我国私募股权基金相关法律问题研究

【作者】 王慎谦；

【导师】 姜平；

【作者基本信息】 云南财经大学 ， 民商法学， 2011， 硕士

【摘要】 私募股权基金(Private Equity Fund),或称私募股权投资基金,是指以非公开的方式、向特定投资者募集的,以非上市的企业股权为投资对象的投资基金。其具有高门槛、高效率、低监管、高收益、投资项目高风险、投资期限长、流动性差等一系列特征,区别于私募基金、PE、创业投资与证券投资基金,但包括产业投资基金。私募股权基金,按照私人股权投资类型,可划分为:天使资本类型的私募股权基金、创业投资类型的私募股权基金、发展资本类型的私募股权基金、并购基金类型的私募股权基金、夹层资本类型的私募股权基金、以及重整基金类型的私募股权基金;按照组织结构,可划分为:公司型私募股权基金、信托型私募股权基金和有限合伙型私募股权基金。发展私募股权基金,对活跃金融市场、满足投资需求、促进我国中小企业成长,以及保障我国社会经济稳定、实现创新型国家、发展低碳经济都具有重大的意义。而私募股权基金的健康发展,离不开法律的引导和规范。我国现行《公司法》、《信托法》、《合伙企业法》三部法律,对应着私募股权基金的三种主要组织形式,构成了私募股权基金存在的法律基础,为我国私募股权基金创造出了必需的法律空间。同时,《创业投资企业管理暂行办法》为旗帜的一系列的部门规章,使得我国私募股权基金,尤其是创业投资型的私募股权基金的组织形式、运作流程已基本有法可依。但我国私募股权基金发展仍面临着法律体系不健全、对合格投资者的规定过于粗糙、优先股制度缺失、有限合伙人责任不清、退出渠道不畅以及配套制度不完善等法律问题,相对应必须从六个方面予以完善:通过单行立法健全私募股权基金的法律体系;详细界定私募股权基金的合格投资者;设立优先股制度以完善私募股权基金的投资工具;明确有限合伙型私募股权基金中投资者的责任;完善私募股权基金的退出机制以及完善私募股权基金相关配套制度。更多还原

【Abstract】 Private Equity Fund is the investment fund that collects capital from specific investors by non-public way and then invests private equity. It has characteristics such as high threshold, high efficiency, low supervision, high revenue, high risk on each project, long investment term, low liquidity, and so on. Private Equity Fund is different from Private Fund, PE, Venture Capital and Securities Investment Fund, and includes Chanye Investment Fund. Private Equity Fund can be divided to different kinds by the different private equity it invests: Angel Capital, Venture Capital, Development Capital, Buy-out/in Fund, Reorganization-driven Fund and Mezzanine Capital. It also can be divided to three kinds by its organization structure: Corporation form, trust form and limited partnership. Developing Private Equity Fund has important value to animate financial market, meet investment demands, help small and medium-sized enterprise to grow, safeguard stability of society, achieve innovative country and develop low carbon economic. And Private Equity Fund can’t develop healthily without the guide and regulation of law.Company Law, Trust Law and Partnership Enterprise Law in our country correspond with the three types divided according organization structure, provide them the legal base. And more regulations headed by Venture Capital Enterprise Interim Procedure specify the organization structure and operation process of Private Equity Fund in details. But Private Equity Fund in our country still has these legal problems: legal system is not sound, regulations about qualified investor are rough, preferred stock is absent, limited partner’s responsibility is unclear, exit mechanism is impeded and supporting mechanism is imperfect. To solve these problems, we have to complete the legal system, regulate the qualified investor minutely, set up the preferred stock institution, indicate the limited partner’s responsibility, improve the exit mechanism and supporting mechanism.更多还原