我国私募股权基金法律监管体制研究

    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.