私募基金监管法律制度之研究

发布时间：2018-05-03 09:47

本文选题：私募基金 + 监管　；参考：《南京财经大学》2011年硕士论文

【摘要】：私募基金发源于美国，它的出现符合了居民财富增长的宏观经济背景，符合居民寻找增值途径的要求。与公募基金相比，私募基金表现出明显的优势，它运作灵活且适应性强，有着广阔的发展前景。如今，私募基金已然成为了国际资本市场中重要的一股力量，各国法律纷纷对私募基金加以规范调整。随着我国私募基金的发展壮大，其对我国证券市场和实体经济的影响日益显著。与此同时，私募基金潜在的且不断累积的风险也时时刻刻威胁着我国资本市场的稳定。为此，我国应当汲取各国对私募基金监管的经验，结合我国实际情况，提出建构我国私募基金监管法律制度的方案。本文对私募基金的监管法律制度的研究主要从以下四部分展开：第一部分梳理了私募的法律含义、特征、分类，并在此基础上与公募基金进行了比较研究，提出私募基金具有诸多优势的同时，存在立法缺失、监管不足、信息披露程度低以及资金流动性等问题。此外，对私募基金的法律性质进行了剖析，这部分的理论阐述为后文私募基金监管法律制度的构建提供了理论基础。第二部分介绍了美国、英国、日本以及我国台湾地区的私募基金监管法律制度，并总结了自律性监管模式、严格的政府监管模式与折中型监管制度的优缺点，为我国私募基金的监管提供了参考。第三部分阐述了我国私募基金产生原因、发展历程，，并从法律层面、监管层面、私募基金具体运作层面分析了我国私募基金存在的主要问题。此外，尽管我国至今尚未对私募基金予以明确的界定，但通过考察我国私募基金的法律环境，在我国现行法律法规体系中私募基金的运作还是有章可循的。第四部分明确了我国私募基金保护投资者、保护市场的公平、效率、透明和降低系统性风险的监管目标以及提出适度、公平正义和发展三项监管原则。在此基础上，提出我国私募基金应当采用以市场化的自律管理为主，适度的政府监管为辅的监管体制，并从私募基金监管的主体和内容两方面对私募基金具体监管制度进行了建构。
[Abstract]:Private equity funds originated in the United States, its emergence in line with the macro-economic background of wealth growth, in line with the requirements of residents to find ways to add value. Compared with the public offering fund, the private equity fund has obvious advantages, it is flexible and adaptable, and has a broad development prospect. Nowadays, private equity has become an important force in the international capital market. With the development of private fund in China, its influence on securities market and real economy is becoming more and more obvious. At the same time, the potential and accumulated risks of private funds are threatening the stability of our capital market all the time. Therefore, our country should draw on the experience of other countries in the supervision of private equity funds, combined with the actual situation in our country, and put forward a scheme to construct the legal system of private equity fund supervision in our country. In this paper, the legal system of the supervision of private equity funds from the following four parts: The first part combs the legal meaning, the characteristic, the classification of the private placement, and on this basis has carried on the comparative research with the public offering fund, proposed that the private equity fund has many advantages at the same time, has the legislation flaw, the supervision insufficiency, Low level of information disclosure and liquidity and other issues. In addition, the author analyzes the legal nature of private equity fund, which provides a theoretical basis for the later construction of private equity fund supervision legal system. The second part introduces the legal system of private equity fund supervision in the United States, Britain, Japan and Taiwan, and summarizes the advantages and disadvantages of self-regulatory model, strict government supervision model and folding medium-sized supervision system. It provides a reference for the supervision of private equity fund in our country. The third part describes the reasons for the emergence of private funds in China, the development of the process, and from the legal level, regulatory level, private equity fund specific operation level to analyze the main problems of private equity funds in China. In addition, although China has not yet given a clear definition of private equity funds, by examining the legal environment of private equity funds in China, there are still rules to follow in the current legal and regulatory system of private equity funds. The fourth part defines the regulatory objectives of protecting investors, protecting market fairness, efficiency, transparency and reducing systemic risk, and puts forward three regulatory principles: moderation, fairness and justice, and development. On this basis, the author puts forward that China's private equity fund should adopt a regulatory system with market-oriented self-discipline management, supplemented by moderate government supervision. And from the main body and content of the supervision of private funds, the specific supervision system of private equity funds has been constructed.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.2;D922.287

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