有限合伙制私募股权投资基金法律问题研究

发布时间：2018-05-29 22:07

本文选题：私募 + 基金　；参考：《中国社会科学院研究生院》2017年硕士论文

【摘要】：股权投资基金(Private Equity)发源于美国。在当前的世界观众有限合伙在当前成为了私募的组织形态的选择之主要的形态,然而外来的股权基金这样的形式遇到国有限合伙机制,私募这种基金类型从某种程度上来讲,在普通合伙人的清偿责任上欠缺一个限制性的规制方针。相关配套机制还没有建立起来了,投资人和管理人之间的制约与平衡一致相互依存的关系并没有落实到实际中区。虽然,在我国合伙企业法更是增加了有限合伙企业的相关规定为我国实践中的股权下发基金采用有限合伙这样额企业形式提供了较为标准的法律规章制度问题哦啊规范,但由于这部法律法规里的相关规定,在实践中有限合伙制私募在我国的发展还存在许多方面的问题。笔者在文中介绍了有限合伙制基金的概念类别以及优点分析,笔者又结合了在本土化过程中的实践中存在的问题,提出完善有限合伙制基金制度的有关措施和途径,以促进其未来在我国的开展和进步。第一部分,笔者对私募基金的概念进行了较简单的介绍,从概念类比和特点三个方面分别对目前我国私募通行的三种形态,也就是一公司制、二信托制、三有限合伙制,同时也下文对三种组织形式进行比较做了一个前提条件。第二部分是私募基金组织形式的现金在中国实践中运行的法律存有的问题。笔者在本文中研究了有限合伙制基金三种模式的从始至终1的运行机制,说明有限合伙制确实应是主流组织形态之选择。接着,本部分结合我国的立法现状及其的发展情况,分析了其组织形式下客观的一些实践方面的思考,其中就包括了法律监管方面的问题,其中主要是合格投资人的资质要求以及募集宣传方式的现存制度,另外还包括有限合伙制组织的一些框架短板。第三部分是提出完善有限合伙制私募在我国发展的途径与方法。首先要完善立法,包括扩大机构投资者的范围、完善登记制度、建立多层次资本市场,最重要的是要确立合伙的法律主体地位,其次是健全投资人的退出机制,再次是在限制债务清偿的连带责任,最后是完善信息披露的有关制度。论文的意义在于,探寻适合于我国私募股权基金的组织形式,提出关于这个相关的制度在立法和实践中产生的法律问题,并予以探讨。我此篇文章之创新之处在于笔者以我国有限合伙制私募股权投资基金为研究对象,不仅详细解读了有限合伙在基金中的中国现下实践应用的好处与坏处,而且还冉饶了如果解决这样的实际问题的关键。
[Abstract]:Equity investment fund Private Equity originated in the United States. In the current world, the audience limited partnership has become the main form of the choice of private equity organization. However, foreign equity funds, such as foreign equity funds, meet the limited partnership mechanism of the state. To some extent, private equity funds are the type of private equity funds. Lack of a restrictive regulatory policy on the general partner's liability. The relevant supporting mechanism has not been established, and the restriction and balance between investors and managers have not been implemented in the actual central area. Although, in our country's partnership enterprise law, the relevant provisions on limited partnership enterprises have been added to provide a relatively standard legal and regulatory issue, ah, for the use of limited partnership in the form of limited partnership, ah, in the form of limited partnership. However, due to the relevant provisions of this law and regulations, there are still many problems in the development of limited partnership private placement in China. In this paper, the author introduces the concept and advantages of limited partnership fund, and combines the existing problems in the process of localization, and puts forward some measures and ways to perfect the limited partnership fund system. In order to promote its future development and progress in our country. In the first part, the author makes a brief introduction to the concept of private equity fund, from the concept analogy and characteristics of three forms of private equity in China, namely, one company system, two trust system, three limited partnership system, At the same time, the following three forms of organization are compared to do a prerequisite. The second part is the legal problems in the practice of private fund organization in China. In this paper, the author studies the operation mechanism of the three modes of limited partnership fund from the beginning to the end, and shows that the limited partnership system should be the choice of the mainstream organization form. Then, this part combines our country's legislation present situation and the development situation, has analyzed its organization form under the objective some practice aspect ponder, including the legal supervision aspect question, Among them are the qualification requirements of qualified investors and the existing system of solicitation and publicity, as well as the framework board of limited partnership. The third part is to put forward the ways and methods to improve the development of limited partnership private placement in our country. First of all, it is necessary to improve legislation, including expanding the scope of institutional investors, perfecting the registration system, and establishing a multi-level capital market. The most important thing is to establish the legal subject status of the partnership, and secondly, to improve the exit mechanism of the investors. The third is to limit the joint liability, and finally to perfect the system of information disclosure. The significance of this paper is to explore the organizational form suitable for private equity funds in China, to put forward the legal problems arising from the legislation and practice of this relevant system, and to discuss them. The innovation of this article lies in the fact that the author takes the limited partnership private equity fund as the research object, which not only explains in detail the advantages and disadvantages of the limited partnership's practical application in China. But also if the solution to such practical problems the key.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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