论我国对外资型私募股权基金的法律监管

发布时间：2019-03-24 16:03

【摘要】：私募股权投资基金是一种金融创新。自1946年，世界上第一支私募股权投资基金成立以来，经过多年的快速发展，它已经成为规模上仅次于贷款和IPO的融资方式。伴随着我国改革开放，外资型私募股权基金于上世纪九十年代起落户国内，并为我国的经济建设注入了资金和活力。但是作为发展中国家，我国目前仍然处于产业结构转型期，面对汹涌而来的国际资本，如果不经治理势必危及经济安全，甚至产生一系列社会问题。那么对外资型私募股权基金如何能够实施有效监管，是摆在政府面前的一个重大课题。本文是笔者对该问题进行系统思考后形成的研究成果。本文共分为引言、正文、结论三部分，其中正文部分分为三章：第一章是外资型私募股权基金概述。本章在简要介绍私募股权基金之后着重阐述外资型私募股权基金的特殊性，并提出外资PE区别于本土PE的主要因素。还介绍了外资PE在中国发展的历史，之后对为什么要对外资型私募股权予以特殊监管进行解读。第二章是我国目前对外资型监管的措施。本部分首先将目前国内对于外资型私募股权的监管分为中央与地方两个层级。其中对于中央层级的法律文件按照私募股权基金运作流程以及税收外汇等方面进行分类的文本分析，对于地方层级的试点监管措施，则是重点介绍较之于中央规定有何继承和突破。接下来是对现阶段的监管提出缺陷与不足。第三章是国外对外资型私募股权基金的监管及启示和对我国针对外资型私募股权基金监管的完善建议，也是全文的核心部分。在这一章中，首先以私募股权基金行业较为发达的美国与英国为例，介绍两国的监管制度，并在此基础上提出对我国的启示。接下来笔者论述了对于完善我国对于外资型私募股权基金的一些建议，包括明确监管主体、加强对投资者和基金管理人的监管、细化投资限制与信息披露以及优化退出机制等几个方面，，以期对今后我国完善相关立法提供参考。
[Abstract]:Private equity fund is a kind of financial innovation. Since the establishment of the world's first private equity fund in 1946, after many years of rapid development, it has become the second only in size to loans and IPO financing. With China's reform and opening up, foreign-funded private equity funds began to settle in China in the 1990s, and injected funds and vitality into China's economic construction. However, as a developing country, China is still in the transition period of industrial structure. Facing the surging international capital, if it is not managed, it will endanger the economic security and even produce a series of social problems. Then how to implement effective supervision of foreign private equity funds is a major issue in front of the government. This article is the research result that the author carries on the systematic thought to this question. This paper is divided into three parts: introduction, text, conclusion, the main body is divided into three chapters: the first chapter is an overview of foreign private equity funds. After a brief introduction of private equity funds, this chapter focuses on the particularity of foreign-funded private equity funds, and puts forward the main factors of the difference between foreign-funded PE and native PE. This paper also introduces the history of the development of foreign-funded PE in China, and then explains why the special supervision of foreign-funded private equity should be carried out. The second chapter is China's current foreign capital supervision measures. This part firstly divides the domestic supervision of foreign-funded private equity into two levels: central and local. Among them, the legal documents at the central level are classified according to the operation process of private equity funds and tax foreign exchange, and the pilot regulatory measures at the local level are analyzed. The emphasis is on how to inherit and break through compared with the central regulations. Next is to the current stage of the supervision of the shortcomings and deficiencies. The third chapter is the supervision and enlightenment of foreign private equity funds and suggestions to improve the supervision of foreign private equity funds in China, which is also the core part of the paper. In this chapter, first of all, taking the developed private equity industry in the United States and the United Kingdom as an example, the two countries' regulatory systems are introduced, and on this basis, the enlightenment to our country is put forward. Next, the author discusses some suggestions for perfecting the foreign private equity fund in our country, including clarifying the main body of supervision and strengthening the supervision of investors and fund managers. To refine the investment restriction and information disclosure and optimize the exit mechanism, in order to provide reference for the perfection of the relevant legislation in China in the future.
【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】：D922.287;F832.51

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