私募股权基金退出法律制度研究

发布时间：2018-01-01 01:17

本文关键词：私募股权基金退出法律制度研究　出处：《华东政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：私募股权基金现已是资本市场的“新宠”，近年来发展迅速，已经成为仅次于银行贷款和公开上市的第三大融资方式。私募股权投资基金的目的是顺利退出获得高额的投资收益，再进入下一轮的投资，退出是最为重要的环节，可以说，私募股权基金的退出机制决定了其最终的成败。资本发达的国家都有畅通的退出渠道和相应完善的法规，然而我国私募股权投资起步较晚，，有关私募股权基金的法律法规不够完善，阻碍了私募股权的进一步发展。鉴于此，本文在研究美、德、日三国证券市场及其私募股权投资法律法规的基础上，尝试分析我国私募股权基金退出面临的各种法律障碍，并提出相关的建议，以期为改善我国私募股权基金退出的法律环境尽绵薄之力。本文分为四个部分进行研究: 第一章首先介绍了私募股权基金的内涵和特点，简述私募股权基金退出的重要意义，并具体介绍了退出机制的四种方式:公开上市、企业股权转让、股份回购、清算退出。然后，综合比较了这四种方式的优缺点。第二章介绍了美国和德国和日本这三个国家的私募股权基金退出的相关法律制度，美国私募股权投资最为发达，公开上市是其主要退出方式。与美国相比德国和日本证券市场发展受限，私募股权投资大都以股权转让的方式退出。通过对三个国家退出机制的分析对比，引导我国私募股权投资的发展。第三章简要介绍了我国私募股权基金退出的现状，然后分别论述了私募股权基金在我国通过公开上市、股权转让、股份回购、清算实现退出所存在的法律障碍。第四章针对私募股权基金退出存在的法律障碍，提出相关完善意见。
[Abstract]:Private equity funds are now the "new favorite" of the capital market and have developed rapidly in recent years. It has become the third largest financing method after bank loans and public listing. The purpose of private equity investment funds is to smoothly withdraw from the high investment income and enter the next round of investment. Withdrawal is the most important link, it can be said that the withdrawal mechanism of private equity funds determines its ultimate success or failure. However, China's private equity investment started late, the laws and regulations on private equity funds are not perfect, which hinders the further development of private equity. In view of this, this paper is studying the United States, Germany. On the basis of the laws and regulations of Japan's three countries' securities markets and their private equity investment, this paper tries to analyze the various legal obstacles faced by the withdrawal of private equity funds in China, and puts forward some relevant suggestions. In order to improve the legal environment of private equity fund withdrawal in China. This paper is divided into four parts: The first chapter introduces the connotation and characteristics of private equity fund, briefly describes the significance of private equity fund withdrawal, and specifically introduces the withdrawal mechanism of four ways: public listing, corporate equity transfer. Share repurchase, liquidation exit. Then, the advantages and disadvantages of these four ways are comprehensively compared. The second chapter introduces the relevant legal system of private equity fund withdrawal in the United States, Germany and Japan, the United States private equity investment is the most developed. Compared with the United States and the United States, the development of German and Japanese stock markets is restricted, and private equity investment is mostly withdrawn by the way of equity transfer. Through the analysis and comparison of the exit mechanism of the three countries. Guide the development of private equity investment in China. The third chapter briefly introduces the current situation of private equity fund withdrawal in China, and then discusses the private equity fund in China through public listing, equity transfer, share buyback. Legal obstacles to liquidation withdrawal. Chapter 4th puts forward relevant suggestions on the legal obstacles of private equity fund withdrawal.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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