试论有限合伙在完善我国风险投资制度中的法律价值

【作者】 周畅；

【导师】 许建中；

【作者基本信息】 外交学院 ， 国际法， 2002， 硕士

【摘要】 风险投资，又称创业投资，是一种通过一定的主体以一定的方式筹集风险资本，然后将其投入具有高度不确定性的企业或项目中，并以一定的方式参与所投资风险企业或项目的管理，期望通过实现企业或项目的高成长率，最终通过权利转让获得高额中长期资本增值收益的投资体系。其过程包括融资、投资、管理、蜕资等四个主要环节。现代风险投资制度萌育和形成于美国，20世纪80年代起在全世界广泛流行和发展。风险投资机构自身的组织形式和运行机制对风险投资的效率与成败至关重要。从西方国家特别是美国的风险投资发展实践来看，采用有限合伙作为组织形式的风险投资机构占据了很大的比重，成为风险投资最成功的典范。这一切都缘于有限合伙独特的优势以及其与风险投资背景特点以及价值需求的内在契合。我国大陆的风险投资最早始于1985年。由于缺乏配套的制度环境和法律规范，风险投资在我国发展一直比较滞缓。在风险投资主体的法律制度方面，有限合伙尚未被我国法律所采纳。所以目前我国风险投资机构还不能采用有限合伙这一最适合风险投资的主体形式。我们应该尽快认识到有限合伙制度在我国发展完善风险投资体制中的法律价值，加快相关立法的步伐。更多还原

【Abstract】 Venture capital is money provided by certain entities which invest alongside management in young, rapidly growing companies that have the potential to develop into significant economic contributors but with higher risks at the same time, expecting to gain higher rewards. The whole process is an integrated system consisting of fundraising, investing, management-providing and exiting. Venture capital industry first established in the United States and has developed quickly and broadly across the world since 1980s. From the practice and experience of American venture capital industry, limited partnership is a typical and successful buildup for venture capital. The justification lies in the unique advantages of limited partnership itself as well as its perfect match with the nature and internal need of venture capital investment. Venture capital investment first appeared in China in 1985 and has developed relatively slowly because of lacking suitable legislations and regulations. The concept of limited partnership has not been adopted by China’s legislation yet, which denies its application into domestic venture capital industry. We must be aware of the importance of limited partnership in venture capital investment system and promote the relative legislations as soon as possible.更多还原