【作者】 朱奇峰；

【导师】 何孝星；

【作者基本信息】 厦门大学 ， 投资学， 2009， 博士

【摘要】 本文的研究对象是中国私募股权基金的发展。其中中国私募股权基金的特定含义是在中国注册的私募股权基金，不包括在中国设代表处从事投资的海外私募股权基金。中国正处于新兴加转轨的经济发展阶段，急需加快产业结构升级和创新型国家建设，实现经济增长模式战略转型。因此，要发展大量的创新型企业和进行大规模的企业兼并重组。然现有的金融市场和金融机构的金融功能难以对此提供有效支撑。特别是在全球金融危机影响下，中国创新型中小企业融资难问题更加突出。国际经验表明，创新型企业的成长和企业的兼并重组所需的金融功能需要由私募股权市场和私募股权基金来提供，私募股权基金已经成为发达国家仅次于银行贷款和IPO的重要融资渠道。由此可见，加快发展中国私募股权基金意义重大。但由于中国私募股权基金尚处于初级发展阶段，理论界对中国私募股权基金的概念、内涵、定位、治理机制、外部支持环境、推动模式、组织形式、监管模式等尚未明晰，导致了中国私募股权基金在整个金融结构中所占比例过低，尚不适应产业创新和经济转型的需要。因此，对中国私募股权基金发展问题进行研究具有重大的理论和现实意义。本文第一次较系统地对中国私募股权基金的发展问题进行论述。笔者从产业融资需求角度剖析私募股权基金的概念、内涵及其运作流程着手，从金融功能角度对中国私募股基金的金融属性及其在中国经济和金融市场的定位进行了重构，并结合人力资本特性和信息不对称理论对中国私募股权基金的治理机制构建进行了探索，提出了中国私募股权市场和基金是中国金融市场的重要组成部份；其发展模式应从政府强制引导下的市场推动模式向盈利预期诱致下的市场推动模式过渡；应将有限合伙制为主的组织形式做为未来发展方向改革相关制度；立法和监管上要采取开门主义和行业自律监管为主的观点。同时，结合国际私募股权基金的发展经验，对如何构建和完善中国私募股权基金发展的外部支持环境提出了笔者若干政策建议。更多还原

【Abstract】 This paper studies the development of China’s private equity funds. The specific meaning of China’s private equity funds is private equity funds registered in China, does not include the overseas private equity funds which set up representative offices in China to engage in.China, who is in a emerging and transition economic development stage, is in urgently need of speed up the upgrading of the industrial structure and building an innovation-oriented country. So China will develop lots of innovative companies and exercise large-scale corporate mergers and reorganizations. But the financial function of the existing financial market and organizations could not provide effective support. Especially under the influence of the global financial crisis, Chinese innovative companies’ funding problem is more prominent. International experience shows that private equity market and private equity funds can provide funds for the growth of innovative companies and corporate mergers and reorganizations, private equity funds have became the second important financing channels in developed countries, only after bank loans and IPO.Nowadays, China’s private equity funds is in a budding development stage, theoretical circles are not yet clear about the concept、connotation、location、governance mechanism、external supporting environment、promoting patterns、organization forms、supervision modes of China’s private equity funds, which cause a low proportion of private equity funds in China’s financial structure, and can not adapt to the needs of industrial innovation and economic restructuring. So researching the development problem of China’s private equity fund has an important theoretical and practical significance.This paper first systematically discusses the development issues of China’s private equity funds. Dissertation begins from the concept、connotation and operation process of the private equity funds, reconstruct the financial property and location of China’s private equity funds, combines the human capital characteristics and information asymmetry theory to explore the governance mechanism of China’s private equity funds, proposes the opinion that China’s private equity fund market is a important part of Chinese capital market、development mode should transit from the market-driven mode imposed by government to the market-driven model induced by expected profit,legislation and regulation should open the door to take a industry self-regulatory-based opinion. In the meanwhile, in accordance with the development experience of international private equity funds, we make a number of policy recommendations on how to build and improve the external environment of China’s private equity funds development.更多还原