我国私募股权（PE）市场监管问题研究

发布时间：2018-05-28 10:57

本文选题：私募股权 + 市场　；参考：《华侨大学》2012年硕士论文

【摘要】：私募股权投资（PE）的监管至今仍是我国投资市场一个悬而未决的问题。经历了2008年世界金融危机，2009年国内创业板的推出带来资本市场繁荣的同时，也使众多PE逐渐为人所知，其监管问题也随之重新成为我国PE行业内热议的话题之一。本文拟通过对PE市场监管的基础问题的分析，即PE的特征本质和发展现状，介绍PE一般运作流程，对我国PE的机构、行业、政策情况和发展特色进行小结，进而提出对其进行监管必要性的思考。通过对PE市场监管发达国家经验、周边国家现状以及国内其他金融行业监管的经验进行比较分析，提出对我国PE行业监管问题的见解。作者认为，监管本身并无绝对必要可言，但至少在现阶段来说，管比不管好，关键在于如何管。借鉴“监管+自律”模式来规范我国PE行业的发展应是我国PE监管较为理想的选择，但是监管与自律并存的必然结果便是监管必须适度，过犹不及，，否则过松的监管形同虚设、副作用大（例如滋生权力寻租导致腐败），而过度的监管又易使行业失去活力、停滞不前。本文还提出了对我国PE监管模式和内容的具体建议：完善PE法律政策体系，明确行政监管的主体和客体，明确监管重点内容等，希望能为我国PE监管政策的制定提供一些可行的参考。
[Abstract]:Private equity investment (PEI) regulation is still an outstanding issue in China's investment market. After the 2008 world financial crisis, the launch of domestic gem in 2009 brought prosperity to the capital market, at the same time, many PE gradually became known, and its regulatory issues also became one of the hot topics in PE industry of our country. This paper analyzes the basic problems of PE market supervision, that is, the characteristic essence and development status of PE, introduces the general operation process of PE, summarizes the organization, industry, policy and development characteristics of PE in China. And then put forward the necessity of supervision. Based on the experience of the developed countries in PE market supervision, the current situation of the neighboring countries and the experiences of other domestic financial industries, this paper puts forward some opinions on the supervision of PE industry in China. The authors argue that regulation itself is not absolutely necessary, but at least for the time being, the key is how to manage rather than not. It should be an ideal choice to regulate the development of PE industry in our country by using the model of "supervision and self-discipline" for reference, but the inevitable result of the coexistence of supervision and self-discipline is that supervision must be moderate, too much, otherwise the loose supervision will be empty. Side effects, such as power rent-seeking, corrupts, and excessive regulation tends to deactivate and stagnate the industry. This paper also puts forward some specific suggestions on PE supervision mode and content in China: perfecting PE legal policy system, clarifying the subject and object of administrative supervision, defining the key contents of supervision, etc. Hope to provide some feasible reference for the formulation of PE regulatory policy in China.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】