问题与完善：我国私募证券投资基金立法规制研究

发布时间：2017-12-31 18:39

本文关键词：问题与完善：我国私募证券投资基金立法规制研究　出处：《山东大学》2016年硕士论文　论文类型：学位论文

【摘要】：私募证券投资基金指以非公开的方式向特定对象募集并投资于债券、股票等金融类别产品之投资基金。与之对应的私募股权投资基金的概念是指用不公开的方式向特定的对象募集并投资于非上市企业股权的投资基金。两者的区分点在于投资方向的不同,而私募证券投资基金就是本文所要着重研究的。文章主要分为三个部分：第一部分首先通过对私募证券投资基金的基本概念进行阐述,然后再介绍其基本特征的方式,使私募证券投资基金的基础特性呈现出来。然后,介绍它的典型代表让其主要类型更清楚的展示。通过与公募基金和私募股权基金相比较,使私募证券投资基金与这两个概念的区别之处概括出来。最后,以阐述效率价值、公平价值与秩序价值的方式来对其立法之理论基础进行分析,佐证私募证券投资基金存在的价值基础。第二部分通过对私募证券投资基金的立法概况进行梳理和介绍,反应其立法方面的主要内容,为下一节发现问题来做一铺垫。因为只有熟悉相关立法的内容,才能发现该投资基金立法所存在的纰漏和不足之处,因而也将成为本文所探讨的重点。通过总结,本文提出了七个问题,即我国私募证券投资基金管理人、托管人、组织形式、合格投资者资金准入门槛、保底条款效力、既往法律效力、激励机制、投资人利益欠缺保护的问题,这七个问题充分显示出我国私募证券投资基金制度仍然很不完善,并且本文都一一将所出现的问题作出了阐明。对于第二部分所反映的私募证券投资基金立法存在的问题,第三部分从现实出发,一一提出了解决的建议,即通过对管理人实行统一监管、明确托管人的保管和监督职能、完善相关法律责任制度、认定保底条款无效和做好既往规范的清理工作等方法来解决目前其立法存在的问题。但是,如果要让私募证券投资基金的相关立法更加健全与完善,以至于更加成熟,不能光靠堵缺口的方法来实现。美国的私募证券投资基金制度已经发展近百年,可以对其进行比较借鉴,对我国的私募证券投资基金相关制度进行整体的梳理,早做补充完善。本文试图通过完善我国私募发行制度、合格投资者制度、转售限制制度、信息披露制度来实现这一目标。
[Abstract]:The private securities investment fund refers to the non public way targeted raising and investing in bonds, investment funds, stocks and other financial products. The categories and the corresponding concept of private equity investment fund is an open the way to the specific object raising and investment in unlisted equity investment fund. Their distinguishing point in the different direction of investment, and the private securities investment fund of this paper is to focus on research. The article is divided into three parts: the first part through the basic concepts of private securities investment fund is expounded, and then introduces the basic characteristics of the way, the basic characteristics of the private securities investment fund and then emerged. The typical representative of it, so that the main types of clearer display. By comparing with the raised funds and private equity funds, the private securities investment fund and the two The concept of difference summed up. Finally, to illustrate the efficiency value, fair value and order value method to analyze the theoretical basis of legislation, evidence of the basic value of the private securities investment fund. In the second part, through the review and introduction of private securities investment fund legislation survey, the main content of the legislative response hand, to do a foreshadowing for the next day found the problem. Because only familiar with the contents of the legislation, in order to find the existing investment fund legislation flaws and inadequacies, which will also become the focus of discussion. Finally, this paper puts forward seven problems, namely our country Private Securities Investment Fund manager, custodian, organization, qualified investors access threshold, the validity ofminimum guarantee clause, the previous legal effect, incentive mechanism, the lack of protection of the interests of the investors, the seven. The fully shows that China's private equity investment fund system is still not perfect, and this one will be the problems made clear. To reflect the second part of the private securities investment fund legislation, the third part from the reality, one puts forward the solving suggestions, through the supervision of management people clearly custodian custody and supervision, improve the relevant legal liability system, finds the minimum guarantee clause invalid and do the work of clearing methods such as the previous standard to solve the current problems existing in the legislation. However, if related to the legislation of the private securities investment fund is more perfect, that is more mature, can not rely on the method of plugging the gap is achieved. The U.S. private securities investment fund system has been developed for nearly a hundred years, compared to its reference to, for private equity investment securities in China The related system of fund fund is sorted out and perfected. This paper tries to achieve this goal by perfecting our private placement system, qualified investor system, resale restriction system and information disclosure system.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287

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