私募股权投资基金的治理与监管研究

发布时间：2018-01-01 14:33

本文关键词：私募股权投资基金的治理与监管研究　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：私募股权投资基金是现代金融创新的产物,经过70余年的发展历程,已经成为继商业银行贷款、企业上市融资之外另一种新型的金融中介。在我国经济转型、金融市场分业经营和监管格局的大背景下,积极促进私募股权投资基金的发展,很大程度上可以解决创新中小企业融资难题。然而,私募股权投资基金在我国发展历史较短,如何通过适度监管,引导其健康有序发展,成为政府和市场所要面对的问题。有效监管的前提在于充分认识其法律属性。通过分析其运作中存在的风险,在市场调节不到的范围充分发挥政府的监管功能,才能在对症下药的同时节约监管成本,构建起一个系统有效的监管体系。鉴于我国目前针对私募股权投资基金的专门立法进展缓慢,有必要关联适用与其相关的其他立法上的规定,并加以完善与修订。同时,美国作为私募股权投资基金的发源地和最大市场,其发展、治理以及监管经验值得我国借鉴。而在实际过程中也需要针对我国具体情况完善我国目前的私募股权投资基金监管体系。基于此,本文正文部分主要包括五个部分:第一部分主要从私募股权投资基金的特征的角度对其概念进行阐述,以期对其法律内涵有进一步理解;第二部分从内外两个维度对私募股权投资基金的法律属性进行了分析,厘清其信托属性和证券属性,为后续部分的论述奠定法理基础;第三部分即为私募股权投资基金内部治理问题的阐述,基于其信托属性文章着重强调了基金管理人作为信托受托人的信赖义务,并以我国有限合伙制私募股权投资基金治理中存在的问题为切入点展开内部治理问题的讨论并提出相关完善建议;第四部分则从中美立法及实践差异的比较法视角,对合格投资者制度、管理人信息披露义务、行业自律和市场监督机制等外部监管体系进行阐述;在前文论述的基础上,文章第五部分试图结合中国国情探索中国PE监管体系完善的问题,对相关问题进行了介绍并提出一定建议。总而言之,私募股权投资基金在我国仍然处于发展阶段,基于其信托和证券属性,需要从内部治理和外部监管两个维度对于其规范有序发展给予明确的指引。
[Abstract]:Private equity investment fund is the product of modern financial innovation, after 70 years of development history, has become the commercial bank loans, in addition to other enterprises listing and financing a new financial intermediary. In the background of economic transformation in China, the financial market operation and regulatory pattern, actively promote the development of private equity investment fund. A large extent can solve the problem of financing innovation of small and medium-sized enterprises. However, private equity investment fund in China has a short history, through appropriate supervision, guide the healthy and orderly development, become the government and the market to face the problem. The premise of effective supervision is to fully understand its legal attribute. By analyzing the risks in its operation the scope of regulation in the market to give full play to the government's regulatory function, can be an antidote against the disease and save the cost of supervision, build a system of effective Progress in the regulatory system. In view of special legislation for our current private equity investment fund is slow, it is necessary to apply the provisions of other related legislation related to the perfection and revision. At the same time, the birthplace of the United States as a private equity investment fund and the largest market, its development, management and supervision experience is worth our reference. But in the actual process of the need for the specific situation of our country to improve China's current private equity investment fund supervision system. Based on this, the main part of this paper mainly includes five parts: discusses its concept features mainly from the first part of private equity investment fund's point of view, in order to have a better understanding of the legal connotation the second part; analyzes the legal attribute of the two dimensions of inside and outside of the private equity fund, clarify its trust property and security property, for the following parts To lay the legal basis; the third part is the internal governance of private equity investment fund of the trust property, the paper emphasizes the fund managers trust as trustee obligation based on the discussion, and exists in our limited partnership private equity investment fund governance in the problem as a starting point to start the internal governance issues and put forward relevant suggestions; the fourth part from the perspective of comparative law and the legislation and practice of the difference of qualified institutional investors, management information disclosure obligations, external self-discipline and market supervision mechanism and supervision system are elaborated; on the basis of the above discussion, the fifth part tries to explore the problems China PE China conditions improve the regulatory system and introduces the related problems and puts forward some suggestions. In short, the private equity investment fund in our country is still in the stage of development Based on its trust and securities property, it is necessary to give a clear guide to the standardized and orderly development of the two dimensions of internal governance and external supervision.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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