中国私募股权基金监管研究

发布时间：2018-01-16 15:04

本文关键词：中国私募股权基金监管研究　出处：《辽宁大学》2012年硕士论文　论文类型：学位论文

【摘要】：私募股权基金作为一种新型的金融中介，可以为企业提供一种全新的融资方式，企业可以通过私募股权基金得到有效的资金供给，，对于企业来说，它减缓了融资的难题，为企业的发展提供了机会，同时也完善了金融市场体系。从第一只私募股权基金开始，私募股权基金在中国已经有了20多年的发展，它为企业提供了有效的融资途径，伴随着创业板的推出、企业融资需求的不断增加以及各地政府出台的优惠政策，越来越多的机构和投资者注意到私募股权基金。对于许多中小企业来说，在信贷环境不利的情况下，它们又找到了一个新的融资途径。然而，由于相关法律的缺失、不完善，相关监管措施的滞后，我国私募股权基金的发展中存在诸多监管真空，在很大程度上制约了我国私募股权基金及整个市场的发展。本文共分为四部分：第一部分主要对市场失灵理论、监管的博弈分析、监管的效率价值分析、监管激励理论的理论基础进行了阐述，并且提出了我国私募股权基金在监管方面应该注意的几点，第二部分分析了我国私募股权基金的发展现状和监管现状，虽然我国私募股权基金不断在发展，但是在发展和监管过程中还是存在问题，所以这部分也分析了监管存在的问题，接下来的第三部分分析了典型国家的监管制度，得出了我国私募股权基金监管须借鉴的国际经验，包括监管模式、信息披露、法律法规等方面。第四部分根据前几部分的分析，对完善我国私募股权基金的监管提出了对策，笔者认为我国应从监管主体、监管的法律法规、行业自律以及信息披露等方面出发，采用适合国情的监管模式、私募股权基金监管的法律法规，规范私募股权基金的操作，以期保护投资者利益，推进我国私募股权基金行业长远的进步。
[Abstract]:As a new type of financial intermediary, private equity funds can provide a new financing method for enterprises, enterprises can get effective capital supply through private equity funds, for enterprises. It alleviates the problem of financing, provides opportunities for the development of enterprises, and improves the financial market system. From the first private equity fund, private equity funds in China has been more than 20 years of development, it provides an effective financing for enterprises, accompanied by the launch of the gem. Growing demand for corporate financing and preferential policies from governments around the world have led more and more institutions and investors to take note of private equity funds. For many small and medium-sized enterprises, in the case of unfavourable credit environment, they have found a new way of financing. However, due to the lack of relevant laws, imperfect, relevant regulatory measures lag behind. There are many regulatory vacuums in the development of private equity funds in China, which to a great extent restrict the development of private equity funds and the whole market. This paper is divided into four parts: the first part mainly describes the theory of market failure, the game analysis of supervision, the efficiency value analysis of supervision, and the theoretical basis of regulatory incentive theory. And put forward the supervision of private equity funds in China should pay attention to several points, the second part of the analysis of China's private equity fund development and regulatory status, although China's private equity funds are constantly developing. However, there are still problems in the process of development and supervision, so this part also analyzes the problems of supervision. The third part analyzes the regulatory system of typical countries. The author draws the international experience of private equity fund supervision in China, including regulatory model, information disclosure, laws and regulations. Part 4th is based on the previous part of the analysis. To improve the supervision of private equity funds in China, the author puts forward countermeasures, the author thinks that our country should start from the main regulatory body, regulatory laws and regulations, industry self-discipline and information disclosure, and so on, and adopt a regulatory model suitable for the national conditions. In order to protect the interests of investors and promote the long-term progress of China's private equity fund industry, the regulation of private equity fund regulation and the regulation of the operation of private equity fund will be regulated.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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