美国私募发行法律制度研究

发布时间：2018-02-23 20:16

本文关键词： 美国证券法私募发行注册豁免　出处：《华东政法大学》2010年硕士论文　论文类型：学位论文

【摘要】：证券私募发行是一种以非公开方式、针对特定对象,并且由特定的法律规则加以规范,与证券公开发行相对应的证券发行方式。而私募发行法律制度是指对私募发行的审核制度、发行对象、信息披露、发行方式、转售限制等进行规制的法律规则的总称。证券的私募发行减少了发行方与投资者的交易成本、提高了交易效率,其所具有的保密性与灵活性恰恰满足了资本市场在快速融资方面的需求。但证券私募发行的非公开发行方式,仅针对特定对象,且私募证券的本身流动性差的特点也会带来一定风险,尤其是对投资者而言。因此,对于私募发行必须建立系统而完备的法律规制体系。美国作为证券私募发行法律制度的发源地,其私募发行法律制度经过了多年的发展与变革,始终以市场为导向,已形成了较为完善与稳定的体系。美国证券监督管理委员会SEC对于证券私募发行采取的是注册豁免制,相比于证券的公开发行,注册豁免制度给予了证券私募在交易便利、交易成本、管理成本方面更大的优势。私募发行的效率优势,正是现阶段中国经济发展所迫切需要的,我国目前资本调拨上也已大量出现了私募发行的现象。然而,中国私募发行法律制度却明显落后于现今经济发展状况,法律上对私募发行的界定模糊,缺乏系统而完整的法律体系。新《证券法》对非公开发行制度进行了规定,但对该制度的界定标准却未制定详细明确的规则,而实践中的具体操作规则也仍需进一步地完善与确立。正因为相较于中国私募发行法律制度正处于起步阶段,美国私募发行法律制度却已相当成熟。本文将重点关注美国私募发行法律制度,努力分析美国证券法中值得中国立法借鉴之处,从而提出建立完善中国私募发行法律制度的几点建议。本文第一部分介绍了美国证券法中私募发行及其相关概念。第二部分系统地分析了1933年《证券法》第4(2)条项下的私募发行法律界定。第三部分介绍了D条例下的私募发行安全港规则。第四部分对美国证券私募发行法律制度作出了简要的评析。第五部分是对我国台湾地区的证券私募发行法律制度的介绍与评析。第六部分介绍了中国现阶段私募发行法律制度,及实践中中国私募发行的发展现状,指出我国现阶段私募发行法律制度对私募发行的界定模糊、缺乏系统而完整的体系,而我国私募发行却已萌芽,两者发展的不对称,为现阶段的资本市场发展带来了诸多问题。第七部分在总结归纳了美国证券法私募发行法律制度以及我国私募发行法律规定及实践现状的基础上,进而提出了建立完善中国私募发行法律制度的几点建议。
[Abstract]:Private placement of securities is a kind of non-public, targeted at specific objects, and regulated by specific legal rules. The legal system of private equity issuance refers to the auditing system, the object of issue, the disclosure of information and the mode of issuance of private equity. The general name of the legal rules and regulations governing resale restrictions. Private placement of securities reduces transaction costs between issuers and investors and improves transaction efficiency. Its confidentiality and flexibility precisely meet the needs of the capital market in terms of rapid financing. The characteristics of illiquidity of private equity also bring some risks, especially to investors. Therefore, it is necessary to establish a systematic and complete legal regulation system for private equity issuance. The United States, as the birthplace of the legal system of private equity issuance, has always been market-oriented after years of development and reform. The Securities Regulatory Commission (SEC) has adopted a registered exemption system for the private placement of securities. Compared with the public issuance of securities, the registration exemption system gives the securities private equity trading convenience. Transaction costs, management costs in terms of greater advantage. The efficiency advantage of private placement is the urgent need of China's economic development at the present stage, and the phenomenon of private placement has appeared in large numbers in our country at present on the transfer of capital. However, the legal system of private placement in China lags behind the current economic development, and the legal definition of private placement is vague and lacks a systematic and complete legal system. However, the definition standard of this system has not been formulated in detail, and the concrete operating rules in practice still need to be further improved and established. It is precisely because the legal system of private equity issuance in China is in its infancy. The legal system of private equity issuance in the United States is quite mature. This paper will focus on the legal system of private equity issuance in the United States, and try to analyze the aspects of the securities laws of the United States that are worthy of reference by Chinese legislation. Some suggestions on how to establish and perfect the legal system of private placement in China are put forward. The first part of this paper introduces the private placement and its related concepts in the securities law of the United states. The second part systematically analyzes the definition of private equity issuance under section 4 of the securities law of 1933. The third part introduces the definition of private placement under section d of the securities law of 1933. Part 4th gives a brief comment on the legal system of private equity issuance in the United states. Part 5th introduces and comments on the legal system of private equity issuance in Taiwan. 6th. It introduces the current legal system of private equity issuance in China. This paper points out that the legal system of private placement in China is vague and lacks a systematic and complete system, while private placement in China has sprouted, and the development of the two is asymmetrical. The 7th part summarizes the legal system of private equity issuance in the United States securities law, as well as the legal provisions and practice status quo of private equity issuance in China. Furthermore, several suggestions are put forward to establish and perfect the legal system of private equity issuance in China.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D971.2;DD912.28

【引证文献】