【作者】 朱健飞；

【导师】 丁伟；

【作者基本信息】 华东政法大学 ， 国际法， 2010， 博士

【摘要】 随着国际直接投资和国际金融服务贸易的发展,自上世纪九十年代以来,私募股权投资作为一种新型的投资与贸易工具,越来越多的受到学术界和实务界的重视。而在中国经济持续快速增长的背景下,外资私募股权投资基金在中国的活动也是从无到有,从小规模尝试到快速增长,吸引了众多亟需发展资金的中国企业的目光,也引起了各界的广泛讨论。作为一种新兴事物,外资私募股权投资在发展过程中呈现出了众多值得研究的理论与实践问题。本文以国际投资法为视角,对外资私募股权投资基金在中国的投资活动中涉及的一些基本法律问题进行了较为深入的分析,希望籍此研究能够对国际投资法下的一般理论进行深化,也希望能够为外资私募股权投资在中国的发展提供一定的理论支撑。本文除绪论外共分七章。第一章为外资私募股权投资介绍。本文介绍了私募股权投资基本概念和基本特征,以及不同的机构、学者赋予这个概念不同的内涵和外延。本文着重梳理了在中国的法律环境下,与私募股权投资相关的一些概念,理清了其与类似投资工具的区别。本文将从广义上使用私募股权投资的概念,将其定义为以退出获利为最终目的的对未上市企业的股权投资。另外本文介绍了外资私募股权投资基金在中国的发展阶段和状况,并明确本文的讨论范围。第二章是外资私募股权投资的属性和法律环境。该章讨论了国际私募股权投资融合了外国直接投资和金融服务贸易的特性,并在此基础上讨论相关法律环境对外资私募股权投资发展所起到的指引作用、协调预期作用和激励作用。在此基础上,本文认为我国针对外资私募股权投资的法律框架应当以国民待遇、透明度和合同自由为原则。第三章是外资私募股权投资的市场准入法律制度。市场准入是外资私募股权投资基金在中国活动时所遇到的第一个关键问题。这一章讨论了中国现行法律法规对于外资私募股权投资市场准入的基本安排,即外资私募股权投资市场准入的几种特殊形式的特点及其缺陷,包括外商投资创业投资企业、外商投资性公司、外商投资企业境内再投资以及外资私募股权投资管理企业等。第四章是离岸外资私募股权投资基金法律制度。承接上一章对于市场准入的论述,这一章提出了外资私募股权投资基金因为市场准入困难而大量采用离岸基金的现实情况。同时对离岸基金的运作特点以及在现行法律制度环境下遇到的困境进行了分析,并从最新的立法和案例判断市场准入方面的发展方向。第五章是外资私募股权投资基金的企业组织形式。这一章列举分析了外资私募股权投资基金常用的有限合伙制的优点,即设立灵活、责任分担合理、存续期较短、利益分配弹性大、内部结构稳定以及税务穿透。该章也介绍了目前在中国的法律环境下,外资私募股权投资基金能够采用的企业组织形式及其各自缺点,揭示了外资企业法和一般企业组织法的法律冲突。第六章是投资者保护法律问题。外资私募股权投资基金在将资金投入中国企业之后,取得的是一组权利。如何保护这一组权利也是法律制度要解决的重要问题。这一章先分析了外资私募股权投资基金常用的投资工具可转换优先股,并介绍了优先股包括的主要权利条款在中国法律环境下适用的法律风险。第七章是一个总结,将通过外资私募股权投资的角度讨论完善我国外资立法和企业组织法的必要性和可行途径。这一章再一次建议我国应当尽快完善市场准入法律、统一外资立法和企业组织法以及完善股东权利的相关制度。更多还原

【Abstract】 The past several decades witnessed the emergence of international private equity funds as a new type of foreign direct investment and international financial service trade. In China, foreign private funds became more and more active and are widely welcomed by Chinese enterprises that are thirsty for capital for further development. The practice of foreign private equity funds present us a lot of issues to be profoundly and widely studied. This thesis shed a light on the practical issues encountering to foreign private funds from a view point of international investment law, aiming to deeply demonstrate those basic principles of international investment law and provide with theoretical guidance for further development of foreign private equity funds.This thesis composes of seven chapters, as well as an introduction. The first chapter is an introduction of the foreign private equity funds. It briefs the fundamental characters of the investment tool of the private equity, comparing different contexts used by different institutions and researchers. This thesis focuses on the similar concepts under the frame of Chinese law and the differences between each other are presented. From a broad perspective, this thesis defines private equity as an instrument of investment in unlisted enterprises for purpose of making profit by exiting later. In addition, this chapter draws a picture of the development phases of foreign private equity funds in China and clarifies the scope of the discussion.The second chapter is the legal framework for foreign private equity investment. By pinpointing the nature of combination of foreign direct investment and financial service trade, this thesis discusses the role played by the legal environment, which are to guide the development, to compromise expectations of different parties and to provide incents. This thesis emphasizes that the legal framework for foreign private equity funds shall be constructed on basis of the principles of national treatment, transparency and free choice of contract.The third chapter is the institutions on market access for foreign private equity investors. The market access is the first crucial question the foreign private equity funds intend to land on China. This chapter details with the structure and defects of several alternatives under current Chinese law, which include foreign invested venture capital fund, foreign invested investment company, inbound investment by foreign invested enterprise and foreign invested equity investment management enterprise.The fourth chapter is institutions on offshore foreign private equity funds. By recalling the discussion in the previous chapter, this chapter points out the fact that the investors are using offshore structure to solve the problem of market access. The main feature of the offshore structure and its inherent defects are revealed in this chapter. In addition, this chapter predicts the legal development by analyzing the recent legislation and practices.The fifth chapter is the firm structure of foreign private equity funds. Limited partnership is usually adopted by international private equity funds. This chapter provides with the advantages of limited partnership, including ease of establishment, reasonable responsibility allocation, short term, flexibility of interest sharing, stability of internal structure and flow through of tax. By introducing the main feature and shortcomings of firm structures that could be adopted under the current Chinese legal system, this chapter reveals the conflicts between the laws on foreign investment and the laws on general firm structure.The sixth chapter is the issues about investor protection. By investing the domestic enterprises, foreign private equity funds acquire a group of rights. The legal system shall provide sufficient protection on the group of rights. This chapter presents an analysis of the convertible preferred shares and reveals the legal risk of the main terms of preferred shares.The seventh chapter is a conclusion, which discusses the requirement and feasibility of reform of foreign investment law and enterprise law from a point view of foreign private equity fund. Again, this chapter suggests reforming the laws on market access, unifying the foreign investment law and enterprise law, introducing relevant institutions on protection of shareholder rights.更多还原