论私募股权基金行业自律机制的完善

发布时间：2018-01-05 16:24

本文关键词：论私募股权基金行业自律机制的完善　出处：《华中师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：近些年,私募股权基金在中国蓬勃发展,掀起了一股全民私募热,与私募股权基金发展势头迅猛形成鲜明对比的是私募股权基金行业立法的滞后及监管的缺失。私募股权基金在推动经济增长和经济转型方面具有重要的作用,但其高风险性和广泛的影响性也不容忽视。私募股权基金的行业特性使得政府在监管方面出现困难,政府不必要、不应该、也无能为力进行有效监管。因此,本文试图研究另一监管途径——行业自律,以期对私募股权基金行业的健康发展有所裨益。本文正文共分四个部分。第一部分,私募股权基金行业自律机制的法理分析。首先,对行业自律进行界定,行业自律指行业内部的约束和管理。其次,对私募股权基金行业自律机制进行界定。自律主体是私募股权基金行业协会,行业协会规定一系列自律规则,通过自律规则之间的相互联系和作用,发挥行业自律功能。最后,从经济学、社会学和法学角度阐述行业协会自律的理论基础。在市场失灵、政府失灵的背景下,行业协会成为保障经济社会健康发展的第三条道路;行业协会是市民社会的基础性力量；保障公民结社自由权,允许公民自由组建社团,有利于政治民主化进程。第二部分,我国私募股权基金行业自律机制存在的问题。首先,介绍这些年我国私募股权基金的发展状况以及存在的问题,提出行业自律的必要性。其次,阐述由于私募股权基金行业协会发展滞后,导致行业自律机制无法有效发挥。通过对天津、北京、上海等地区相对成熟的私募股权基金行业协会进行分析,可以看出我国私募股权基金行业协会存在缺乏独立性、不重视自律等缺陷。新近成立的中国股权投资基金行业协会由于自身组织机构不健全等原因,尚不能有效发挥行业自律功能。第三部分,市场经济发达国家(地区)私募股权基金行业自律机制分析。首先,考察美国、欧洲等市场经济发达国家(地区)私募股权基金行业自律机制背景,可以发现行业自律与国家历史传统,私募股权基金发展阶段相适应的。其次,通过对美国创业投资协会(NVCA)、欧洲私募股权与创业投资协会(EVCA)、台湾创业投资商业同业公会的考察,可以得知科学合理的组织架构、先进的投资理念、完善的行业自律规则是行业自律机制有效发挥的保障。这些成熟的行业协会,为我国私募股权基金行业自律机制的建立和完善提供了范本和借鉴经验。第四部分,我国私募股权基金行业自律机制的完善。首先,立法保障是私募股权基金行业自律机制有效发挥的基本前提。其次,构建“行业自律为主,政府监管为辅”的监管框架,分清政府监管和行业自律的界限,明确行业自律的责任范围。再次,行业协会需要科学合理的组织架构,秉承先进的投资理念。最后,建立和完善行业自律具体规则。主要包括私募股权基金行业责任规则,基金管理人信用规则、争议解决规则、惩罚和激励规则,通过这些规则的相互联系和作用,从而实现行业自律功能。
[Abstract]:Private - equity fund is booming in China in recent years , and the private - equity fund has been booming in China . Compared with the rapid development of private equity fund , private - equity fund has played an important role in promoting economic growth and economic transformation , but its high risk and wide impact cannot be ignored . Therefore , this paper tries to study the self - discipline of private equity fund industry in order to benefit the healthy development of private equity fund industry . The text of this paper is divided into four parts . Firstly , we define the self - discipline mechanism of private equity fund industry . Firstly , it defines the self - discipline of private equity fund industry . Secondly , it defines the self - discipline mechanism of private equity fund industry . In the second part , the problems existing in the self - discipline mechanism of private equity fund industry in China are introduced . First , the paper introduces the development status and existing problems of private equity fund industry in China , and puts forward the necessity of industry self - discipline . Secondly , it can be seen that the private equity fund industry association has a lack of independence and self - discipline . In the third part , the self - regulation mechanism of private equity fund industry in the developed countries of market economy ( region ) is analyzed . First , the background of self - discipline mechanism of private equity fund industry in market economy developed countries such as the United States and Europe can be found . It can be found that the self - discipline of the industry is compatible with the national historical tradition and private equity fund development stage . Secondly , through the investigation of the American Venture Capital Association ( NVCA ) , the European Private Equity and Venture Capital Association ( EVCA ) and the Taiwan Venture Capital Association , we can find out the scientific and reasonable organization structure , the advanced investment idea , the perfect industry self - discipline rules are the effective guarantee for the self - discipline mechanism of the industry . These mature trade associations provide the model and reference experience for the establishment and perfection of the self - discipline mechanism of private equity fund industry in our country . The fourth part , the perfection of the self - discipline mechanism of private equity fund industry in our country . First , the legislative guarantee is the basic premise of the self - discipline mechanism of private equity fund industry . Secondly , it establishes the supervision framework of " industry self - discipline , government regulation as assistant " , separates the limits of government regulation and industry self - discipline , and makes clear the scope of industry self - discipline . Finally , the industry association needs scientific and reasonable organization structure . Finally , it establishes and perfects the specific rules of industry self - discipline . Finally , it includes the rules of private equity fund industry , the credit rules of fund manager , the rules of dispute settlement , punishment and incentive rules , and the mutual relation and function of these rules , thus realizing the self - discipline function of industry .

【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51

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