有限合伙制风险投资基金法律问题研究

发布时间：2018-05-11 04:11

本文选题：风险投资基金 + 有限合伙制　；参考：《西南政法大学》2016年硕士论文

【摘要】：风险投资基金是风险投资机构化发展的成果。它通过非公开方式将分散特定投资者的闲置资金募集起来,以权益性资本注入的方式为具有高新技术能力、高增长性潜力的未上市企业提供资金支持和专业管理服务,以期在被投资企业发展成熟后通过公开上市、企业兼并收购、股权回购等方式退出获得资本的高增值收益。有限合伙制风险投资基金作为风险投资基金组织形式之一,以两权分离为基础的高效运作模式,激励与约束并存的衡平性制度安排以及避免双层缴税的税收穿透优势已经成为目前国际风险投资基金的首选组织形式。但我国风险投资基金有限合伙制的发展尚未成熟,仍然面临着实践和立法层面的多种问题。从实践层面来说,有限合伙人与普通合伙人职能模糊,出现有限合伙人过分干预或者直接掌控基金投资决策的治理模式异化现象。在国内信用机制建设不完备的大背景之下有限合伙人与普通合伙人之间信任缺失,有限合伙人投资理念陈旧以及普通合伙人自身发展不成熟等是导致这一现象的主要原因。从立法层面来看,我国关于有限合伙制风险投资基金的立法和政策导向存在问题。一是有限合伙人准入规定混乱和普通合伙人资格认定缺失。二是《合伙企业法》中关于有限合伙人数及其适度参与合伙事务的规定过于严苛,有限合伙人越权参与合伙事务的责任认定标准单一以及普通合伙人无限责任落实不到位。三是有限合伙制风险投资基金仍然面临募资对象受限、税收规定混乱以及退出渠道不畅等问题。为凸显以专业管理运作为核心的有限合伙制风险投资基金的制度优势,充分发挥风险投资基金助推国内高新创业企业发展的重要作用,本文主要从以下四个方面提出了完善本土风险投资基金有限合伙制的路径。第一,放宽募资对象限制。逐步降低商业银行、地区社保基金等机构投资者进入风险投资行业的门槛,适度提高有限合伙人人数上限。第二,优化合伙人权责分配。完善以《合伙企业法》为核心的相关立法规定,充分发挥立法平衡有限合伙人与普通合伙人权责分配中的重要作用。第三,厘清相关税收规定。明确有限合伙制风险投资基金可享符合条件的创业投资企业的税收优惠。第四,疏通退出渠道。降低上市交易门槛,构建全国统一的产权交易市场,促进多层次资本市场建设,为有限合伙制风险投资基金营造良好的退出环境。
[Abstract]:Venture capital fund is the result of institutional development of venture capital. It raises idle funds scattered from specific investors in a private manner, and provides financial support and professional management services to unlisted enterprises with high and new technology capabilities and high growth potential by means of equity capital injection. In order to obtain the high value-added income of the capital by the way of public listing, merger and acquisition, stock repurchase and so on, after the development and maturity of the invested enterprises. As one of the organization forms of venture capital fund, limited partnership venture capital fund is an efficient operation mode based on the separation of two rights. The incentive and restraint balance system arrangement and the tax penetration advantage of avoiding double taxation have become the first choice of the international venture capital fund at present. However, the development of venture capital fund limited partnership in China is not mature, and still faces a variety of problems in practice and legislation. In practice, the function of limited partner and general partner is vague, and the governance model of limited partner interferes or directly controls the investment decision of fund. The main reasons for this phenomenon are the lack of trust between the limited partner and the general partner, the obsolete investment concept of the limited partner and the immature development of the general partner under the background of incomplete domestic credit mechanism construction. From the legislative level, there are some problems in the legislation and policy direction of the limited partnership venture capital fund in our country. One is limited partner admittance stipulation confusion and general partner qualification cognizance lacks. Second, the provisions on the number of limited partners and their appropriate participation in partnership affairs in the Partnership Enterprise Law are too strict, the sole criterion for the determination of the liability of limited partners to participate in partnership affairs beyond their authority and the implementation of unlimited liability of general partners are not in place. Third, the limited partnership venture capital fund still faces some problems, such as limited capital raising, confusion of tax regulations and poor exit channels. In order to highlight the institutional advantages of the limited partnership venture capital fund with the core of professional management and operation, the venture capital fund can give full play to the important role of the venture capital fund in promoting the development of domestic high-tech start-ups. This paper puts forward the path of perfecting the limited partnership of local venture capital fund from the following four aspects. First, relax the restrictions on the object of raising funds. Gradually reduce the threshold for institutional investors such as commercial banks and regional social security funds to enter the venture capital industry and appropriately raise the limit on the number of limited partners. Second, optimize the distribution of rights and responsibilities of partners. Improve the relevant legislative provisions with the Partnership Enterprise Law as the core, and give full play to the important role of legislation in balancing the rights and responsibilities of limited partners and general partners. Third, clarify the relevant tax provisions. It is clear that limited partnership venture capital funds can enjoy tax benefits for eligible venture capital enterprises. Fourth, dredge exit channel. Lowering the threshold of listing, constructing a unified property market, promoting the construction of multi-level capital market, and creating a good exit environment for the limited partnership venture capital fund.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.291.91

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