我国私募基金监管制度研究

发布时间：2018-02-24 10:34

本文关键词： 私募基金监管模式监管制度　出处：《河北经贸大学》2011年硕士论文　论文类型：学位论文

【摘要】：近年,我国证券市场风起云涌,私募基金以其鲜明的特色活跃于证券市场,其庞大的规模引起了越来越多的关注。本文的研究对象即是我国证券市场中的私募基金,私募基金作为一种投资工具在国外已经历了很长的发展阶段,有相对广泛的发展空间,已逐步形成一整套适应社会发展的成熟的运作模式。但由于私募基金在我国出现的历史较短,因此不论在法律上还是在管理上都存在许多不成熟、不规范的地方。所以本文认为基于我国目前的金融产业发展状况,应首先从法律上给予私募基金明确的地位,使其合法化,并对其建立相应的监管制度,降低其风险,促进其发展,为我国的经济发展起到推波助澜的作用。本文除引言外共分四章：第一章是私募基金监管制度概述,首先对我国发展私募基金的可行性进行了有力的论证,其次阐述了私募基金的含义,即通过非公开方式,面向少数特定资格的投资者募集资金,通常豁免审核而设立的投资基金,并分析了私募基金的特征及与相关概念的辨析；通过对私募基金监管三种模式即自律监管模式、政府监管模式和折中型监管模式进行系统的论述,对这三种监管模式的优缺点进行了详细的分析。第二章为发达国家私募基金监管制度的比较与借鉴。国外发达市场对私募基金有着不同于公募基金的监管制度,本章通过介绍分别作为自律监管模式、政府监管模式和折中型监管模式的典型代表英国、日本和美国的私募基金监管制度的具体内容,在此基础上分立法和监管两个方面系统分析了发达国家私募基金监管制度对我国的启示,提出发达国家私募基金监管制度值得我国借鉴之处。第三章是我国私募基金监管现状分析。本章对我国私募基金监管的现状进行了系统深入的分析,提出我国私募基金监管存在监管思路不明确、监管理念不明确、监管的目标、原则与内容不明确、监管机构不明确等四个问题。最后分四个方面即缺乏合法身份,游离于监管之外,不利于基金市场的稳定；缺乏具有合法性的基金管理人与理性投资者、运作不规范,危及社会信用基础；内幕交易和操纵股价现象严重；托管方监管力度不够等方面论述了建立我国私募基金监管制度的必要性。第四章为我国私募基金监管制度的具体构建。本章对构建适合我国国情的私募基金监管制度提出了具体建议：首先是要确立私募基金的合法地位,这是构建我国私募基金监管制度的重要方面,其次,我国私募基金的监管应遵循保护投资者、监管市场化以及规范系统化的监管原则；再次,我国应采取以自律监管为主、适度政府监管为辅的监管模式,同时还应明确证监会作为私募基金监管的主要监管机构；最后提出监管的具体措施,包括界定私募基金的合格投资者、确立适合我国私募基金的组织形式、规范私募基金的资金来源及投资方向、建立市场准入制度及便捷的发行备案制度、完善私募基金的信息披露和风险提示制度、完善法律责任体系,以期能够建立起适合我国私募基金特点的监管制度。
[Abstract]:In recent years, raging like a storm in China's securities market, private equity funds active in its distinctive characteristics in the securities market, its size has attracted more and more attention. This is the object of study in China's securities market private equity funds, private equity funds as an investment tool has experienced a long development stage in foreign countries. Has a relatively broad space for development, has gradually formed a set of social development to adapt to the mature mode of operation. But because the private equity funds appear in our short history, whether in law or in the management there are many immature, non-standard place. So this paper believes that China's current financial industry development based on the situation, should first be given to private equity funds from the legal position clear, legitimize, and the establishment of appropriate regulatory system, reduce the risk, to promote its development, for the economic development of our country It plays a role in boosting the waves.
In addition to the introduction, this paper is divided into four chapters.
The first chapter is an overview of private equity fund regulatory system, firstly the feasibility of development of private equity funds in China is a strong argument, then explained the meaning of private equity funds, namely through non-public way, a few specific qualifications for investors to raise funds, are exempted from the audit and the establishment of investment funds, and analyzes the characteristics of private equity funds and related concepts; the regulation of private equity funds three mode of self regulation mode, government supervision mode and compromise supervision mode systematically, the advantages and disadvantages of the three models of supervision in detail.
The second chapter is the comparison and reference of the supervision system of private fund in developed countries. The developed foreign market is different from the public fund supervision system of private equity funds, this chapter introduces respectively as a self regulatory model, a typical representative of the government supervision mode and compromise supervision mode of Britain, the specific content of the regulatory system of private equity funds in Japan and the United States based on this, the two aspects of the legislative and regulatory implications of supervision system of private fund in developed countries to China, put forward the supervision system of private fund in developed countries is worthy of our reference.
The third chapter is the analysis of the status quo of China's private equity fund supervision. The system in-depth analysis of this chapter status of supervision of private equity fund, put forward the supervision of China's private equity fund regulatory idea is not clear, not clear regulatory philosophy, regulatory objectives, principles and content is not clear, regulatory agencies do not clear the four problems. The last is divided into four aspects: lack of legal status, free from regulation, is not conducive to the stability of the fund market; the lack of legitimate fund managers and investors, the operation is not standardized, endanger the foundation of social credit; insider trading and stock price manipulation phenomenon is serious; discusses the necessity to establish the supervision system of private fund in China hosted party supervision is not enough and so on.
The fourth chapter is the construction of supervision system of private fund in our country. The supervising system of this chapter for China's national conditions for the construction of the proposed specific recommendations: first, to establish the legal status of private equity funds, this is an important aspect of constructing supervision system of private fund in China of the time, China's private equity fund supervision should be follow the protection of investors, regulatory principles of systematic monitoring and regulating the market; thirdly, China should adopt self-regulation, moderate government regulation supplemented by the mode of regulation, the Commission should also be clear as the main regulator of private fund; finally puts forward the specific measures of supervision, including the definition of qualified investors in private equity funds. For the establishment of China's private equity fund organization, source of funds and investment direction of the norm of private equity funds, the establishment of market access and convenient distribution system and filing system, end The information disclosure of good private fund and the system of risk prompting, and the system of legal responsibility are perfected so as to establish a regulatory system suitable for the characteristics of private fund in our country.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.28;F832.51

【引证文献】