprises. However, due to failure to establish a comprehensive monitoring system, thus leading to its development faces a huge legal risk, and thus greatly hindered its development, so that it cannot play its due role. Particularly in the financial crisis, private equity funds showed a lot of systemic risk, which seems more important to strengthen supervision.China’s private equity funds still in the initial stage of development, it is necessary to learn the advanced experience of foreign countries. Currently, the U.S. private equity fund industry’s most mature. This is not only due to their own well‐developed market economy, more importantly, the United States has a sound legal regulatory system. In particular, based on the control of risks, a large number of exemption rules designed to give tremendous growth space to private equity fund. These advanced control concepts and experience is worth to analysis and study carefully for our country.This paper describes the legal regulatory system of U.S. private equity fund, combined with current new situation, further analysis of the changes in regulatory idea. In the basis of American experience, the article presents some principles and ideas to improve the legal regulatory system of private equity fund in China’s. Under the principle of moderate supervision, clear the main regulator, and then create a multi‐level monitoring system. Improve the variety of regulatory law; clear definition of private behavior; establish a filing system for Private equity fun; accelerate the development of standards for qualified investors; strengthen the management of funds managers; regulate the sources of investment; Improve the monitoring of foreign private equity fund. Through the above measures to ensure that private equity funds operating in the standard orbit to form a stable, orderly, continuous trade order, the final play to the great value of private equity funds, to further promote the development of China’s capital market.
        

我国私募股权基金法律监管体制研究

摘要4-6
Abstract6-7
导言10-11
第一章 私募股权基金法律监管制度概述11-20
    第一节 私募股权基金概念辨析11-13
        一、私募股权基金与私募基金11-12
        二、私募股权基金与创业投资基金和产业投资基金12-13
    第二节 私募股权基金法律监管制度概述13-20
        一、法律监管13-14
        二、私募股权基金法律监管的必要性14-15
        三、我国私募股权基金法律监管制度的问题15-20
第二章 美国私募股权基金法律监管制度分析与借鉴20-31
    第一节 美国私募股权基金法律监管制度20-25
        一、监管主体20
        二、监管法律体系20-24
        三、监管制度特点24-25
    第二节 美国私募股权基金法律监管的新趋势25-28
    第三节 美国私募股权基金法律监管新趋势对我国的启示28-31
第三章 我国私募股权基金法律监管制度的完善和建议31-40
    第一节 私募股权基金法律监管的适度原则31-33
    第二节 关于完善我国私募股权基金监管法律的建议33-40
        一、构建多层次监管主体33-34
        二、明确界定私募行为34
        三、基金的备案制度34-35
        四、投资人的管理35-37
        五、资金来源的监管37-38
        六、基金管理人的管理38-39
        七、外资私募股权基金的监管问题39-40
结论40-41
参考文献41-45
在读期间发表的学术论文与研究成果45-46
致谢46-47
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