我国天使投资法律制度的构建

发布时间：2018-05-05 04:07

本文选题：天使投资 + 中小企业融资　；参考：《山东大学》2012年硕士论文

【摘要】：天使投资舶来于美国,兴起于20世纪90年代。我国的天使投资活动伴随着互联网时代的到来而活跃于投融资资本市场。天使投资由于其自身的独特性,对中小微企业的融资,促进创新性高科技技术成果的转化,合理引导民间资本以及完善多层次资本市场都具有十分重要的意义。特别是在国家鼓励创业和创新性高科技产业发展的宏观政策指导下,在《新基金法》提交审议的契机下,对天使投资法律制度的研究更具理论研究和实践应用的价值。然而,在理论研究方面,对天使投资制度的讨论仅停留在投资学和金融学的角度,对天使投资制度法律层面的理论研究仍然空白。文章第一部分主要介绍了天使投资的理论制度。文章系统地介绍了天使投资的概念及特征、天使投资制度的运行程序,文章总结了天使投资人的主体特征,并对天使投资制度进行了法律层面的分析。文章第二部分首先梳理了天使投资在我国的发展现状；其次,针对我国中小企业融资难和民间资本市场混乱的现状,阐述了在我国大力发展天使投资法律制度对改善中小企业融资、正确引导民间投资以及建立多层次资本市场的重要作用；最后,文章分析了我国发展天使投资法律制度存在的问题。文章第三部分分别从完善天使投资人的准入制度,完善天使投资项目甄选的法律制度,建立天使投资制度的法律体系以及完善天使投资退出的法律制度四个方面,提出了完善天使投资法律制度的具体措施。本文针对我国的实际国情,提出了采取天使投资团队和天使投资基金的准入制度；并创新性地提出在完善天使投资项目甄选法律制度时应当充分发挥政府引导基金的作甩,以及在完善天使投资退出法律制度时,大力发展代办股权转让系统和产权交易制度。在文章的写作过程中,由于研究者自身研究能力和学术背景的限制,加上天使投资法律制度的研究尚未引起法学界的广泛关注,国内关于此课题的资料十分匮乏,能搜集到的资料多属金融学和投资学；而国外关于此课题的一手资料不易查找,使写作变得倍加吃力,文章提出的完善措施也显得粗糙浅薄。然而天使投资法律制度对我国资本市场的重要作用不可否认,本文愿抛砖引玉,为天使投资法律制度的完善倾绵薄之力。
[Abstract]:Angel investment originated in the United States, rising in the 1990 s. The angel investment activities in China are active in the capital market of investment and financing with the advent of the Internet era. Because of its own uniqueness, angel investment is of great significance to the financing of small and medium-sized enterprises, the transformation of innovative high-tech technology achievements, the rational guidance of folk capital and the perfection of multi-level capital market. In particular, under the guidance of the macro policy of encouraging entrepreneurship and innovative high-tech industry development, and under the opportunity of the new fund law to be submitted for consideration, the research on the legal system of angel investment has more theoretical research and practical application value. However, in the aspect of theoretical research, the discussion of angel investment system is only from the angle of investment and finance, and the theoretical study of angel investment system is still blank. The first part of the article mainly introduces the theoretical system of angel investment. This paper systematically introduces the concept and characteristics of angel investment, the operating procedure of angel investment system, summarizes the main features of angel investor, and analyzes the angel investment system from the legal level. The second part of the article firstly combs the present situation of angel investment in our country; secondly, aiming at the current situation of financing difficulty of small and medium-sized enterprises in China and the chaos of private capital market, This paper expounds the important role of developing the angel investment legal system in our country in improving the financing of small and medium-sized enterprises, guiding the private investment correctly and establishing a multi-level capital market. This paper analyzes the problems existing in the legal system of developing angel investment in China. The third part of the article is divided into four aspects: perfecting the entry system of angel investors, perfecting the legal system of angel investment project selection, establishing the legal system of angel investment system and perfecting the legal system of angel investment withdrawal. The author puts forward some concrete measures to perfect the legal system of angel investment. According to the actual situation of our country, this paper puts forward the entry system of angel investment team and angel investment fund, and innovatively puts forward that when perfecting the legal system of angel investment project selection, the government should give full play to the dumping of the fund guided by the government. And in the perfect angel investment exit legal system, vigorously develops the agency equity transfer system and the property right transaction system. In the process of writing, due to the limitation of the researchers' own research ability and academic background, and the fact that the research on the legal system of angel investment has not aroused the extensive attention of the legal circles, the domestic information on this subject is very scarce. Most of the data can be collected in finance and investment, but the original information about this subject abroad is difficult to find, which makes the writing become more and more difficult, and the perfect measures put forward in this article also appear rough and shallow. However, the legal system of angel investment plays an important role in China's capital market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;D922.287

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