私募基金的信息披露法律问题研究

发布时间：2018-08-11 10:10

【摘要】：随着,我国社会财富的不断增加,社会富裕人群不断增加。普通的银行存款已经满足不了人们的投资需求了,需要更加多元化的投资渠道。同时,我国的经济结构转型关键期,中小企业如雨后春笋,需要强大的资金支持发展。两者的一拍即合就成就了私募基金。2012年《证券法》修改,正式确立的我国的非公开募集法律地位。2014年证监会出台了私募投资基金监督管理办法,私募有了更明确的监管办法。然,以上的法律法规中均没有对于私募基金的信息披露的规范。但是信息披露制度,是保护投资者利益,维护市场繁荣稳定的重要秩序,也是私募基金监管的核心手段。本文采取了比较研究的方法。首先,是对私募基金信息披露制度构建的必要性进行分析。就私募证券市场的信息不对称、外部性及高杠杆进行了理论分析,得出私募市场必须加强监管,而监管的最优方式即是信息披露制度的完善构建。而,由于私募基金与公募基金的价值取向的不同,公募更加注重公平、安全,然后才是盈利;而私募基金更加注重利润,对于公平与安全价值则居于其次。因而不能直接在私募基金监管体系中套用公募信息披露制度。然后,对于我国现行的私募基金的主要存在形式的信息披露制度进行了梳理。主要包括:信托公司集合资金信托计划、证券公司集合资产管理计划、商业银行的个人理财计划、基金公司的资产管理计划、创业投资企业、民间私募。通过梳理我国现行的私募基金信息披露制度,发现我国现行的私募基金制度极其不统一。同时将我国的私募基金信息披露的不同要求,与美国的私募基金信息披露制度进行比较。再则,分析提出我国现行的私募基金信息披露制度的问题:多头监管;合格投资者定义标准不统一;信息披露要求不一;披露责任不明。最后,在分析了我国私募基金信息披露的相关问题上,提出了自己的建议:明确私募基金的定义,实现私募基金的统一监管;明确私募基金信息披露制度的监管原则;明确私募基金的合格投资者标准,适当加入非合格投资者;统一信息披露标准,同时建立区别化的信息披露制度;明确信息披露制度的法律责任。
[Abstract]:With the increasing of our country's social wealth, the rich people are increasing. Ordinary bank deposits have been unable to meet the investment needs of people, the need for more diversified investment channels. At the same time, in the critical period of economic structure transformation, small and medium-sized enterprises are springing up and need strong funds to support their development. In 2012, the Securities Law was amended to formally establish the legal status of private raising in our country. In 2014, the Securities Regulatory Commission issued the supervision and management method of private equity investment fund, and the private equity fund has more explicit supervision method. However, the above laws and regulations do not have information disclosure for private equity funds. However, information disclosure system is an important order to protect the interests of investors and maintain the prosperity and stability of the market. It is also the core means of the supervision of private equity funds. This paper adopts the method of comparative study. First of all, it analyzes the necessity of the construction of private equity fund information disclosure system. Based on the theoretical analysis of information asymmetry, externality and high leverage in private equity market, it is concluded that private equity market must strengthen supervision, and the best way of supervision is to perfect the information disclosure system. However, due to the difference of value orientation between private fund and public fund, public offering pays more attention to fairness, security, and then profits; private equity fund pays more attention to profit, and is second to equity and security value. Therefore, we can not directly apply the public offering information disclosure system in the private equity fund supervision system. Then, the main forms of information disclosure system of China's current private equity funds are sorted out. It mainly includes: trust company collective fund trust plan, securities company collective asset management plan, commercial bank personal finance plan, fund company asset management plan, venture capital enterprise, private equity. By combing the current information disclosure system of private equity fund in our country, it is found that the current private equity fund system in our country is extremely inconsistent. At the same time, the different requirements of information disclosure of private equity funds in China are compared with the information disclosure system of private equity funds in the United States. Furthermore, the problems of the current private equity fund information disclosure system in China are analyzed and put forward: long supervision; the definition of qualified investors is not uniform; the requirements of information disclosure are different; the disclosure responsibility is not clear. Finally, in the analysis of China's private equity fund information disclosure issues, put forward their own suggestions: clear the definition of private equity funds, the realization of the unified supervision of private equity funds, clear private equity fund information disclosure system regulatory principles; Make clear the standard of qualified investors of private equity fund, add non-qualified investors appropriately; unify the standard of information disclosure, at the same time, establish the differentiated information disclosure system; clarify the legal responsibility of the information disclosure system.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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