私募股权退出机制经济法问题探析

发布时间：2018-02-16 13:53

本文关键词： 私募股权退出机制经济法　出处：《天津财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：私募股权基金是定向募集,投资于非公众公司股权的基金运作模式,是一种现代金融工具和投资制度安排,其在现代资本币场中募集资金助推企业成长的作用不容忽视。从其诞生之初,私募股权基金一直被认为是小众的精英游戏,其隐秘性无不伴随募集、投资,管理、退出的各个环节,而基于商业秘密保护或投资过程中的保密需要则使得这样的一种金融工具略带神秘色彩。但即便是定向募集,私募股权基金在退出环节为了实现溢价的需要也要寻求公开市场的退出,在各种退出途径中与公众发生联系。这样就使得本来十分小众的资本运作具备了公开性,进入了经济法的调整视野。然而由于行业自身的特殊性和发展不成熟等原因,我国私募股权投资基金行业在退出机制中频现“市场失灵”和“政府失灵”现象。针对“币场失灵”现象,如果仅凭单纯私法理念去对市场进行调节,难以达到买质社会公平,如果仅凭公法理念去加大政府对市场的管理,则有可能过分抑制私募股权投资币场的发展活力,因此,需要在经济法的视野下在现有法律框架下通过加强相关法律、制度的构建,加强相关退出机制和退出形式的立法监管工作,并通过以政府监管为主的作用手段,适度、合理地对私募股权投资基金行业进行约束和监管；在政府的积极干预下,辅以私募股权基金行业自律,合理搭建行业协会的组织架构,建立行业规章和行为规范体系,并以其为依据,对市场主体及其行为进行有效的约束和激励。所以,只有通过“看得见的手”和“看不见的手”有机结合,既加强宏观调控,又完善相关市场制度建设,加强行业自律,才能在保证私募股权退出机制的合法有序的前提下促进私募股权基金行业的蓬勃发展,充分发挥私募股权投资资源整合实现价值增值的功能,才能市私募股权基金行业最终服务于中国经济的发展。
[Abstract]:Private equity fund is a kind of modern financial instrument and investment system arrangement, which is a kind of fund operation mode in which private equity fund is raised and invested in non-public company equity. From the beginning of its birth, private equity fund has been regarded as a niche elite game, its secrecy is accompanied by fund-raising, investment, management, Every step of the exit, based on the need for confidentiality in the protection of trade secrets or in the investment process, makes such a financial instrument a little more mysterious. In order to realize the premium, private equity funds also have to seek an exit from the open market in order to achieve the premium. They have to connect with the public in all kinds of exit channels. This has made the capital operation of a very small number of people open to the public. Has entered the economic law adjustment vision. However, due to the particularity and immature development of the industry itself, the phenomenon of "market failure" and "government failure" occurs frequently in the private equity investment fund industry in China. If we only rely on the idea of private law to regulate the market, it is difficult to achieve the social equity of buying quality. If we only rely on the idea of public law to increase the management of the market by the government, we may over-restrain the vitality of the development of the private equity investment currency market. In the view of economic law, we should strengthen the construction of relevant laws and systems, strengthen the relevant withdrawal mechanism and the legislative supervision of withdrawal form under the existing legal framework, and take government supervision as the main role means, moderate. Under the active intervention of the government, the private equity fund industry should be supported by the self-discipline of the private equity fund industry, the organization structure of the trade association should be set up reasonably, and the system of industry regulations and behavior standard should be established. On the basis of it, the market subject and its behavior are effectively restricted and encouraged. Therefore, only through the organic combination of "visible hands" and "invisible hands" can we strengthen macroeconomic regulation and control, improve the construction of relevant market systems, and strengthen industry self-discipline. In order to ensure the legal and orderly private equity withdrawal mechanism under the premise of promoting the development of private equity fund industry, the full play of private equity investment resources integration to achieve value added function, Ability city private equity fund industry serves the development of Chinese economy finally.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;D922.291.91;F832.51

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