私募股权基金投资协议清算优先权条款制度研究

发布时间：2018-01-16 19:03

本文关键词：私募股权基金投资协议清算优先权条款制度研究　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：清算优先权条款是私募股权基金投资协议的核心条款之一，是公司终止阶段保护私募股权基金投资利益的重要条款。然而，在我国私募股权基金投资实践中，清算优先权条款多作为私募股权基金投资协议的象征性条款，其实践操作却屈指可数，换言之，私募股权基金未能真正地实践操作清算优先权条款；同时，基于我国公司发展的现状，私募股权基金投资的公司及其其他股东或者初始股东在一般情形下不会轻易地选择终止，而是保持公司的持续经营，这也为私募股权基金行使清算优先权形成了障碍。本文通过对我国实践操作清算优先权的现状进行分析，清算优先权条款的运用主要存在缺乏相关法律法规或者其他规范性文件的规制和私募股权基金忽略清算优先权条款的作用两方面问题，这主要基于我国私募股权基金市场机制和法律机制不健全以及私募股权基金对清算优先权条款及其内涵认识不足。因此，为了保护私募股权基金的投资利益兼顾公司其他股东或者初始股东的以利益和促进清算优先权条款的实践操作，本文通过采取理论与实际相结合的方法、个案分析的方法等方法，以阐释清算优先权条款的内涵、行使条件、功能为基础，运用法学基础理论并结合私募股权基金投资协议相关条款已经发生的类似纠纷和案例对清算优先权条款是否具有合法性和合理性进行分析与论证；同时，本文对清算优先权条款实践操作的现状进行分析，找出清算优先权条款实践操作存在的问题与原因，为清算优先权条款的实践操作存在的问题提出解决途径。
[Abstract]:Liquidation priority clause is one of the core clauses of private equity fund investment agreement, which is an important clause to protect the interests of private equity fund investment in the terminating stage of the company. However, in the practice of private equity fund investment in our country. The liquidation priority clause is often regarded as the symbolic clause of the private equity fund investment agreement, but its practical operation is few, in other words, the private equity fund can not really implement the liquidation priority clause; At the same time, based on the current situation of the development of Chinese companies, private equity funds of the company and its other shareholders or initial shareholders in general will not easily choose to terminate, but to maintain the continuing operation of the company. This also for private equity funds to exercise liquidation priority formed an obstacle. This paper analyzes the current situation of liquidation priority in practice in China. There are two main problems in the application of liquidation priority clauses: the lack of relevant laws and regulations or the regulation of other normative documents and the neglect of the role of liquidation priority clauses by private equity funds. This is mainly based on the imperfect market mechanism and legal mechanism of private equity funds in China and the lack of understanding of liquidation priority clauses and their connotations of private equity funds. Therefore, in order to protect the investment interests of private equity funds, it takes into account the interests of other shareholders or initial shareholders of the company and the practical operation of promoting the liquidation priority clause. Through the combination of theory and practice, case analysis and other methods, this paper explains the connotation, exercise conditions and functions of the liquidation priority clause. Using the basic theory of law and combining with the similar disputes and cases that have occurred in the relevant articles of the private equity fund investment agreement, this paper analyzes and proves whether the liquidation priority clause has the legitimacy and rationality; At the same time, this paper analyzes the current situation of practice operation of liquidation priority clause, and finds out the problems and reasons of practical operation of liquidation priority clause. To solve the problems existing in the practice of liquidation priority clause.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.291.91;D922.287

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