外资私募股权投资基金的制度经济学研究

发布时间：2018-06-24 18:37

本文选题：外资PE + 私募股权　；参考：《上海社会科学院》2012年硕士论文

【摘要】：中小企业是推动我国经济社会发展的坚实力量,我国的中小企业对于促进技术创新、优化产业结构、维护社会稳定等方面都有着十分积极的意义。然而,长期以来融资难的问题一直困扰着中小企业,成为制约其发展的瓶颈。中小企业迫切要求拓展新的融资渠道,私募股权投资基金就是解决中小企业融资难问题的一项创新性制度安排。中国本土私募市场还处于发展的初级阶段,外资私募股权投资基金资本雄厚、经验丰富、管理先进、投资规模庞大,对我国资本市场的发展有十分积极的意义。因此,做好外资私募股权投资基金的引导和监管工作,借力外资私募股权投资基金培育本土私募股权投资基金,繁荣我国的资本市场是一个值得研究的课题。近十几年来,我国已经有越来越多的行业向外资私募股权投资基金开放,并且在一定程度上扩大了外资私募股权投资基金在华设立投资机构的范围；拓宽了外资私募股权投资基金的制度空间。但总体而言,外资私募股权投资基金在中国的发展环境还有待改善,比如外资私募股权投资基金的设立、募资和退出环节,就缺乏统一的法律法规,退出法规也相对滞后。退出是私募股权投资的最终目标,退出法规的滞后和退出渠道的不顺畅直接给外资私募股权投资基金进入中国造成了阻碍。本文以外资私募股权投资基金在华投资现状为基本出发点,以制度经济学的交易费用理论(交易成本理论)为理论基础,以私募股权融资的制度性需求和私募股权投资基金的制度性设计为主线,对相关制度环境、退出机制与市场进行较深入的分析,对外资私募股权投资基金投资法律法规和制度环境得缺陷和问题进行归纳整理,并对如何改进对外资私募股权投资基金的监管、以便更好的促进本土私募股权投资基金的发展和我国资本市场的发展提出了建设性的建议。
[Abstract]:Small and medium-sized enterprises are the solid force to promote the economic and social development of our country. The small and medium-sized enterprises in our country have a very positive significance in promoting technological innovation, optimizing the industrial structure, maintaining social stability and so on. However, for a long time, the problem of financing difficulties has been puzzling small and medium-sized enterprises, which has become the bottleneck restricting their development. The small and medium-sized enterprises urgently request to expand the new financing channel, the private equity investment fund is an innovative institutional arrangement to solve the financing difficulty of the small and medium-sized enterprises. China's local private equity market is still in the initial stage of development. Foreign private equity investment funds have abundant capital, rich experience, advanced management and huge investment scale, which has a very positive significance for the development of China's capital market. Therefore, it is worth studying how to guide and supervise the foreign private equity investment fund, to cultivate the local private equity investment fund and to prosper the capital market of our country. In recent years, more and more industries in China have opened to foreign private equity investment funds, and to a certain extent have expanded the scope of foreign private equity investment funds to set up investment institutions in China; It widens the institutional space of foreign private equity investment funds. But overall, the development environment of foreign private equity funds in China still needs to be improved. For example, the establishment of foreign private equity investment funds, fund-raising and withdrawal links, there is a lack of uniform laws and regulations, and exit regulations are lagging behind. Withdrawal is the ultimate goal of private equity investment. The lag of exit regulations and the unsmooth exit channels directly hinder the entry of foreign private equity funds into China. This paper takes the current situation of foreign private equity investment funds in China as the basic starting point and the transaction cost theory of institutional economics (transaction cost theory) as the theoretical basis. Taking the institutional demand of private equity financing and the institutional design of private equity investment fund as the main line, this paper makes a deep analysis of the relevant institutional environment, exit mechanism and market. The defects and problems of the investment laws, regulations and institutional environment of foreign private equity investment funds are summarized and sorted out, and how to improve the supervision of foreign private equity investment funds, In order to better promote the development of local private equity investment funds and the development of China's capital market put forward constructive suggestions.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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